Introduction To Virtual Currency(10% to @tron-fan-club)

Hello guys I'm here with my first post on the Tron fan club community and thank you all for having me. I have been going through the community and have noticed a lot of posts on NFTs, Tron, and some other crypto related topics. On that note, I am here today to talk on virtual currency.

What is virtual currency

Virtual currency as the name implies is a digital currency which has value but has no physical form. Virtual currency can only be acquired or spent through online networks or through the internet. Examples of virtual currencies are tokens and cryptocurrencies. The two major types of virtual currency include centralized and decentralized virtual currency.
Centralized virtual currency: is when the currency has a central head or administrator and the currency is issued by the head or the administrator like the activities of the Central Bank of a country. An example of centralized virtual currency is XRP.
Decentralized virtual currency: Unlike the centralized virtual currency, this type of virtual currency does not have an administrator who distributes the currency; instead a system is created to authenticate the transactions of a decentralized virtual currency. Some examples of decentralized virtual currencies are Bitcoin, Ethereum, etc. A lot of decentralized currencies are based on what is called a blockchain network. A blockchain network consists of a group of records also known as blocks, with cryptography.
The advantages of virtual currency: Some advantages include

• They do not require physical manufacturing or storage therefore they do not require less maintenance costs.
• Transactions are faster because of their network based structure involved and are not restricted to one geographical area and therefore it can also be used for international transactions.
• They can be programmed to carry out certain transactions.
  The disadvantages of virtual currency

these include

• Although virtual currencies are encrypted, a leak in vital information is possible and can lead to loss of funds.
• Virtual currencies have some costs associated with their maintenance and storage such as digital wallets.
• Due to technological advancements and modernization the current virtual currency ecosystem is now also liable to scam.
• Virtual currencies are easily subject to change and therefore is not a good way to store value or to use as a medium of exchange.

In conclusion, virtual currency is a technological innovation that is improving our way of life and is rapidly taking over and there are various virtual currencies like tokens, coins, NFTs and so much more.