Guide to Bitcoin and the terminology used

  

We have had a number of number of people asking for a simple explanation about the biggest cryptocurrency - Bitcoin. Here are some of the most common questions asked:

 

What is Bitcoin?

A virtual currency, sometimes called a digital currency. It is also known as a cryptocurrency because it uses cryptographic security (therefore difficult to hack) which enables users to make peer to peer (to another party) transfers without needing to use a traditional bank or exchange. This is possible due to the fact that Bitcoin uses the Bitcoin Blockchain, launched in January 2009, and because...