Global Virtual Currency – Brief Overview

Abstract

Virtual currencies are becoming increasingly used for financial transactions worldwide. Bitcoin is the most prominent virtual currency that uses digital currency units and operates directly from user to user without involvement by bank or other institution. Price of Bitcoin started at under ten cents in 2010 and currently trades at above nine hundred dollars per Bitcoin unit. Some virtual currencies are convertible to real money and others are not. Government responses varied from ban to application of current or new laws. Virtual currency will grow due to emergence of newer technologies and applications, and the rise in potential benefits.