As you already may know: Bitcoin is a Crypto-Currency. So, What does it mean?? This means:
It is a digital asset and no physical object in the world can be referred to as'One Bitcoin'or any amount in its smaller units
So, it is Digital. So does that mean that is it in the form of a digital file or something?? No. I'll come to this part while explaining ‘Public Ledger'.
It uses Encryption Techniques for validating transactions and even for its self-generation. SHA-256 in the case of Bitcoin.
It is a peer to peer, decentralised electronic cash system and does not rely on any centralised authority such as a Bank or VISA or any other organisation.