What is a bitcoin?

What is a bitcoin?: A Bitcoin (BTC) is a digital currency, used on the Internet for various services. This currency utilizes an open-source, peer-to-peer internet protocol for tracking of transactions involving bitcoin transfers. Web sites and applications can send and receive bitcoins through the use of wallets, using ECDSA digital signatures to verify the transactions. The bitcoin is not a standard currency, meaning it has no central bank to manage it, like a standard currency does (i.e. the Federal Reserve for U.S. currency). For this reason, the equivalent dollar value can fluctuate greatly, resulting in criticism that it is not suited for use in the worldwide economy.