What Is Bitcoin? A Plain English Guide
You’ve heard about Bitcoin. Maybe you’ve seen our kiosks at the mall and wondered what it’s all about. Bitcoin can sound complicated but the core idea is actually pretty simple.
Here’s a plain English explanation of what Bitcoin is, how it works, and why millions of people use it.
Bitcoin in One Sentence
Bitcoin is digital money that you can send to anyone in the world, instantly, without needing a bank or any middleman.
How Is Bitcoin Different from Regular Money?
Regular money — dollars, euros, and so on — is controlled by governments and central banks. They decide how much to print, set interest rates, and can freeze or block transactions.
Bitcoin is different in a few important ways:
No central authority controls it — it runs on a decentralized network of computers worldwide
There will only ever be 21 million Bitcoin — it’s designed to be scarce, like gold
Transactions are recorded on the blockchain — a public, permanent, tamper-proof ledger
You can send it to anyone, anywhere, at any time — without a bank’s permission
What Is the Blockchain?
The blockchain is the technology that makes Bitcoin possible. Think of it as a giant public spreadsheet that records every Bitcoin transaction ever made. It’s stored across thousands of computers worldwide, which means no single person or organization can alter or control it.
When you send Bitcoin to someone, that transaction is verified by the network and permanently added to the blockchain. This is what makes Bitcoin trustworthy without requiring a bank or government to oversee it.
Why Do People Use Bitcoin?
As a store of value
Many people buy and hold Bitcoin as a long-term investment, similar to how others buy gold. With a fixed supply of 21 million coins, some see it as a hedge against inflation.
For fast international transfers
Sending money internationally through a bank can take days and cost significant fees. Bitcoin transfers happen in minutes regardless of where in the world the recipient is.
For financial access
Over 1 billion people worldwide don’t have access to a bank account. Bitcoin gives anyone with a smartphone access to a global financial system — no bank account required.
As a payment method
A growing number of businesses accept Bitcoin as payment for goods and services.
Is Bitcoin Safe?
Bitcoin itself — as a technology — is extremely secure. The blockchain has never been successfully hacked. The risks associated with Bitcoin typically come from:
Losing access to your wallet (always back up your recovery phrase)
Scams and fraud — not from Bitcoin itself but from bad actors who use it
Price volatility — Bitcoin’s value can rise and fall significantly
For tips on staying safe, visit our Bitcoin Safety & Protection guide.
How Do I Get Bitcoin?
The easiest way to get Bitcoin with cash — no bank account or exchange signup required — is at a Bitcoin ATM. BitcoinNW operates kiosks across Oregon, Idaho, and Utah where you can buy Bitcoin in just a few minutes.
Frequently Asked Questions
Can I buy less than one full Bitcoin?
Yes — Bitcoin is divisible into 100 million units called satoshis. You can buy any dollar amount starting at $20. You don’t need to buy a whole Bitcoin.
Is Bitcoin legal?
Yes — Bitcoin is legal in the United States.
Is Bitcoin the same as other cryptocurrencies?
No — Bitcoin (BTC) was the first cryptocurrency and remains the largest by market cap. Other cryptocurrencies like Ethereum (ETH), Litecoin (LTC), and Solana (SOL) are separate projects with different features. BitcoinNW ATMs support multiple coins.
Ready to Try Bitcoin?
The easiest way to get started is to walk into any BitcoinNW location with cash. No bank account, no signup, no waiting. Our kiosks are in Portland, Beaverton, Salem, Bend, Medford, Boise, Idaho Falls, Coeur d’Alene, Orem, and Murray.
→ Find Your Nearest Location | → How to Use a Bitcoin ATM | → Set Up a Wallet | → Bitcoin Safety Guide