The source and background of virtual currency

Virtual currency is the currency used for electronic circulation. Now the scope of virtual currency is very large, including q-coin, bitcoin and so on. With the development of digital currency, virtual currency is becoming more and more abundant, which may become the mainstream in the future. For example, BTC, EOS, bcbot and so on are not only virtual currencies, but also algorithms, landing projects and technologies

virtual currency is mainly issued by online game service providers to purchase game props, such as equipment, clothing, etc. But at present, the use of virtual currency has gone far beyond this category. Virtual currency can be used to buy game cards, physical objects and download services of some movies and software

extended data:

real risk

as the proct of e-commerce, virtual currency has begun to play an increasingly important role, and it is more and more connected with the real world. However, with the growth of virtual currency, the relevant laws and regulations are lagging behind, which has laid many hidden dangers

fraud

the private transaction of online virtual currency has realized the two-way circulation between virtual currency and RMB to a certain extent. The activity of these traders is to buy all kinds of virtual currencies and procts at a low price, and then sell them at a high price to earn profits. With the increase of such transactions, there are even virtual mints. In addition to the virtual currency provided by the main company, there are also some people who specialize in "virtual coin making" to obtain virtual currency by playing games and then resell it to other players

Taking Wenzhou as an example, there are about seven or eight such "virtual mints" with four or five hundred practitioners. This not only creates a bubble for the price of the virtual currency itself, but also causes trouble for the normal sale of the issuing company. It also provides a platform for selling and collecting money and money laundering for various cyber crimes. p>

impact system

in modern financial system, the issuers of money are generally central banks, which are responsible for the management and supervision of money operation. As the equivalent exchange goods used to replace the real currency circulation on the Internet, the virtual currency on the Internet is essentially the same as the real currency. The difference is that the issuers are no longer central banks, but Internet companies

if the development of virtual currency makes it form a unified market, each company can exchange with each other, or virtual currency is integrated and unified, and all of them are based on the same standard and price, then in a sense, virtual currency is currency, which is likely to form a threat impact on the traditional financial system or economic operation

reference: network virtual currency

The main background of net currency is the difficulty of domestic micro electronic payment. Online game operators use this channel is not cheap vouchers to charge fees. Originally, only RMB was allowed to be exchanged for net currency, but reverse exchange was not allowed. However, with the development of online game instry, people spontaneously exchange various kinds of online currency, and even use online currency to buy physical procts or services that only RMB can buy, forming a purchasing power similar to currency. The boundary between virtual currency and real currency is graally blurred
in fact, in countries with developed financial environment, virtual currency has appeared for a long time, and its purpose is to make profits. For example, the virtual currency "Wangdou" first introced by beenz. Beenz has reached an agreement with MasterCard that consumers can not only save their online beans into smart cards, but also use them in traditional stores. This business model is to sell virtual net beans to some websites for 1 cent each, and then send them to netizens or let them win through various ways. These virtual currencies can be consumed as cash in online stores. In the end, beenz will buy it back from the website operator for 0.5 cents each for a profit. In 2000, there were about 750 million beenz beans in circulation, equivalent to 60 or 70 million yuan. It was also at that time that China's online currency appeared. China bonus provided virtual currency to consumers in the form of points. Points accumulated to a certain amount, can be used to exchange phone cards, network cards, T-shirts and other prizes
in online games, virtual goods such as virtual gold coins, virtual equipment, virtual animals and plants, and virtual people have great attraction for players, which promotes the consumption of these virtual goods. However, e to the backwardness of domestic electronic payment methods and security concerns, players often use cash in advance to buy the virtual currency issued by operators, Then use these vouchers to buy virtual goods online. As long as the content of the game is attractive enough, players will buy the virtual currency issued by the game operator through various channels. The development of online game instry has led to the surge of virtual currency types and circulation
in order to gather popularity, expand the number of game users, and improve the interest and loyalty of players, all game operators provide a considerable amount of free virtual currency, and players can win virtual currency through the game process. Therefore, online game operators actually have unlimited rights to issue virtual currency. If virtual money is only used to buy virtual goods, because the supply of virtual goods is artificially set, and the manufacturing time can be almost ignored, even if there are transactions between different types of virtual money, it will not have any impact on the real economy. However, if virtual currency can be used to buy real goods and services, excessive issuance will certainly cause inflation. At this time, whether the virtual currency is converted into real currency is not important
many domestic network enterprises have broken through the boundary between the virtual economy and the real economy. For example, Netease popo rewards users with money according to their online time. This virtual currency can pay for SMS. The exchange rate in this application can be calculated with the payment capacity of a short message worth 1000 yuan equal to 0.4 yuan; In addition, it can also be used as a voucher for purchasing physical goods in Netease mall. Holders of Shanda point coin can buy paid download services on the Internet. In addition to the company's paid services, q-coin can also be used to purchase other game point cards, virtual goods, and even some video and software download services
the emergence of money is an abstract unit of quantity for the convenience of exchanging different resources. If there are enough people to recognize the value of a virtual currency, it may become a substitute unit of material exchange. For example, with the popularity of QQ, Q coin has graally become a circulating equivalent exchange unit. Adam Smith, a famous economist, used barter to explain the origin of money in 1776: "the armor of Diomedes is only worth 9 cows, while the armor of glaucus is worth 100 cows. In Abyssinia, salt is a common medium of Commerce and trade; More than 200 years later, many people are exchanging various kinds of game currency for real life needs, and the Internet world has begun to dece the origin of currency again

