What is Bitcoin? Is it a Digital currency or Online Money?

Bitcoin is a Digital Currency, created based on the decentralized peer-to-peer payment network*.

*As in there is no central authority or middlemen, and the market and currency are powered only by the users.

It is a currency that only exists online, thus it is a currency for the internet.

One main difference between, the currencies(like EUR, USD and JPY) managed in online wallets and the Currency like Bitcoin(or Crypto-currency) is that: you can withdraw the money in physical cash or not.

In case of Crypto-currencies like Bitcoin, you can’t withdraw Bitcoin and own it because it only exists online but you must convert it to other currencies to do it.

Bitcoin’s transactions are recorded on “triple entry bookkeeping system” and its value is solely influenced by the users of the Cryptocurrency.

As it is still a very new currency for the world, the market price is very volatile and the use of the currency in our life is changing almost daily. (2018 January)