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it is a technique for getting all parts of a large file simultaneously from several sources.
The usual download involves selecting a file and a source, and then getting it in one long sequence from that single source, starting with the first bytes in the file and ending when the last one is received.
BitTorrent accepts your request for a file, then locates several places where that file or some parts of can be found, and then asks each source to send you some of the chunks that they have, and once they arrive (the order that happen to show up doesn't matter) stitches them back together into a whole. If any sources go offline, it just locates other sources for those chunks, and continues until complete.
The advantages are that you are able to continue the download so long as anyone in the network has it, rather than being stuck with a single source, and your download speed is limited only by your connection (assuming several sources), rather than the speed of a single host.
That's how I understand it, but if I'm too far off someone will correct me.
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