Digital currency or electronic money, exists as an alternative to normal currency and has seen various forms over the past few years. As of yet,it has not found any national or institutional backing across nations and has only been experimented with in smaller communities.
Other forms of virtual currencies like in-game money or closed system currencies are only valuable within the confines of their system in virtual economies. Bitcoin as a digital currency has found the widest acceptance to use for real world goods and services without virtual world limitations.
The most conventional form of digital currency has come to include web-based wire transfers, machine withdrawals, online credit card use and digital bill payments that use electronic means to make payments. However, these are based on a very broad definition of digital currency that is simply an extension of the traditional economic system(system of exchange) that is still rooted to fiat currencies and only transfers records of credit and dues using the internet as a communications protocol.
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