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In simple terms, Bitcoin is data that is transferable and that everyone manages together. By giving this data value as money, the blockchain provides a mechanism for it to function as a currency and be used for settlement purposes. However, keep in mind the value of Bitcoin is not guaranteed, unlike traditional government-backed fiat currency like the US dollar. Nevertheless, Bitcoin is an emerging asset and one that's being increasingly used in everyday life. If you're going to be using Bitcoin, you'll need to get familiar with a few basics.