Bitcoin is transferred via the Internet directly from person to person, like a digital form of cash, so there is no need for banks or 3rd parties to handle transactions. Watch this short video for a quick overview.
Bitcoin is an open source peer-to-peer first electronic money and payment network introduced in 2009 by pseudonymous developer “Satoshi Nakamoto”.
Bitcoin uses peer-to-peer technology to operate with no central authority, banks, or center point of failure. The managing of transactions and the issuing of Bitcoins is carried out collectively by a world-wide network of users that operates constantly 24/7/365 days a year.