Bitcoin is a type of digital currency. It is a unique kind of crypto-currency that once was associated with the technological geniuses. Bitcoins are generated electronically and they are known for its big fluctuation. What separates the bitcoin from the other payment methods is that bitcoins are not controlled by a centralized system, so it is completely independent and decentralized type of currency. It appeared almost seven years ago and today it is very attractive due to its flexibility and good value. It is accepted worldwide, which makes it popular everywhere. Bitcoins are unique in a way that they are not hold accountable to anyone and they have their own set of rules. They are not printed in a traditional way like the other currency, and they are only produced in a digital way. However, they can be used to buy different services and products online like any other currency.
Bitcoin wallets are the places for storing the bitcoins, as well as the private keys. Through these wallets you can transfer the bitcoins to other users around the world. Everything is anonymous which also contributes towards its popularity.
Bitcoins do not fall under any jurisdiction around the world. They are not protected or insured by any government. That is why there is no chance for them to get recovered if their private keys are hacked and stolen by someone, or if they are lost through hard drive damage. If the private keys get lost, there is no way in which the associated bitcoins can be recovered, so they will be lost forever and out of digital circulation.