BITCOIN

Bitcoin is a digital payment currency that utilizes cryptocurrency (a digital medium of exchange) and peer-to-peer (P2P) technology to create and manage monetary transactions as opposed to a central authority. 
Bitcoin is a kind of electronic cash , Bitcoin pioneers wanted the seller to be in charge, In this transactions there is no middle men –that means banks have no role in it, to make the transactions transparent  and to hack corruption and cut fees. It is carried out collectively by the network. 
Bitcoins can be used to buy merchandise anonymously. It may be considered as a money, but not as a legal currency. Bitcoin is not recognized as a legal tender by any of the government, it can be used as payment, only if both the parties agree to use as a form of a payment.
The transactions done are been verified by network nodes through Cryptography. These are recorded in a public ledger known as blockchain. Like in real life , you keep your wallet secured , you make sure it doesn’t reach out to wrong hands. So what Bitcoin does is , it makes it possible to transfer value anywhere in a very easy way and allows one to be in control of your money. It allows a transfer of value between Bitcoin wallets that gets included in the block chain. 
Transactions broadcast to the network and usually begin to be confirmed with 10-20 minutes through a process called mining. Mining is used to confirm pending transactions by including them in the block chain.

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