So what actually is? Well, “Bitcoin” could be classified into two components.

Currency:

On one hand – the digital cash or coin, that basically exists in the form of a snippet of code with the signed authority of you being the owner. When we say that someone has one Bitcoin, we are basically referring to a person having digital ownership of one of it whose worth is its value at that time.

Protocol:

The Protocol, i.e. the overall protocol designed to run the transaction operations and maintain the ledger. The system is decentralized with no central authority involved.

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