The form and expression of "virtual" is not the first important, the first important is the internal value. In other words, what is the relationship and difference between the value of virtual currency and that of general currency. In view of the depth of the background of the problem, we need to stand higher in the starting point of the research. The problem of currency is the problem of modernity, and the problem of virtual currency is the problem of post modernity. They do not share the same basic paradigm. It is the difference of paradigm, not virtual phenomenon, that leads to the difference between them
the formation mechanism of value is different
the value basis of general currency and virtual currency is different, the former represents utility, the latter represents value. From the point of view of behavioral economics, money, as a general equivalent, is called value in language, but it actually refers to utility. Virtual currency does not represent the "effect" of general "price", but the value itself. Virtual currency is not a general equivalent, but a manifestation of value relativity, or a symbol; It can also be said that virtual currency is personalized currency. In another way, it can also be called information currency. Their commonness lies in that they are symbols of uncertain value and relative value. When we say that, the traditional meaning of currency has been broken through. Money in its original meaning can only be a special case of the new currency in a broader sense. Money can be used as the symbol of general equivalent or relative value set
the monetary decision mechanism is different
the general currency is decided by the central bank, and the virtual currency is decided by indivials. The sovereignty of general currency is in the center of the Republic; The sovereignty of virtual currency lies in distributed indivial nodes. From the perspective of information economics, general currency is a special case of virtual currency. The special points of this special case are: first, the reference point does not change. Therefore, value is specialized from a set to a recible value. When the reference point remains unchanged, value is equivalent to utility; Second, the gain and loss of utility relative to the reference point remain unchanged. This means that the value of reference point is a stable rational value and equilibrium value. In a rational economy, the reference point may remain unchanged, but it is still a scattered set. The difference is that every point (the actual transaction price) of this decentralization is unstable, and only the equilibrium value is stable; But in the value concentration of virtual currency, every point may be stable, on the contrary, the rational equilibrium value may be unstable. Reflecting on the monetary decision mechanism, the central bank is the personified representative of a fixed reference point of rational value, while the virtual money market (such as stock market and game money market) is determined by forces other than the central bank. In this sense, some people in economics call the stock market as the virtual money market, and the economy formed by the stock market and derivative financial market as the virtual economy. The essence of virtual economy is information economy with indivial as the center
the value exchange mechanism is different
the value conversion of general currency is completed in the money market; The value conversion of virtual money is completed in the virtual money market. The value exchange between general currency and virtual currency is completed through the overall exchange of the two markets. Under special conditions, there is an immature exchange relationship between indivial markets. Therefore, it can be said that general currency and virtual currency are in different markets. Fisher Equation (QP = MV) describes the value conversion relationship between commodity market and money market; The extended Fisher Equation (MV = BH) describes the value conversion relationship between money market and virtual money market. Some people worry that the game virtual currency may cause inflation. This is because he does not understand the market exchange mechanism of virtual currency and confused the money market with the virtual currency market. Just as the imbalance of supply and demand in the commodity market can not directly lead to the imbalance of supply and demand in the money market, it must lead to inflation by issuing more money in the overall market; The imbalance of supply and demand in the virtual money market can not directly lead to inflation in the money market. The key to the problem is whether a unified virtual money market has been formed. The stock market is a unified market, but the game market is not. For example, the ratio of a game virtual currency to RMB may initially be 800000 to 1, and then it may change to 8 million to 1. Maybe we can buy a castle's virtual currency today, and maybe we can only buy a Tomahawk tomorrow. This phenomenon is indeed possible; If virtual currency forms a unified market, it may indeed exert pressure on the money market. The problem is that there is no such unified market. The issuers of game currency are independent of each other and do not have the status of financial subject, let alone the exchange with money at the level of financial market. What's more, whether it's base money or value-added money, the amount of money (m) and the level of money price (V, i.e. velocity of circulation) have not changed, so we can't think that there will be monetary inflation or deflation. For the current game currency depreciation phenomenon, it is better to explain that the service conditions of a game as a value-added service have changed. Due to the general improvement of the level of players or the increase of the number of players, the demand for virtual currency increases, and the price of services and virtual currency decreases. As a result of this change in the supply and demand conditions of services, service prices have declined. This is a phenomenon that can be explained by a real commodity market

