Bitcoin is a cryptocurrency. Bitcoin is independent of any central authority. Bitcoin can be used to transfer using computer or any smartphone without an intermediator. This concept was introduced by a pseudonymous developer known as "Santosh Nakamoto" who called it an electronic cash system using peer-to-peer.
The transactions are secured in Bitcoin transactions by secured servers called bitcoin miners. All bitcoins are subdivided down to eight decimal places, so that it forms 100 Million smaller unites which are called as Satoshis.
Bitcoin is also promoted as another Digital Currency, Many services are already started accepting bitcoin.
