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Bitcoin is the first open source, peer to peer, decentralized technology that transfers tamper-proof ownership of digital data without the use of a third party.

Conceptually, Bitcoin is the largest on-going experiment that is meant to make our day-to-day lives more efficient, convenient and safe. It's considered "on-going" because Bitcoin's code could potentially be updated by brilliant developers that want to improve its stability and functionality.

At its core, Bitcoin is a protocol similar in the way the TCP/IP protocol is for the internet. You may not be familiar with TCP/IP but everyone knows and uses websites that are built on-top of TCP/IP. Bitcoin is a platform to build and support an infinite amount of infrastructure. Infrastructure comes in the form of innovative applications that may already exist but can potentially be improved with the use of Bitcoin or applications that were not possible to achieve before Bitcoin’s existence.

You may have heard of Bitcoin for being used as digital cash over the internet because it is faster, cheaper, etc. Money is just the first application of Bitcoin, but the technology has unlimited applications yet to be discovered.

Bitcoin is the solution to one of the largest problems faced since the invention of the internet - double spending. Contrary to data on the internet that can be easily cloned, bitcoins cannot be duplicated or counterfeited.

TLDR: Bitcoin is a protocol that integrates cloud, decentralization, open source, peer to peer and blockchain technologies to transfer tamper-proof ownership of data without a third party. The protocol supports new and innovate applications that can be built around Bitcoin. The innovation will change the way we interact peer to peer as “currency” is just the first application of Bitcoin. 

What is a Bitcoin wallet?

A wallet is something that allows you to store, send and receive bitcoin by providing access to multiple Bitcoin addresses. Wallets can be a website service, an app on your mobile device, downloaded software on your desktop, a piece of paper, or even your brain (if you have a good memory)
Wallets use public keys to receive payments and can be shared with anyone. Each public key has an associated private key that allows the owner to spend their bitcoins.
Things to ask yourself when picking a wallet:
What will you be doing with your bitcoin?

- You want to determine what you will be using your wallet for. You can use wallets for saving, spending, sharing between other users, etc.

Does the user control the private key(s)?

- Typically, user controlled private keys are favoured over company controlled private keys because if the service is compromised your bitcoins will be unaffected and accessible to you.

What security features do they offer?

- There are key security features you’ll want in a wallet. The standard security practice is encryption. Two-factor authentication has become very popular and multi-signature has begun development.