First, let's look at the basis of the creation of Bitcoin.

Bitcoin is the original and most popular cryptocurrency, or digital coin, and began circulating in 2009. The digital money was created by a mysterious figure, Satoshi Nakamoto. The digital money is designed to be independent of central financial authorities such as governments, banks, and central banks.

Bitcoin transactions are called peer-to-peer, meaning they can be transferred directly between online users without any intermediary. Bitcoin is based on blockchain technology which acts like a public ledger of transactions and is secured by advanced cryptography which offers anonymity to users.

Since there is no central authority that regulates supply, the value of bitcoin is dependent on people's trust and until recently it has been mostly used for speculation by financial traders rather than for real-world trading and payments.