Virtual Currency

May 22, 2014 | By

VIRTUAL CURRENCY

Virtual currency is the currency that exists in electronic form rather than the usual physical printed notes or minted coins. The world is changing fast and electronic means is the method that is being preferred. Some people are already there and most people go through life without physical money at all. Many people move around with electronic cash using either credit or debit cards.

There is also a virtual currency that is electronically created and stored referred to as the digital currency. Virtual currency may be used to buy goods and services or restricted to some areas such as for use in an online game or social network.

Some digital currencies such as bitcoin are cryptocurrencies. Cryptocurrency is a digital-currency that utilizes cryptography for security purposes. Keys are used to transfer cryptocurrencies between individuals.

The advantage of virtual currency is that it is safer lighter an easy to use. However it has some setbacks as they allow the users to become anonymous thus can be used for illegal activities and money laundry.

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Category: Finance

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