What is Bitcoin
Bitcoin is the future of currency and is expected to over time, replace traditional coin and paper based currency.
Bitcoin is an open-source, peer-to-peer, digital decentralized cryptocurrency. Powered by Blockchain technology, Bitcoins' defining characteristics are its decentralization, ease of use, fast transactionability, advanced security and sustained rapid growth in value, driven by ever decreasing supply, increasing rarity and surging global demand.
Bitcoin as a digital currency (Crypto-Currency) is the future. Bitcoin is expected over time to replace minted coins and printed paper. To find out more about Bitcoin watch this 2 minute video.
There is no central governing authority, such as a central bank or a ministery of finance.
Ease of Use and Fast Transactionability:
Bitcoin's issuance and circulation are ensured and secured by regular peer (users) via a process known as "Bitcoin mining" on the Blockchain. Bitcoin can be sent anywhere, anytime, (almost) for free, fast and efficiently.
The security features of Bitcoin are highly advanced. There is no similar security of any kind in traditional monetary systems.