Before we delve into cryptocurrency and Bitcoin, there are some fundamental concepts which needs understanding. What is Cryptocurrency? A digital asset designed to work as a medium of exchange. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies. Cryptocurrency is used cryptography to- Control creation of additional units Secure its transactions Verify the transfer units (These are the functions that fiat currencies do through the main stream channel) What is Digital Currency (or Digital Money or Electronic Money or Electronic Currency)? Any currency that is present only in a digital form but not in the physical form (like notes and coins) is a digital currency. It will be like physical money with instantaneous transaction and borderless transfer of ownership e.g. cryptocurrencies and virtual currencies. Digital currencies can be used to buy physical goods a...