Bitcoin is nothing but a virtual currency or a medium of conducting digital transactions, just like any other digital currency. bitcoin is still a more efficient and cheaper way to transfer money across borders, and several remittance startups make use of this feature. Bitcoins cost and speed advantages, though, are being eroded as traditional channels improve, and liquidity remains a problem in many countries. Also, a number of large and small retailers accept the cryptocurrency as a form of payment, although reports suggest that demand for this function is not high. And many individuals feel more comfortable holding a part of their wealth in securely-stored bitcoin, where a central authority cannot block access or take a cut.