Bitcoin is a decentralized digital currency (cryptocurrency), which does not require any bank to process its transactions. Transections happen between peer-to-peer without the need for intermediaries. Bitcoin is a virtual currency or a digital currency that is completely virtual, it does not have any physical form. Every single transaction is recorded in a public ledger called the blockchain. Blockchain makes it possible to trace the history of Bitcoins to make sure people can only spend the coins they really have, also prevent any kind of cheating.
History of bitcoin
It all started in August 2008, when a domain name bitcoin.org was registered by two programmers using the names Satoshi Nakamoto and Martti Malmi. On 3 January 2009, the bitcoin network came into existence. Satoshi Nakamoto mining the genesis block of bitcoin (block number 0), which had a reward of 50 bitcoins.