Binary PSK is a digital modulation scheme that conveys data by changing, or modulating, the phase of a reference signal (the carrier wave). Any digital modulation scheme uses a finite number of distinct signals to represent digital data. PSK uses a finite number of phases, each assigned a unique pattern of binary bits. Usually, each phase encodes an equal number of bits. Each pattern of bits forms the symbol that is represented by the particular phase. The demodulator, which is designed specifically for the symbol-set used by the modulator, determines the phase of the received signal and maps it back to the symbol it represents, thus recovering the original data. This requires the receiver to be able to compare the phase of the received signal to a reference signal — such a system is termed coherent (and referred to as CPSK). In simple terms. The phase is shifted for the different values of digital signals,i.e., a particular phase for '1' and another phase(eg: A phase shift of 180o) for '0'. Source: Wikipedia Note: Waveform is also there in wikipedia. Click here for the waveform.