Bitcoin is a digital currency transacted online whereas all other traditional currencies are in printed format and not online or virtual currency, bitcoin does not have physical existence unlike the fiat currency, bitcoin is a peer to peer network transaction and all transactions are recorded on the publicly distributed ledger. Bitcoins unlike fiat currencies cannot be duplicated and manipulated as the bitcoins transactions are recorded in the block chain ledger which is visible by all from any part of the world so the network is highly transparent. Bitcoins network helps to curtail corruption and helps in improving the economic standards of the country as the price of bitcoins is too high and keeps on increasing due to high demand for bitcoins.