Bitcoin is nothing but cryptocurrency or can also be called digital currency. The rules of cryptography for regulating and generating of units of currency are used in this currency. Bitcoins are the most priceless among all cryptocurrency. It is also generally called a decentralized digital currency.
They are totally virtual coins created to be 'self-contained' for their value, emitting the hassle of moving and storing, especially for banks. They have the value of just like the bars of gold in your pockets. These bitcoins can be used to buy goods and services online, or you can keep them for a limited or long time and wait for their prices to go up.
You can transfer or trade from one personal wallet to another. This wallet is nothing but a small personal database that can be stored on your phone, PC, other devices, or in the cloud.
Many countries including India do not recognize Bitcoins as a legal tender. On the other hand, major economies like the US, China, Japan, etc. have shown this currency a green flag. This territorial conflict puts this currency under the dark clouds of doubt. Moreover, no country can deny the fact that this currency can be used more conveniently in a number of criminal activities including hacking.