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Virtual Currency Will Not Replace Sovereign Currency

In:

Submitted By KiriKiri
Words 2756
Pages 12
Virtual currency is currency people can use to make payments in virtual environments like gaming and social networking sites. It is possible to earn it by completing tasks in the virtual environment or simply participating for a set period of time, and users can also buy it, converting real currency into virtual, usually at a very favorable exchange rate. Virtual currencies like Bitcoin, Ripple, Litecoin and others have developed rapidly these years. Compared with traditional currency, virtual currency differs in many aspects. However, will virtual currency be able to take over traditional currency in the future? Economists have different idea on this question. The essay is presenting the arguments that virtual currency will replace traditional currency and vise-versa.

One argument comes from People.cn:

Some virtual currencies have become independent currencies and no longer depend on sovereign currencies. With future development, virtual currencies will replace traditional currencies. (Can Virtual Currencies Strike the Real World? 2013)

In this argument, the premise is some virtual currencies have become independent currencies and no longer depend on sovereign currencies. This premise is deniable. Virtual currencies are not independent by now. They still need the support of sovereign currencies. For an example, people use the real money to buy Bitcoin and store it in a digital wallet. Or by mining, people can get Bitcoin, but the real money is still necessary to buy the equipment for mining. In this process, virtual currencies still need to depend on sovereign currencies. So this premise is not very reliable. The conclusion of it is virtual currencies will replace traditional currencies. By stating the only premise, it is hard to get that conclusion. This is not a very convincing argument.

One of the claims which support this argument is from the

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