Bitcoins is undoubtedly one of the most favored alternative virtual currencies in the media, which could be the first step towards exemption from central banks and any systemic management that someone would control (or charge) (bank fees and / or interest). Unfortunately, it is becoming increasingly clear that this is unfortunately just another scam for the trusting, which benefits the most those who stood at the birth of the whole idea and perhaps the first few enthusiasts for whom bitcoins became a virtual gold mine.

On the other hand, the creation of local (or virtual) currencies based on the P2P principles has something in common, so it would not be good to throw them all in one sack.

Personally, I think that the only thing that makes sense to use today is a currency that is covered by real values ​​and that serves as a bridge between difficult-to-convert commodities.

The European Banking Authority (EU institutions) has released a report from which I present the following quotes:

What are virtual currencies?

A virtual currency is a type of unregulated digital money that is not issued or guaranteed by any central bank and can be used as a means of payment. Virtual currencies appear in a variety of forms, initially acting as currencies used in on-line computer gaming and social networking environments, evolving into "off-line" or "real-life" means of payment. At present, it is increasingly possible to use virtual currencies as a means of payment for goods and services in retail, restaurants and the entertainment industry. These transactions are often free of charge and do not go through banks.

Recently, the virtual currency "bitcoin" has prepared a scene for a new generation of decentralized and user-operated virtual currencies - often referred to as "cryptos". Upon the spread of this currency, dozens of other virtual currencies appear on the market in the footsteps of "bitcoin".

How does it work?

By using bitcoin as an example, virtual currencies can be purchased in common currency through a trading platform. They are then converted into a private bit-cash account, called the "digital wallet". With this wallet, consumers can send bitcoins online to anyone else who accepts them, or they can convert them back to a common currency with forced circulation (such as the euro, pound or dollar).

New bitcoins are created online using computer-intensive software known as bitcoin miners. This software allows consumers to obtain ("dolly") a small amount of this currency through deliberately complex algorithms. However, the increase in money supply is limited, so only a small number of bitcoins are gradually increasing.

Still, it makes sense to create local currencies to facilitate the exchange.