Bitcoin is a digital currency and makes it possible to make payments entirely digitally and using a so-called consensus network. It was also the first payment network that is completely decentralized. This means that payments through a peer-to-peer (decentralized) system, without the intervention of intermediaries or central authorities, are carried out by the users.
The arrival of Bitcoin as cryptocurrency means that everyone, anywhere in the world, can trade with each other without the involvement of traditional third parties such as banks or governments.
These traditional trusted parties still play a crucial role in this, but the technology behind Bitcoin, the Blockchain, ensures that the essential function of the "trusted third party" is fully automated.