Meaning of virtual currency | Babel Free

Definitions

1. A type of unregulated digital currency that is restricted to a specific community or purpose, such as in-game purchases.
   countable, uncountable
2. Synonym of digital currency.
   broadly, countable, uncountable

Examples

“Virtual currency is the offering of virtual monies that can be spent to buy services (or virtual goods) inside of an application. This is a new trend that has been used primarily in game-like social network applications.”

“Unlike fiat currencies like the United States dollar and virtual currencies like Facebook credits and the one invented by Liberty Reserve, bitcoins are not created or controlled by a central authority.”

“Gas is not ether–it's a separate virtual currency with its own exchange rate against ether.”

“When he was a Yale Law School student, Reuben Grinberg wrote one of the first academic papers about Bitcoin, a novel virtual currency that uses sophisticated cryptography to validate and secure transactions that exist only online.”

“People say it’s a Ponzi scheme, it’s a bubble,” said Cameron Winklevoss. “People really don’t want to take it seriously. At some point that narrative will shift to ‘virtual currencies are here to stay.’ We’re in the early days.””

“Those payments are typically made in cryptocurrencies, virtual currencies like Bitcoin, which the gangs then need to convert to standard currencies, like dollars, euros and rubles.”

CEFR level