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What is Bitcoin? Bitcoin Explained SimplyBitcoin is the first decentralized cryptocurrency. Nodes in the peer-to-peer bitcoin network verify transactions through cryptography and record them in a. Bitcoin is the first decentralized cryptocurrency. Nodes in the peer-to-peer bitcoin network verify transactions through cryptography and record them in a public distributed ledger, called a blockchain, without central oversight. Bitcoin, the first, most-traded, and best-known cryptocurrency. The digital currency was created by an anonymous computer programmer or group of programmers.