Bitcoin is both a digital and virtual currency, the reason is because bitcoin does not exist in the “real physical world”, yet it also facilitates the payment of goods and services in the real world. And because virtual currencies are not intended to be used in “real life transactions”. Bitcoin has transcended that border, and managed to gain a foothold in the real world as an alternative payment method. If someone wants to label Bitcoin in its truest form, they would have to call it a “digital cryptocurrency”. Because of Bitcoin’s hybrid nature between digital and virtual currency, a new type of currency term had to be created.