Bitcoin Definition Bitcoin is a digital or virtual currency created in that uses peer-to-peer technology to facilitate instant payments. This company has been accepting Bitcoin since for services such as space travel. Some users protect their private keys by encrypting a wallet with a strong password and, in some cases, by choosing the cold storage option; that is, storing the wallet offline. The first event is the U. You can usually receive your bitcoins within a couple hours. You can also check out our complete guide on how to buy bitcoins with cash or cash deposit.