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Someone asked me to explain BitCoin, so I attempted, but it was too technical and there were parts I didn't quite know how to put in words. Regardless, here is a good link that explains it in layman's terms:
Explain Bitcoin Like I’m FiveEdited by user Wednesday, January 8, 2014 12:45:58 AM(UTC)
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Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
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Rank: Newbie
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Joined: 7/9/2017(UTC)
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Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, since the system works without a central repository or single administrator. It was invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto and released as open-source software in 2009. The system is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.
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