What is Bitcoin?

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Bitcoin? Bitcoin? What is bitcoin? First the standard spiel:

Bitcoin is a peer-to-peer, decentralized, cryptocurrency.

Now do you feel enlightened? If you still don't have a solid grasp of what bitcoin is, keep reading. First of all, "bitcoin" referrs to a couple of things. It refers to an innovative type of "currency" (we'll get to that in a minute), or it refers to a program you run to use the bitcoin currency.