Inside Lalibela, the mysterious holy site. The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Bitcoin is a digital computer-based currency that is not backed by any government or bank. Bitcoin Definition Bitcoin is a digital or virtual currency created in that uses peer-to-peer technology to facilitate instant payments. Video by Ali Powell at 40 Thieves Films. Related Articles. Its records are maintained by a global network of computers known as «mines,» and its value is based on the free market.