Virtual currency, or cryptocurrency, is a software-based online payment system whereby units can be transferred between digital wallets without the need for a financial institution. It is essentially an attempt to replace standard monetary transactions with a digital medium of exchange, using peer-to-peer networking to facilitate the transfer.
Virtual currencies have no physical form, existing solely in a digital format. They can be used to purchase goods or services online, and they’re being quickly adopted by consumers and merchants all over the world. This infographic from Asset Bank takes a closer look at cryptocurrency, specifically Bitcoin, to find out more about its history together with the mining process and the European governments’ response to its rapid rise.