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Bitcoin is a digital currency which means it exists in digital form only. It is essentially a set of numbers stored on a computer as opposed to physical money which is paper.
In today’s world this part is not so difficult to understand.
After all when our money is in the bank it’s not physical either.
It’s only an amount stored in a computer.
The only difference is that we can get the bank to give you the physical equivalent in paper cash.
In both cases, however, the buying power or value of the money is not based on the intrinsic value of the paper or coin but rather what the markets has determined its worth.

Bitcoin as Cryptocurrency:
2008: A whitepaper was written by an anonymous programmer (or programmers) working under the pseudonym Satoshi Nakamoto.
2009: The Bitcoin software is made available to the public for the first time for mining.
The process begins through which new Bitcoins are created and transactions are recorded and verified on the blockchain.
2010: Bitcoin is valued for the first time.
As it had never been traded, only mined, it was impossible to assign a monetary value to the units of the emerging Cryptocurrency.
2010: Someone decided to sell their Bitcoin for the first time– swapping 10,000 of them for two pizzas.
If the buyer had hung onto those Bitcoins, at December 2017 prices (when 1 Bitcoin was equal to $13,700) they would be worth more than $100 million.
2011: Rival cryptocurrencies emerge. As Bitcoin increases in popularity and the idea of decentralized and encrypted currencies catch on, the first alternative cryptocurrencies appear.
2013: Bitcoin price crashes. Shortly after the price of one Bitcoin reaches $1,000 for the first time, the price quickly begins to decline. Many who invested money at this point will have suffered losses as the price plummeted to around $300 – it would be more than two years before it reached $1,000 again.
2014: Scams and theft: unsurprisingly for a currency designed with anonymity and lack of control in mind, Bitcoin has proven to be an attractive and lucrative target for criminals. In January 2014, the world’s largest Bitcoin exchange Mt.Gox went offline, and the owners of 850,000 Bitcoins never saw them again.
2016: Ethereum and ICOs: One cryptocurrency came close to stealing Bitcoin’s thunder this year, as enthusiasm grew around the Ethereum platform.
This platform uses cryptocurrency known as Ether to facilitate blockchain-based smart contracts and apps.
Ethereum’s arrival was marked by the emergence of Initial Coin Offerings (ICOs).
These are fundraising platforms which offer investors the chance to trade what are often essentially stocks or shares in start-up ventures, in the same manner, that they can invest and trade cryptocurrencies.
2017: Bitcoin reached $19,764.

2018: Bitcoin corrected to $3,127.

2021: Bitcoin reached a historic $68,971.