Digital Currency- "Bitcoin"

   As I have discussed in the previous blog 'Technological Transformation of Banking Sectors', about how the technological development enhanced and some of them listed also.In the continuation of the previous article it is also essential to discuss about 'Digital Currency' and 'Virtual Currency'.  Always their is a misconception about these two terms. Sometimes these are considered as same but it is not so. The Digital currencies can be used to facilitate payment for physical currencies in real life similar as traditional physical currencies where as virtual currencies are those which are not intended for use in real life and subjected to centralized authority. But digital currencies having decentralized authority. 

   The Virtual currencies and Cryptocurrencies are said to be types of digital currency only, but differs in function. The Bitcoin is an example of Digital currency. It is a form of Digital currency, created and held electronically,its growing category of money known as Cryptocurrency. It can be used to buy things electronically such as conventional dollars, euros or yen, which are also traded digitally. This currency is not physically printed instead it is created digitally, this technology is proposed by Satoshi Nakamoto. The idea behind was to produce a currency which will be  independent of any central authority, transferable electronically instantly. The Bitcoin is the result of mathematical calculations not due to any expensive metallic element. The software is open source, any one can check it.
    The invention of paper currencies over metal coins, gold is for convenience, but the invention of Digital currencies is something which is the result of technological advancements. With the use of long chain of software work this can be possible. It has some limitations being digital such as power requirements, software skills etc. But the innovation of the digital currency sets the height of technology and makes the country globally advanced.