Bitcoin is a cryptocurrency. There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to.
All bitcoin transactions are verified by a massive amount of computing power.
Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity.
Despite it not being legal tender, Bitcoin is very popular and has triggered the launch of hundreds of other cryptocurrencies, collectively referred to as altcoins.
Bitcoin is commonly abbreviated as « BTC. »