In the year 2009 Bitcoin was created by unknown person using the alias "Satoshi Nakamoto". Transactions are made with no middle men which means that it has no "bank", the value of bitcoin can be used to buy book hotels, pay bills and etc.

Bitcoin can be use to merchandise anonymously and also international payments are convinient and cheaper because bitcoin doesn't have a specific value - meaning it is not tied up within a country. Some person buy bitcoins not just to have it but as an investment and expecting that the value of it will grow bigger as time passes by.