Is lower density liquid residing/flowing in a higher density liquid considered a bubble or it is considered as droplet? Or bubble is just gaseous by definition?
Bubbles are dispersed gas phases in a continuous liquid phase. One may speak of dispersed gas-liquid two-phase media. Droplets are dispersed liquid phases in continuous liquid or gas phases. One may also create gas bubbles with a liquid-contaminated interface (with surfactants) that can evolve in a continuous gas phase provided that the surface tension is sufficient.