Bitcoin is a digital currency that is decentralized. Any two people can send each other bitcoins with no involvment of banks or governments.
Every transaction of bitcoins is recorded on the public ledger called blockchain. The ledger can be accessed by anyone.
There will only ever be 21 million bitcoins and since it's digital it cannot be inflated or manipulated. There is no need to acquire all bitcoins, owning a fraction suffices.
Mining is the process of creating new cryptocurrencies that are added to the blockchain. Powerful hardware such as ASICs are used to perform complex calculations which then generate bitcoins as a reward.
These machines are quite expensive and require technical knowledge and space.
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