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1.
A crypto-currency allowing for anonymous transactions and using a decentralized architecture. Go Nanotube!
Nanotube was able to purchase many goods and services with Bitcoins, without the gubmint watching.
by cusipzzz January 05, 2011
 
2.
An electronic currency, which consists of cryptographic proofs-of-work, that can literally, verifiably, and securely transferred the over the internet from a buyer's bitcoin client (app, software) to a seller's without the aid of a mutually trusted third party (e.g., paypal or credit card bank, who traditionally collects a fee for this trust).
Western Union will charge you almost 5% to transfer $20,000 to India. They won't even let you do it in a single transfer since it is too big, and they'll hit you with an unfavorable exchange rate. Why don't you just send your vendor some bitcoin?
by nicky_steves April 13, 2013