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Since the Internet became universal and non face-to-face transactions has become the norm, various firms began to seek a new medium of exchange for the online market; this led to the emergence of a ne...
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Since the Internet became universal and non face-to-face transactions has become the norm, various firms began to seek a new medium of exchange for the online market; this led to the emergence of a new form of currency. Several different types of this new currency appeared, ranging from electric money, which retains the legal value of the original currency, to virtual currency, which can be used in exclusively in specific communities. Recently, universal virtual currencies such as the Bitcoin have drawn widespread attention due to its facilitation of both on- and off-line transactions outside of the communities as well. Virtual currencies hold quite an importance in today¡¯s society, now that they are constantly evolving and deconstructing the wall between traditional currencies; this allows us to rethink the concept of currency. However, the reality is that there is a lack of study and preparation for the understanding of this virtual currency, which has already been permeated into our everyday lives. As such, we investigated the historical development of virtual currencies in order to discuss the prospect of its future usage. On the other hand, it is highly important to be aware of the potential effects of virtual currencies on the financial system, in order to seek a way to encourage the use of virtual currencies. This research is among the first in Korea to attempt a historic examination of virtual currencies, and hopes it contributes to related researches in the future.
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