Bitcoin is an experimental, decentralized digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority. Managing transactions and issuing money are carried out collectively by the network.
The original Bitcoin software by Satoshi Nakamoto was released under the MIT license. Most client software, derived or “from scratch”, also use open source licensing.
Bitcoin is designed in the idea of using cryptography to control the creation and transfer of money, rather than relying on central authorities.
One of the unique things about Bitcoin is that every transaction on its network is publicly available for anyone to examine. Any time a user sends a payment to another user, that transaction is reflected in the “blockchain,” a global, permanent ledger of Bitcoin transactions.
You can examine every Bitcoin transaction that has ever occurred at a site called blockchain.info.
China’s biggest bitcoin exchange, BTC China, reportedly announced it was forced to stop accepting renminbi deposits on Wednesday. China’s central bank reportedly met with more than 10 of the country’s largest third-party payment processing companies and demanded they stop all digital currency transaction