Thursday, 11 April 2013

Digital Currency

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Digital currency, among its various names,[note 1] is electronic money that acts as alternative currency. Currently, alternative digital currencies are not produced by government-endorsed central banks nor necessarily backed by national currency.[1]
It is differed from virtual money used in virtual economies due to its use in transactions with real goods and services; not being limited to circulation within online games.[2] Earlier digital currencies are often backed by a promise to pay a set amount of gold or silver bullion in exchange for each of its units. Others float against whatever individuals are willing to exchange for it.


[edit] FinCen guidance

On 20 March 2013, the Financial Crimes Enforcement Network (FinCen), a bureau of the United States Department of the Treasury, issued a document providing interpretive guidance to clarify the applicability of the Bank Secrecy Act (BSA) to persons creating, exchanging and transmitting digital or "virtual currencies".[3]

[edit] List of digital currencies

CurrencyYear Est.ActiveLedgerWebsiteMonetary base/USD (April 2013)Bitcoin-based
e-gold1996NoGold & Silver Reserve Inc.e-gold.comN/ANo
e-dinar2000N/Ae-dinar Ltd.e-dinar.comN/ANo
Pecunix2001N/APecunix Inc.pecunix.comN/ANo
Ven2007YesHub$2 million (est.)[citation needed]No
Bitcoin2009Yes[4]P2P$2.75 billion (10 April 2013)[5]N/A
Ripple2010YesP2P networkripple.comN/ANo
IXcoin2011YesP2P networkixcoin.orgN/AYes
Litecoin2011Yes[6]P2P networklitecoin.orgN/AYes
Freicoin2011N/AP2P networkFreicoin.inN/AYes
MicroCash2011N/ASemi-P2P networkmicrocash.orgN/AYes
BBQCoin2012N/AP2P networkbbqcoin.orgN/AYes
PPCoin2012YesP2P networkppcoin.orgN/AYes
Terracoin2012N/AP2P networkterracoin.orgN/AYes
NovaCoin2013Yes[7]P2P networkForum threadN/AYes
RuCoinN/ANo[8]P2P networkrucoin.orgN/AYes

[edit] Safety

Many of these currencies have not yet seen widespread usage, and there is concern that the newer bitcoin based systems may be scams.[citation needed]

[edit] See also

[edit] Notes

  1. ^ Other names include: Cryptocurrency, Virtual currency, Payment Scheme, Virtual Medium of Exchange, etc.

[edit] References

  1. ^ Melik, James. "Digital currency: Brave new world or criminal haven?". BBC News. Retrieved 28 February 2013.
  2. ^ Chen, Adrian. "The Underground Website Where You Can Buy Any Drug Imaginable". Gawker. Retrieved 28 February 2013. "He entered his address and paid the seller 50 Bitcoins—untraceable digital currency—worth around $150. Four days later the drugs, sent from Canada, arrived at his house."
  3. ^ "FIN-2013-G001 : Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies". Financial Crimes Enforcement Network. March 18, 2013.
  4. ^ "Bitcoin Exchange Rate in USD". Retrieved 21 March 2013.
  5. ^ "Market Capitalization". Retrieved 21 March 2013.
  6. ^ "Litecoin Exchange Rate in USD". Retrieved 1 March 2013.
  7. ^ "NovaCoin Exchange Rate in BTC". BTC-E. Retrieved 1 March 2013.
  8. ^ "News / Closing the trading of currency pairs, RUC/BTC". BTC-E. Retrieved 1 March 2013.

[edit] External links

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