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