If you’re wondering what Bitcoin is, you’re not alone. In fact, 46% of Americans aren’t sure what Bitcoin is (while another 6% think it might be an Xbox game), according to a 2013 Bloomberg poll.
What is Bitcoin?
Bitcoin /ˈbɪtkɔɪn/, n: a peer-to-peer payment system and digital currency. – Wikipedia
The short answer is that Bitcoin is a digital currency. More accurately, Bitcoin is a distributed ledger system that is primarily used for currency (as of now). Read more here: JohnRMeese