Let’s give a look at how it works:
Bitcoins are generated all over the internet by anyone running a free application called a Bitcoin miner. Mining requires a certain amount of work for each block of coins. This amount is automatically adjusted by the network such that Bitcoins are always created at a predictable and limited rate. Your Bitcoins are stored in your digital wallet which might look familiar to how we use online banking. When you transfer Bitcoin an electronic signatures are added. After a few minutes the transaction is verified by a miner and is permanently and anonymously stored on the network. The Bitcoin software is completely open source and anyone can review the code. Bitcoin is changing finance in the same way the web has changed publishing. When everyone has access to global market great ideas flourish.
BTC and Bitcoin system is highly superior to the traditional payment systems that we currently have. Current payment systems are like the postal system: it takes long time for the transaction to happen,especially the cross country transactions, the charges included are quite high, there is alot of documentations so on and so forth. Bitcoin is like email, you can send Bitcoins 24*7, 365 days, its instant and the cost included is negligible. So comparing Bitcoin to the current payment networks or current money transfer services is a bit like comparing email with postal services. There is no comparison. Bitcoin is vastly superior!