Bitcoin uses peer-to-peer technology to operate with any central authority or with banks; transaction management and bitcoin issuance is carried out collectively by the network. Bitcoin is open-source; its design is public which means that nobody owns or controls Bitcoin and everyone can take part in the project. Through some of its unique properties, Bitcoin allows exciting options that could not be covered by any other previous payment system.
The blockchain is a public and shared register on which the entire Bitcoin network is based. All confirmed transactions are included in the blockchain. This enables Bitcoin wallet holders to calculate their spendable budget and verify new transactions.