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

Equivalents

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