Bitcoin is a cryptocurrency that is not physically present but it is actually digital currency which can be exchanged .It doesn't require any intermediate banks or authorities.
Bitcoin is different from traditional currency in various ways
1 . Decentralisation:- It is not limited to particular country or government ...but it is spread all over the world.It is run by a group of coders.
2 . Financial Freedom :- This type of currency enables individual or group members from not being restricted from taxes and financial restrictions that are levied by governments.
3. Supply :- Other currencies like euros,yen etc., are restricted for production to certain limit for a financial year,but cryptocurrency being digital is not restricted.
Limitations of Cryptocurrency :-
- As there is no authority , transactions are not transparent nor secure
- Senders and receivers don't share actual details
- Once money sent cannot be reversed or refunded