Bitcoin is a digital, peer-to-peer currency which can be used to purchase products and services electronically. It can only be created and stored electronically, there are no notes or coins.
Who controls Bitcoin?
Bitcoin is decentralised – no single country, organisation, institution or person operates it (even the founder has no control). Unlike other forms of digital currency which is stored by banks & PayPal etc. and transferred using electronic payment gateways, Bitcoin is solely distributed between users. This means no one has control of your money except you.