Virtual currency (or in-game currency depending on environment) is used to purchase virtual goods within a variety of online communities; which include social networking websites, virtual worlds and online gaming sites. A key revenue driver within social media, virtual currencies are specific within each game and are used to purchase in-game goods. Characters or avatars in virtual worlds own things within the context of the virtual world and users will collect each games' virtual currency to purchase land, supplies and various items used to enhance their status and add points. Some virtual currencies are time-based, relying upon measurement of in-game achievements in order to accrue exchangeable points.
The word virtual currency or cyber currency is also often used, in a more broad sense, to indicate electronic money, that is not contractually backed by tangible assets nor by legal tender laws, and which is not a tangible commodity itself. Examples are peer-to-peer crypto-currencies like bitcoin and the above mentioned in-game currencies that are backed by virtual goods.
Read more about Virtual Currency: Business, Gamer Currency
Famous quotes containing the words virtual and/or currency:
“Neither dead nor alive, the hostage is suspended by an incalculable outcome. It is not his destiny that awaits for him, nor his own death, but anonymous chance, which can only seem to him something absolutely arbitrary.... He is in a state of radical emergency, of virtual extermination.”
—Jean Baudrillard (b. 1929)
“Both of us felt more anxiety about the South—about the colored people especially—than about anything else sinister in the result. My hope of a sound currency will somehow be realized; civil service reform will be delayed; but the great injury is in the South. There the Amendments will be nullified, disorder will continue, prosperity to both whites and colored people will be pushed off for years.”
—Rutherford Birchard Hayes (1822–1893)