Sorry to be a wet blanket. Writing a description for bitcoin for general audiences is bloody hard. There’s nothing to relate it to. – Satoshi Nakamoto, the inventor of bitcoin, July 5, 2010 Today, four years later, bitcoin has hundreds of thousands of users, but it is still very hard to explain what bitcoin really is. Thankfully there are good online resources such as Bitcointalk and Reddit where you can freely discuss anything related to the digital currency. When someone asked how to describe bitcoin, the answer with the highest ranking was as follows: Bitcoin is a new kind of money. It's the first decentralized electronic currency not controlled by a single organization or government. It's an open source project, and it is used by more than 100,000 people. All over the world people are trading hundreds of thousands of dollars worth of bitcoin every day with no middle man and no credit card companies. It's a startup currency which has never happened before. Bitcoin is the first digital currency that is completely distributed. The network is made up of users like yourself so no bank or payment processor is required between you and whoever you're trading with. This decentralization is the basis for Bitcoin's security and freedom.