Virtual Currency

Currency is broadly defined as anything that can be used as a medium of exchange to buy or sell goods and services. This need not necessarily be a physical object. In the barter system, which was a precursor to the system of money, goods and services were simply “traded” without any specific medium of Exchange.

Present day third party bartering is organized through barter exchanges that are developed specifically for this purpose. A sizeable number of companies today see some benefit in exchanging goods or services rather than paying or getting paid in cash; the Sodexho meal passes being a case in point.

In today’s digitized era, money is not only viewed as hard cash but also as a number displayed on a gadget, be it computers, mobile phones or card swiping machines. Increased usage of credit/debit cards and online transactions has blurred the lines between real and virtual currency for the lay consumer.

Read more at Finacle Blog

Virtual Currency


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