Post
Topic
Board Bitcoin Technical Support
Re: What is right about Bitcoin?
by
Charles-Tim
on 27/03/2023, 08:32:21 UTC
I am very confusing when people and media use different words to describe about Bitcoin.

They can use words like
Virtual currency
Digital currency
Cryptocurrency
Electronic cash
What is virtual currency? According to Wikipedia:

Virtual currency, or virtual money, is a digital currency that is largely unregulated, issued and usually controlled by its developers, and used and accepted electronically among the members of a specific virtual community.

Which means bitcoin is a virtual currency.

Bitcoin, altcoins, CBDCs, traditional fiat that are transferred electronically with the use of bank apps, master card and visa card transfer and the likes are all digital currencies because they can be transferred electronically. But those like bitcoin are virtual currencies. Which means that CBDCs and others which are centralized and controlled by the government are not virtual currencues but they fall under digital currency category.

Cryptocurrencies are virtual currencies. Virtual currencies are cryptocurrencies.

Digital currency can be considered electronic cash.

According to my explanation, I believe you have known now that bitcoin is an electronic cash, cryptocurrency, virtual currency and also a digital currency.