What is a bitcoin?

The virtual currency enables direct payment over the Internet between two individuals by skipping the middle man, such as a bank or credit card company. Bitcoin transactions — with fees that are much lower than what financial institutions charge — rely on cryptography to prevent double spending, counterfeiting or theft. Read related article.

What is a bitcoin?
Sources: bitcoin.org; blockchain.info; MIT Technology Review. By Bill Webster and Todd Lindeman/The Washington Post. Published on April 4, 2013, 9:27 p.m.
 
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