Bitcoin - Definition from the Hotspot Shield Encyclopedia

Bitcoin is a form of digital currency and is considered one of the best and most used examples of this type of currency available.

Bitcoin has no central control by any government or organization and is operated through a large public de-centralized network. Benefits of using Bitcoin include fast transactions, low processing fees and the availability of worldwide payments. Payments between individuals are carried out using Blockhains which are a form of public ledger and are used for the accounting function of Bitcoin. Bitcoins are created through a mining process where miners will use their computers to verify the contents of blockchain ledgers. The use of Bitcoin has been widely debated, and its link to criminal activity has earned it a negative reputation.