Bitcoin a cryptocurrency used in the Internet

Bitcoin is the first decentralized digital crypto currency introduced by a person or group of persons identified with the alias “Satoshi Nakamoto”. Digital cryptocurrencies work as a medium of exchange using cryptography, which are designed to carry out secure transactions and to control the creation of additional units of the currencies.

The Bitcoin transactions are made with no middle men, in fact no banks and no country wise regulations. Only one country, the Internet. Another interesting point is that there are no transaction fees and the transactions made available in public ledger. The public ledger is not a centralized, and it  will be available in multiple computers on the Internet. Though each bitcoin transaction is recorded in a public log, names of sellers and buyers are never revealed, but only the wallet ids.The transactions are made directly between the parties / individuals, using interfaces similar to your mobile banking or desktop based internet banking.

Watch the video explanation on Bitcoin.