Bitcoin is a digital currency created by Satoshi Nakamoto on 2009. He is a Japanese national and was born 1975. Bitcoin is decentralize no one controls it and since it is digital you can not touch it. Bitcoin wallet is use to store bitcoins and other cryptocurrencies.
Bitcoins are produce by computers that solves mathematical equations, then information becomes bitcoins. People who uses their computers for mining are bitcoin miners. They also check and prevent double spending. Since almost every digital product can be re-produce. Bitcoin miners prevent this from hapenning and they get some reward throught bitcoin transactions that are paid by the bitcoin sender.
Bitcoin removes the need for a bank. The transactions fees comes from it and so does credit cards as well. If you use a bank for a sending money abroad, it will first be process by a bank and you will get a fee for the transaction. It would take days before the money is recive. But if you use bitcoin, you only need to access you wallet and ask the other person wallet address and send. Transaction is comlete after a few confirmations. No fees, safe and transactions are but a push of a few buttons.
There are a lot of merchants that accepts bitcoins and in fact some banks already accept bitcoin as a real currency. You can use your bitcoin to buy products online or you can pay others that accepts bitcoins for their services. It can also be exchange to USD, Euro or Pound by using currency exchange sites that accepts exchanges for a small fee.
You can also use it for trading. Trade it for other alcoins or trade for money it is up to you. Bitcoin traders use trading sites to earn. Buy low then sell if the price is high.