Quick Answer

Bitcoin is a worldwide payment system and a first decentralized virtual currency, which offers quick, cheap, and highly private payments for everyone. Bitcoin was developed and launched as an open-source protocol based on a whitepaper written by Satoshi Nakamoto. Since its release, bitcoin became the best-known, established and leading cryptocurrency in the industry that inspired the creation of other digital currencies altcoins.

As Bitcoin is separated into two components, it might cause a confusion.

In 2009, Bitcoin was developed and launched as an open-source protocol based on a whitepaper written by Satoshi Nakamoto, who described the bitcoin as a digital currency backed up by the idea of an electronic payment system that should be secure, verifiable and independent of any central authority.