I have researched that Virtual Money can be defined as a digital representation of value that is issued and controlled by its developers, and used and accepted among the members of a specific (virtual) community. Unlike regular money, it is relying on a system of trust and not issued by a central bank or other banking authority. Virtual money originally only referred to the currencies that did not live in the real world and were only exchanged online (typically in gaming systems). In a later phase, virtual currencies started to expand to the physical world and blurred the line between virtual and digital money.