What do you say when asked this question from a friend who has only heard its name mentioned a few times in the news and has no clue. I find myself lately taking the easy way out and suggesting google. I would prefer to give a clearer answer, but usually saying something leads to more questions and more confusion.
If someone could point me to a twitter type answer that would inform and twig their curiosity, i think it would be a better outcome.
Bitcoin is a consensus network that enables new payment systems and money that are entirely digital. Bitcoin is the first decentralized peer-to-peer payment network that is fully controlled by its users without central or intermediary authority. from the user's point of view, Bitcoin is similar to cash in the internet world. Bitcoin can also be viewed as the most prominent record keeping system available today