Bitcoin is Internet Currency. As a currency, bitcoin does not suffer from the limitations of physical "FIAT" currency, and has greater flexibility and security, with the transaction cost far lower than similar solutions. Bitcoin is totally secure and the network has never been breached. The Bitcoin network was created in 2008 by Satoshi Nakamoto.
The idea is that merchants can accept bitcoin with minimal investment in resources and benefit from exposure to new markets as well as a reduction in the transaction charges they pay with traditional payment methods.