Bitcoin is a decentralized digital currency that enables instant payments to anyone, anywhere in the world. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen, transaction management and money issuance are carried out collectively by the network.
However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.