Answer: Bitcoin is a form of cryptocurrency, which is also a form of electronic cash. Bitcoin has a decentralized banking system without a central bank or single administrator that can be sent from one user to another user on the peer to peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people using the name Satoshi Nakamoto and released as open-source software in 2009. Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.