What is Bitcoin?
“Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.”
If you’d like a more visual explanation of Bitcoin, this video provides a good answer:
In summary, Bitcoin is a new form of digital currency that is not under the control of banks; it is a peer-to-peer payment system that is global in nature and not the creation of any single nation or government.