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Bitcoin Explained in 5 Minutes - What Is Bitcoin ? - Introduction to Bitcoin - SimplilearnBitcoin is a digital currency -- also called cryptocurrency -- that can be traded for goods or services with vendors that accept Bitcoin as payment. a type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank. Bitcoin is a digital currency which operates free of any central control or the oversight of banks or governments. Instead it relies on peer-to-peer software.