Virtual Currency

Virtual currency is a type of Digital Currency that is not issued or regulated by a central authority or government. It exists only in electronic form and is typically used for online transactions. Unlike traditional currencies, virtual currencies can be used for a wide range of purposes, including online gaming, purchasing goods and services, and investment.

Examples of virtual currencies include:

• Bitcoin: The first and most well-known Cryptocurrency, created in 2009, used for peer-to-peer transactions.
• Ethereum: A Blockchain platform that supports Smart Contracts and has its own currency, Ether (ETH).
• Game currencies: In-game currencies like Fortnite’s V-Bucks or World of Warcraft’s Gold, used for purchasing virtual goods.

Notable cases include:

• The use of Bitcoin for Remittances, enabling users to send Money across borders with lower fees compared to traditional methods.
• The rise of Initial Coin Offerings (ICOs) as a fundraising mechanism for startups, often involving the issuance of new virtual currencies.