What is Virtual Money?

[green bottle blue]

This means money which is electronic. You cannot touch it and the value is just through web. Like bitcoin and other altcoins. It is generated through internet. It is also used using internet. It is brought to the market since we are getting more digital and we are currently on computer age. This cannot be stored in the bank.

Virtual Money is a digital representation of value that is issued and controlled by its developers, and used and accepted among the members of a specific (virtual) community

[Edward Finney]

I think virtual currency is a byproduct of bitcoins decentralised blockchain and distributed smart ledger. With the invent of this technology moving value around in a digital manner was now possible

[Deolito]

Virtual Money can be defined as a digital representation of value that is issued and controlled by its developers, and used and accepted among the members of a specific (virtual) community. Unlike regular money, it is relying on a system of trust and not issued by a central bank or other banking authority.

[rainezerr]

About virtual currency, there are 03 different understandings:

    Money is unmanageable, no physical shape and is used in electronic environments, it is called virtual money.
    The type is not real value, not guaranteed by cash, gold, and valuable assets.
    The money is usually used to pay for games in electronic games, each type of game has a different currency and they can not be used to exchange for each other or to bring out the electronic environment to buy. Other service products are.

The concept of virtual money is born, widely used and most often by the third interpretation itself. With this kind of money, the balance can be managed and easily changed by the issuer without affecting the financial or market economy.

Cryptocurrency is a good example of virtual currency and since credit cards are widely used today so online stores are also creating a payment method where you can use your cryptocurrency to pay bills and purchase any items online if they will allow it.

[Deathgamer]

When you say virtual money, this only means this is digital. This is electronic and powered through internet. We cannot touch it. It is only generated through internet. It is controlled by internet. It can only be found in the web and no physical representation.

[Radio-Active]

virtual money is a money that doesn't have a physical form like cash money or coins.
bitcoin is more that just virtual money, it is running on a decentralized database, the other cryptocurrencies too.

[caloy06]

I think, Virtual money is known virtual currency and is a type of unregulated,digital money. Virtual money is issued and usually controlled by its developers and used and accepted among the members of a specific virtual community. Payment and can be transferred, stored or traded electronically". By contrast, a digital currency that is issued by a central bank is defined as "central bank digital currency.

[Walter789]

What is 'Convertible Virtual Currency/money'
Convertible virtual currency is an unregulated digital currency that can be used as a substitute for real and legally recognized currency. Convertible virtual currency usually has a measurable value in real money, but what makes it convertible lies in its ability to be exchangeable. Not all virtual currency can be exchanged for legal tender though, therefore, not all virtual currency is convertible.

Convertible virtual currency is also called an Open Virtual Currency.


'Convertible Virtual Currency'
Convertible virtual currency is an example of how technology advancements all over the globe are driving disrupting changes in the traditional way of doing things, including the way goods and services are paid for and acquired. The rise of cross-border and e-commerce platforms for shopping has led to a demand for alternative means of making payments. One rapidly evolving payments technology that is making waves in the digital world is virtual currency. Virtual currency is a type of digital money that is used to purchase real-world goods and services, but has no legal tender status in some countries, meaning that it is not recognized as a medium of payment by legal systems such as the Federal Reserve.

The most popular form of virtual currency is known as Bitcoin. Bitcoin runs on a decentralized peer-to-peer currency network. It is decentralized because it bypasses the regulatory operations of central banks and central clearing houses which exist to monitor, verify, and approve transactions in legal tender. It is a peer-to-peer exchange tool because it is a currency created by the people for the people. Bitcoin is a convertible virtual currency because it can be exchanged for real money based on its determinable value in the market. The value of a Bitcoin in dollars has been exchanged from as low as $13 sometime in 2012 to as high as $17,900 in December 2017. According to CNBC, Bitcoin is expected to rise in value to reach $50,000 in 2018.

Virtual currency can be converted for cash through online exchanges who act as brokers. Exchanges such as Coinbase and Bitstamp enable users to exchange their Bitcoins for their local currency. The Bitcoin holder makes a sell order like s/he would if making a trade with a securities broker. The sell order includes the number of Bitcoins and price per coin. The user’s account is credited in the local currency when his/her order is matched to a corresponding buy order.

Convertible virtual currencies can also be exchanged for real currency using Bitcoin ATMs which are only available in select countries. While the online exchanges may take a couple of days for the euro or dollar to be transferred to a user’s account, Bitcoin ATMs take only seconds to complete the transaction.

https://www.investopedia.com/terms/c/convertible-virtual-currency.asp



I think there's a lot of definition about virtual money or currency. And this is one of the example of this article.

[Pier7]

Virtual Money is an electronic money that exist only in the online world, they do not have physical form like coins or notes. Bitcoin is an example of virtual money. Each virtual money currency has its own developer and varying level of anonymity, unlike regular money that is issued by a central bank or banking authority.

[Dmitry.Vastov]

About virtual currency, there are 03 different understandings:

    Money is unmanageable, no physical shape and is used in electronic environments, it is called virtual money.
    The type is not real value, not guaranteed by cash, gold, and valuable assets.
    The money is usually used to pay for games in electronic games, each type of game has a different currency and they can not be used to exchange for each other or to bring out the electronic environment to buy. Other service products are.

