Bitcoin is the first decentralised currency, that was created in 2009 by an unknown software developer using the alias Satoshi Nakamoto.
As Bitcoin is decentralised, transactions are made without the need for middlemen or clearing houses, meaning – no banks!
Bitcoins can be transferred from one person to another over the internet. As there is no banks or middlemen, fees are usually much lower, payments are cleared far quicker, you can use them in every country and your account cannot be arbitrarily frozen.
Bitcoins are stored in a “digital wallet” which exists either in the cloud, an encrypted hardware devise or on a user’s computer. The wallet is like a virtual bank account that allows users to send or receive bitcoins, pay for goods or services or store their bitcoins.