Machine made currency is a variety of metal currency made by machine rather than by hand. In China, coins mainly refer to metal coins made by modern machines, including gold coins, silver coins, copper coins, nickel coins, aluminum coins, antimony coins, magnesium coins, lead coins, etc. There are grouting coins corresponding to machine-made coins. The grouting coins are made by taking machine-made coins as models and pouring metal slurry. The earliest machine-made coin (machine-made copper coin) in China was established by Zhang Zhidong, governor of Guangdong and Guangdong provinces in 1887, and the machine-made copper coin was proced in 1889, which is the beginning of the title "machine-made coin" in the history of Chinese coin. The Central Mint of the Qing government was always in Tianjin, because the royal nobles thought that setting up a mint in Beijing would affect the dragon vein. Until the period of the Republic of China, there was no Mint in Beijing. After the Kuomintang established its capital in Nanjing, Nanjing Mint became the temporary central mint of the national government in the Qing Dynasty. In 1933, the Shanghai Mint was completed. With the support of the United States, it was officially established as the Central Mint of the Kuomintang. In addition, there were several major minting centers in Tianjin, Nanjing, Wuhan, Anqing, Cheng, Chongqing, etc. from this time on, the minting of coins in most parts of the country graally became unified, at least in shape and face value for a long time. It was only in the late Republic of China that chaos arose again

mechanism silver coin began in Europe in the 15th century, and Wanli (1573-1620) of Ming Dynasty flowed into China

2. The real machine-made currency was officially started in Taiwan ring the reign of Emperor Daoguang of the Qing Dynasty. Before Zheng Chenggong regained Taiwan (this happened in the period of Nanming and Shun of the Qing Dynasty), Taiwan was occupied by Dutch colonists. After the Qing government unified Taiwan, the Taiwan government imitated several kinds of silver coins

the first one is "longevity silver cake", also known as "husband cake". The front of the coin is a birthday star, with "foot pattern silver cake" and "Dao Guang Nian Zhu" on the face, and the middle of the back is Baoding, with Manchu meaning "Taiwan Fu Zhu" beside it.

the second one is "Ruyi silver cake", also known as "flower basket silver cake". As silver cakes need to be measured and marked in circulation, the remaining Taiwan silver cakes are often beyond recognition, but they are all normal phenomena

the third kind of "pen treasure silver cake", also known as "sword called silver cake". Front: cornucopia, left and right to write "army" and "pay" two words, below "foot pattern traffic". Back: Ruyi Yuanbao and strap cross double pen, on the top of the "Treasury", under the "full weight 68" stamp is often particularly many

3. In the middle of Guangxu's reign, Longyang was established in Guangdong Province, and then imitated one after another. In 1889, it began to circulate in the market in Guangdong. The most representative silver coins of this period are: "Guangxu Yuanbao" Kuping Qiqian Sanfen, commonly known as "Qisan fanban". According to the posture of dragon, there are sitting Dragon (squatting dragon, most common), standing Dragon (standing dragon), swimming dragon, flying dragon (Winged dragon), etc; In addition, there are dragon patterns with different postures, such as water dragon, square dragon, anti dragon, long tailed dragon, hunchback dragon, Panlong, Jiaolong, etc

8, the Chinese Soviet made (the Chinese Soviet Republic made a circle of Marx) one is the Chinese Soviet Republic made, a circle of Marx. The other is the national currency of the Soviet Republic of China, one yuan, like Lenin In 1934, Sichuan and Shaanxi Province made the one yuan silver coin of the Chinese Soviet Republic. In the central bead circle, there is the word "one yuan" in capital denomination. In the outer ring, there are eight characters of "Chinese Soviet Republic" and seven characters of "Sichuan and Shaanxi MINT" in the upper ring and five pointed stars on both sides; In the center of the design on the back is the earth, with sickles and axes in the middle. On the outer ring is the 11 characters of "proletariat unite all over the world", and on the lower ring is the year 1934. On both sides are four petaled flower stars. The diameter of the coin is 39 mm, the weight is about 26.1-26.7 g, and the silver content is 75% - 88%. This kind of silver coin has many formats, with five pointed stars on the front, including real star, empty star and line star Chinese Soviet made Lenin as bearded version of sickle and axe one yuan silver coin) Chinese Soviet made Lenin as bearded version of sickle and axe one yuan silver coin, instrial and Agricultural Bank of China's lone proct Dazhen, 39 mm in diameter and 26.7 g in weight, 1931 The Soviet government of Hubei, Henan and Anhui Province made a rare treasure. The base area of Hubei, Henan and Anhui is a red regime established by the Red Army of workers and peasants in the Dabie Mountains. As a result, a small amount of silver was cast, and even less was handed down, so it was more precious