Virtual currency, also known as virtual money, is a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community
Virtual Currency
Digital currencies, otherwise known as Internet-based money are different from physical coins and banknotes because they don't have a physical manifestation. Instead, these virtual currencies are now instantly transferred between parties. Other than that; digital currencies perform related purposes to those of other classes of money. Bitcoin, an extremely popular cryptocurrency based on the blockchain is a prominent example of digital currencies taking the online market by storm. Digital currency is a fiscal balance electronically recorded on cards or other devices with savings value. Another form of electronic money is computer money, mainly network money that enables the transfer of value over the internet. Electronic money is also a request for private banks such as bank deposits and other financial institutions.
In the preceding year, cryptocurrencies such as bitcoin have soared in popularity and have seized the attention of billionaire entrepreneurs, like Richard Branson. Digital currency commonly referred to as a “virtual currency” allows users to exchange online credits for goods and services. Although numerous government entities have expressed grave concern about the use of virtual currencies, its users continue to use this form of currency to make anonymous transactions. Examples include cryptocurrency, as well as digital based money that is issued by a central bank. As with traditional funds, these currencies may be used to purchase physical goods and services, yet they may also be maintained within specific communities such as online gaming networks, social networks, and even the dark web.
