Bitcoin is a kind of digital currency and free currency. There is no right of any institution or country on this. Its owner cannot buy things physically, but what can be done using bitcoins online.
Upon its acquisition, officers can use it only for online shopping or transfer. It is produced independently by the computer processing system 'Mining'. Miners use various types of hardware to complete various transactions and secure networks that in turn create new bitcoins that miners receive.
Apart from online payment, it is also converted into traditional currencies. There are also exchanges for the purchase and sale of bitcoins, but they have no formal form. While Goldman Sachs and New York Stock Exchange have praised it as a very fast and efficient technology.