It's the dawn of the new age. Let's not get too far ahead of ourselves. One thing that is for sure though, it is an exciting alternative currency which emerged in 2009.
Bitcoin's key difference from traditional currencies (fiat money) is the technology which the currency runs on. This is known as the Blockchain which allows for Bitcoin to have a ledger governed by P2P networks as opposed to the conventional banking system of centralized checks. This eliminates the need for Third-Party intermediaries and decentralizes the transaction verification process as it is now distributed across a P2P network.
Eg.
When you send money to a person (John), everyone would know about it and be able to see the number of Bitcoins that is being sent to John. For the transaction to be processed, it has to be accepted and acknowledged by everyone else - servers that run on the network called 'nodes' - before any changes in value of Bitcoin is reflected in your account.
If you wish to find out more about Bitcoin, you can read its Whitepaper here.
It is a truly exciting development in the world of Finance and Technological innovation and one to keep a watch on going forward.
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