Every country has a unique currency which varies from country to country. Valuation of the currency changes every day and there are varies aspect affect its valuation. There is a centralized authority which controls the value of such currency. This type of currency is known as fiat currencies and they only hold value because we believe in it. Whereas the Bitcoin is the form of Cryptocurrency, which is a form of electric cash. It exists only in the digital world.
The bitcoin was invented by a person or a group of a person using the name Satoshi Sakamoto. Currently, bitcoin is being used to make payment around the world as some of the countries have recognized it as a form of currency while some are still opting against and highly criticized. Bitcoin is not being monitored by any country or there is no authority to decide upon the electronic currency.
Bitcoin can be used for exchange for other currencies, product, and services. Bitcoin is a reward which is generated as a result of mining. Bitcoin is designed to be independent of states, companies, and bank. It is designed with build in security measures which prevent from unauthorized access, hacking and granting the single person access to all bitcoin. When the bitcoins are not being used it should be kept in an online wallet.
Every wallet provides different forms of security which varies from different wallet providers.