Bitcoins are nothing but cryptocurrencies also termed as digital currency which follow the cryptography rules in order to regulate and to generate the currency units. They are not physical coins and are not exist in the real world but are coins or electric money which can be stored in the computer.
Bitcoin falls under the cryptocurrency and it is the first and most valuable of them. Since they exist only in the digital world, this is commonly known as a decentralized digital currency. Bitcoins are purely virtual currencies, designed to self-sell for their value, and banks do not need to move or save money.
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Bitcoin transactions are peer to peer and it does not involve any third party interference. These coins are not authorized by any government and they do not have a central authority to control them. With bitcoin wallets, the transactions made are anonymous and the identity of the sender and receiver are not revealed.
The fees involved in transactions are lesser in cryptocurrencies which is impossible in the case of real money. If you want to send money from your place to your friend in another country, the money must be sent through banks and they charge some money for processing this. After your friend received the money even his bank will charge a fee but it is not in the case of bitcoins.
