Virtual Currency

Crypto Glossary

With hundreds of new crypto-related terms coined regularly, it’s o.k. if something has you stumped. Let our crypto glossary help clear up your crypto confusion!

Virtual Currency

Virtual currency is basically any digital money that people can use for transactions, usually just within a specific app or community online. Some common examples are in-game currencies, like V-Bucks in Fortnite or gems in Clash of Clans. These are controlled by the game developers.

Cryptocurrencies are different, because no single entity controls them. The big ones you might have heard of are Bitcoin and Ethereum. These run on public blockchains – basically decentralized public ledgers that record every transaction. There’s no central bank or government in charge of crypto. Instead, it’s maintained by a network of computers distributed around the world.

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