New Cryptographic Algorithm
They call this a transposition cipher.  Bits commonly have more semantic meaning assembled into characters and numbers, so you may be performing  fractionation specifically.  Also, in cryptography we'd use a CSPRNG for the shuffle rather than a plain RNG for invertability reasons detailed in the link.     Frequency analysis means that it's fairly easy to break though.  Stuff to think about then. 

It's a lot to take in, and there are very subtle nuances that mean creating a cipher from scratch is pretty tough. It's better to stick to library functions/ standardised methods /primitives in non scholarly uses.   Hi!