Humans (banks, PayPal, other third parties) are not required to verify transactions. It means you and only you have access to your bitcoins, and you don't need

Humans (banks, PayPal, other third parties) are not required to verify transactions. It means you and only you have access to your bitcoins, and you don't need a trusted third party in order to use your money. You don't need a trusted third party to create bitcoins, either (like when governments print fiat currency).