The concept of virtual money is born, widely used and most often by the third interpretation itself. With this kind of money, the balance can be managed and easily changed by the issuer without affecting the financial or market economy.

BTC, the all time favorite among all the cryptocurrency, is a huge virtual currency. Actually the virtual currency is a mode of online currency, it's concept is entirely different from that of physical currency, here you need not to manage it and neither there is risk of being stolen by anyone and moreover it provides user anonymity and does not involve any third party seizure. So in summary, virtual currency  is very innovative and impressive thought.

[Xerox101]

Virtual money where there is no physical appearance, it was digital currency where you need to have internet to have a transactions. You don't need to carry it physically, since it is digital, all you need to do is had a mobile and password to do a transaction.

[katarin2030]

virtual money is a money that doesn't have a physical form like cash money or coins.
bitcoin is more that just virtual money, it is running on a decentralized database, the other cryptocurrencies too.

Virtual money is also called by the name digital currency, for example, bitcoin is a virtual money cryptocurrency can also be called as a virtual money. Virtual currency needs just internet facility to use it, can be transferred from one account to other very easily, easy to use and access and lot of merits over the real money.

[MetalGear]

Virtual money is almost the same as ordinary paper dollars. But they are in digital form. So much more convenient, because you do not have to wear large sums with you.

Indeed, virtual money is also kind of electronic money like paper money that can be used in different kind of transactions. It is more convenient because if you want to pay bills you can pay it in some easy and fastest way. Lastly, I think virtual money will become our future money in the near future.

[playboy654]

Virtual money where there is no physical appearance, it was digital currency where you need to have internet to have a transactions. You don't need to carry it physically, since it is digital, all you need to do is had a mobile and password to do a transaction.

Yes a virtual currency is not like an ordinary currencies is not like any other currencies is build for the next generation of money for easy use so you can easily access with easy way in a quick and safety way .

[mininglegend1234]

Virtual money where there is no physical appearance, it was digital currency where you need to have internet to have a transactions. You don't need to carry it physically, since it is digital, all you need to do is had a mobile and password to do a transaction.

Yes a virtual currency is not like an ordinary currencies is not like any other currencies is build for the next generation of money for easy use so you can easily access with easy way in a quick and safety way .

Yeah virtual currency is a revolution to the world which based on the entire chain of Bitcoin blocks or blockchain, so that starting from the publication, the way the transaction as well as the recording of all decentralized networks listed on blockchain. So everyone can run servers block chain. any society can run Bitcoin server and any connected servers around the world.

[harobaru]

virtual money is actually invisible money like bitcoin. it is not in hard form. its save in smart phones and use through it.

[CryptoJedi1]

In simple terms, it is the currency that you have in your digital wallet, and you can spend it for your daily needs whoever accepts digital currency.

[Bustart]

About virtual currency, there are 03 different understandings:

    Money is unmanageable, no physical shape and is used in electronic environments, it is called virtual money.
    The type is not real value, not guaranteed by cash, gold, and valuable assets.
    The money is usually used to pay for games in electronic games, each type of game has a different currency and they can not be used to exchange for each other or to bring out the electronic environment to buy. Other service products are.

The concept of virtual money is born, widely used and most often by the third interpretation itself. With this kind of money, the balance can be managed and easily changed by the issuer without affecting the financial or market economy.

Virtual money can be defined as a digital representation of value that is issued and controlled by its developers and used and accepted among the members of a specific  community.

Virtual money is an electronic money. Unlike regular money, virtual money is relying on a system of trust and not issued by a central bank or other banking authority.

[JohnWick_Bitcoin]

About virtual currency, there are 03 different understandings:

    Money is unmanageable, no physical shape and is used in electronic environments, it is called virtual money.
    The type is not real value, not guaranteed by cash, gold, and valuable assets.
    The money is usually used to pay for games in electronic games, each type of game has a different currency and they can not be used to exchange for each other or to bring out the electronic environment to buy. Other service products are.

The concept of virtual money is born, widely used and most often by the third interpretation itself. With this kind of money, the balance can be managed and easily changed by the issuer without affecting the financial or market economy.

What's the best about the virtual money or cryptocurrency is that, the market that makes the price of your coin to increase or decrease, another thing is that, there are different analyst out there who are creating speculations in order for their coin to rise and it affects the entire circulation that's why bitcoins is good for long term investment.

[TN0904950]

About virtual currency, there are 03 different understandings:

    Money is unmanageable, no physical shape and is used in electronic environments, it is called virtual money.
    The type is not real value, not guaranteed by cash, gold, and valuable assets.
    The money is usually used to pay for games in electronic games, each type of game has a different currency and they can not be used to exchange for each other or to bring out the electronic environment to buy. Other service products are.

The concept of virtual money is born, widely used and most often by the third interpretation itself. With this kind of money, the balance can be managed and easily changed by the issuer without affecting the financial or market economy.

I'm not exactly sure what virtual money is. can you tell me in more detail