Bitcoin is a digital (crypto) currency and was designed to become a worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and officially released as open-source software in 2009.
Bitcoin is a digital currency that is rapidly gaining popularity. It's created and held electronically and can be used to buy goods and services or transfer money anywhere in the world. Bitcoin is the first currency to be globally accepted and there is no currency exchange, no minimums, no limits and it does not require a bank account.
Unlike any prior payment system, Bitcoin is revolutionary in that it is not controlled by any government. This designation allows for the achievement of possibilities that have been previously unattainable in the world of finance. Namely, due to the fact that no central authority is responsible for Bitcoin, it cannot be debased, controlled or otherwise used as a political tool. Since Bitcoin is a peer-to-peer network, there is no need for a third party or "middleman" to facilitate transactions between a buyer and seller.
Why does Bitcoin matter? Take a look at the evolution of money.