Virtual money is any money that can be transferred through the Internet. Paypal, Webmoney, Bitcoin and… are examples of virtual money. In other words, bitcoin is a subset of virtual money as a digital currency itself. Virtual money is divided into two categories, decentralized and decentralized. Decentralized virtual money is called cryptocurrency or digital currency. Centralized virtual money operates under the supervision of a particular broker or company. For example, PayPal is a centralized virtual currency.
The difference between centralized and decentralized virtual currencies
In the decentralized virtual money field, transactions are carried out by a database distributed in China called Blockchain, and no particular company owns them. Unregistered users can perform transactions seamlessly and seamlessly by installing the desired currency wallet on their PC or mobile. These currencies are not backed by other currencies and operate in a completely unique way. Bitcoin, for example, is a decentralized digital currency that operates without intermediaries and its units are extracted and decentralized, and prices will vary.
In centralized virtual currency, the currency is supported by traditional currencies. For example, PayPal is backed by dollars. In a way, Paypal is a currency. For example, by charging $ 1000 you will receive 1000 PayPal units and once you sell it you will still receive $ 1000. Concentrated currencies are provided by a particular company, in other words, its wallet is only accessible on one or more specific sites. You also need to register to use them.
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