It is a digital currency that is only exists on computers. It means that there are no coins or notes with regard to this type of currency. This type of system does not require a central authority to take care of your payments as in the conventional system of banks. The payment is sent between the users. It is both created and detain electronically. Such types of currencies do not require a central computer or server. They are based on decentralized networks i.e. their data is shared across thousands of computers.
