Digital Currency

While Digital money refers to electronic or digital representations of traditional fiat currencies in the country (such as US dollars, euros, or yen), as well as includes new forms of digital currencies that exist only in the digital world using internet facilities. It can be used to make buying, purchases, transfer funds, and store value just like a traditional physical currency or physical money, but without the need for physical cash. Digital money can take the form and shape of wallet mobile money, electronic transfers, digital wallets, and other forms of digital payment systems in the world. It is becoming increasingly popular day by day as a means of payment due to its convenience and security.

Virtual currency is also another type of digital currency that is used as a medium of exchange within virtual communities and for online transactions. It is also not backed by any government or central authority and does not have the same legal tender status as fiat currency due to digital currency properties. Unlike physical currency, virtual currency exists only in the shape of digital form and is not a tangible asset. Virtual currencies can be used to buy and purchase virtual goods and services, such as in-game items or digital content, and can also be traded on online exchanges for other virtual currencies or fiat currency conversions. Examples of virtual currencies include in-game currencies such as World of Warcraft gold and cryptocurrencies such as Bitcoin cryptocurrency.