The ever increasing adoption and improvement of computers and the internet is bringing change to the financial world as we once knew it. The development of electronic currencies in recent years has made most of our lives easier by allowing us to transact online. So what is electronic currency/money? According to Wikipedia, "electronic money (also known as e-currency, e-money, electronic cash, electronic currency, digital money, digital cash, digital currency, cyber currency) refers to money or scrip which is only exchanged electronically." If you are using Electronic Funds Transfers or direct deposits, you are using electronic money, though they probably do not involve purely electronic currency. Examples of purely electronic currencies include Nexus cash, Linden dollars, zCoins, Bitcoins and WebMoney. Many electronic currencies are created for people to buy items in online games, such as Nexus cash which can be used in a game called Maple Story. Other online currencies can be used to purchase real, tangible items. Bitcoin is an example of a currency that people use to trade for real life items.
Some of the main advantages include no financial intermediaries, no central issuer or authority and anonymous transacting. Bitcoin has not come without opposition. The use of Bitcoins has been fiercely debated over YouTube.
So tell me what you think about Bitcoin or any other electronic currency. Do you see a future for Bitcoin? With the rise of globalisation, will people prefer to transact in purely electronic currencies, rather than government controlled currencies?
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