What the f*** is Bitcoin?

This document attempts to demystify Bitcoin by providing a concise overview of what it is and how it works in 3 sentences or less: Bitcoin is a digital currency that uses cryptography to control the creation and transfer of money independently of any central authority, with transactions recorded on a public ledger called the blockchain and new Bitcoins created through a mining process that rewards users for verifying transactions. While still experimental, Bitcoin has gained popularity as a means of online and international payments without fees that can be used to buy goods and services from thousands of merchants directly or through gift cards from major retailers. However, its value remains volatile and uncertain government regulation poses risks.