According to Wikipedia, “Bitcoin is a decentralized electronic cash system using peer-to-peer networking, digital signatures and cryptographic proof to enable irreversible payments between parties without relying on trust.” To put this in simple terms it is a currency system that isn’t controlled by a government. Bitcoins can be bought, traded and sold on markets just like currencies we are used to. The biggest advantage is the anonymity that is offered because your Bitcoin account is not linked to your identity.