Bitcoin is a digital currency that has many of the same characteristics as cash, although it is much more secure. It is not owned or controlled by any single entity, which makes it a borderless technology. Anyone can send any amount of bitcoin anywhere, anytime, for minimal transaction fees.
Bitcoin is stored in digital wallets that users can have almost anywhere — their smartphones, computers, or even storage drives. Since it does not reveal customers' personal information, it is a uniquely secure payment method which eliminates fraud and chargeback risks.
To learn more about bitcoin, check out Bitcoin Made Simple, BitPay's series of educational articles.