BitTorrent is a peer-to-peer protocol that allows users to efficiently share large files. It works by breaking files into pieces that can be downloaded simultaneously from multiple other users in a "swarm." This speeds up download times compared to traditional client-server downloading from a single source. Key components of the BitTorrent protocol include the torrent file, a tracker server, peers that are downloading pieces, and seeds that have the full file to share. Downloads are faster with more users in the swarm sharing pieces of the file.