Welcome back my dear fellow travelers to the Journey to the Unknown! I hope that you all have been well. I had some personal business matter to attend to these past few days but now that I'm back, I promise more surprising discoveries as we continue with our travel here so let's go!
I had been posting about the Virtual World, its possibilities, its benefits, how it could possibly be done and everything that we can do within that world. I had also mentioned that we will be able to do anything that we do in the physical world like working, driving, shopping and everything else but we have not really discussed anything about what currency would be used for all of those transactions, right? Surely, there's got to be some form of exchange. Even during the ancient times, there was some form of exchange, how much more in the much advanced world, right?
Yup, you guessed it right! Of course, it will be a virtual currency. The Virternity Project has what they call "Virie" but we will discuss more about that in the following days. For now and perhaps in the next few days, we will understand a little bit more about the different types of currencies first and how virtual currency is different from the rest so here goes...
As defined by the Oxford dictionary, a currency is a system of money in general use in a particular country, the fact or quality of being generally accepted or in use. Real currency has intrinsic value like Gold, Silver, copper and any other commodity that have their own value base on specific weight and measurement.
Fiat currency on the other hand, are paper money or coins of little or no intrinsic value in themselves and not convertible into gold or silver, but made legal tender by fiat (order) of the government. These are usually the cash that we know. It does not really have any physical value like that of gold, silver and copper but they have legal value as declared by the government. This is what we usually use in exchange of goods and services.
Then there's digital currency which also works the same way like physical money or fiat money which is for the exchange of goods and services except that it does not have any physical form. All exchanges using this currency is done online and this is the category where virtual currencies and cryptocurrencies that you know of today (bitcoin, altcoin, ethereum etc.) fall under.
Tomorrow, we will tackle more about these digital currencies and how it will help shape the future of exchange. For now, please hit the heart button and leave me a comment or question in the comment box. Until the next episode. Ciao'!