Virtual Currencies that Are Not Cryptocurrencies

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by Julia Sakovich · 4 min read
Virtual Currencies that Are Not Cryptocurrencies
Photo: Depositphotos

Even though the base of the vast majority of virtual currencies is Bitcoin there are interesting applications such as, for example, the national alternative currencies.

They are not cryptocurrencies, as they are centralized currencies that depend on an issuer and therefore do not need to rely on a crypto system. Nor are these currencies with great aspirations, but we cannot fail to mention some coins that were created with a much-defined purpose and have ended up being used as an element of exchange in certain communities. These are the most important.

Linden Dollar (L $)

Created to trade the 3D universe in Second Life, it has withstood the test of time as well as the platform itself. Surprisingly, it still has a user base and they are even considering giving a new life to the platform through the Oculus Rift virtual reality glasses.

The Linden is used as a currency to buy and sell virtual goods within the Second Life world, where you can buy objects to build your home (or a theme park about your big hobby), clothes and accessories to customize your avatar, vehicles, etc.  The change is usually a few hundred L $ for a lifetime dollar. Other platforms similar to Second Life, such as Avination, also have their own coins. All of them are like the Transnistrian ruble or the North Korean won: if you don’t spend them there they are useless.

For a handful of Linden dollars you can get the perfect chocolate bar or paint yourself like a door. Don’t get excited: when you exit Second Life, the carriage will be a pumpkin again.

Gold that Fell from the Treasure

Gold, in the middle of other precious metals and valuables, is an important part of most online games. In particular of the MMORPGs, among which the most famous is World of Warcraft. These goods can be obtained by playing or buying it on some trading platforms.

Although the creators of many of these games do not support this type of practice, they are difficult to control. In some countries there are mining farms where dozens of workers repeat missions and battles endlessly to get enough gold to feed virtual gold sales businesses in exchange for real money. Prices are highly variable, but 1, 000 gold coins cost less than $ 1. Too bad that gold is only valid in World of Warcraft.

Come, the Coin of Coins

And, although it is a very interesting idea, it is not a complimentary expression, in the style of “king of kings” or “the song of songs”. The Ven is a virtual currency whose value depends on the real value of the dollar and other currencies, as well as the price of certain goods. The price of each currency is a kind of index. Ven was created on the Hub Culture social network and has already spawned even financial products. Since this social network only works by invitation, we suspect that something so elitist cannot be bad.

So bitcoin revolution makes the digital currencies a good way to earn money without doing any affords.  These digital currencies change the financial world all over the world. Now making money is not a hard task, Bitcoin makes it very easy.

Summary

As you have seen, there are virtual coins of all colors, smells and flavors. Even though the base of the vast majority is Bitcoin, and very few of these coins are currently worth enough to foresee a great future for them, there are interesting applications such as the national alternative currencies in the style of Auroracoin and Spaincoin or XRP. It does not aspire to go beyond being an intermediate currency that facilitates transactions, but in which it rewards the nodes that participate in the network, dedicating part of the capacity of their teams to collaborate in research projects.

Also, not all of these coins have been created as secretively as Bitcoin – in some cases, the creators are well-known people, such as in the case of Litecoin or XRP. In conclusion, we have seen that there are still other virtual currencies that have more specific uses and that are not included within the family of cryptocurrencies because they are centralized systems that depend on the issuer.

Altcoin News, Bitcoin News, Cryptocurrency news, News
Julia Sakovich
Editor-in-Chief Julia Sakovich

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.

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