Bitcoin is a peer to peer virtual currency and is controlled by everyone using bitcoin. There is no single entity that controls Bitcoin.
There is a limited number of bitcoins, about 21 thousand coins to be exact.
Bitcoins has no set value and the more popular it gets the more its value increases.
You can see all transactions on bitcoin via the block chain.
You can earn bitcoins by mining them. Mining bitcoin is the term that basically means you use your computer to verify various transactions around the world and then earn a certain amount of bitcoin for solving those problems.
You cannot reverse a bitcoin transaction nor can an organization repeat bill you in order to force you to pay.
With bitcoins you can send money with little to no transaction fees.
Bitcoins are stored in digital wallets and losing a digital wallet it means that those bitcoins are lost forever.