Bitcoin uses peer-to-peer technology to function with no central authority or banks; handling transactions and the issuing of bitcoins is carried out cooperatively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its exclusive properties, Bitcoin permits thrilling uses that could not be shielded by any previous payment system. In layperson terms Bitcoin is a bearer instrument that provides a peer-to-peer exchange permitting users to exchange bitcoin incognito based on a trusted blockchain public ledger that does not rely on a trusted third party.