"Bitcoin is a software-based online payment system described by Satoshi Nakamoto in 2008. Bitcoin is introduced as an open-source software in 2009. Payments are recorded in a public ledger using its own unit of account, which is also called bitcoin. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency. Bitcoin is the first fully implemented decentralized cryptocurrency; most other cryptocurrencies (altcoins) are similar and derived from it. It is also the largest cryptocurrency in terms of total market value."

Bitcoins are created from with a mathematical proof of work to verify and record payments into the public ledger. This process needs a very high computer processing power called mining which is not profitable for a single user. Therefore, there are lots of mining pools or cloud mining companies to share this huge computing problem to their customers.

Bitcoins can also be obtained in exchange for fiat money from many exchange servers. Users can send and receive bitcoin electronically for an optional transaction fee using a bitcoin wallet.

Actually, bitcoin is a consensus network that enables a new payment system and a completely digital money. It's a kind of revolution against the capitalist financial system. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. No state or bank! Thus, spreading of this decentralized currency will help to protect the freedom of individuals.

From an ordinary user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.