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Virtual currency is the 'digital presentation of value' issued and distributed by the private sector, not by the central bank or financial institution, which is the most representative virtual currency of bitcoin. Prior to the introduction of Bitcoin, various points issued by private companies (such as game money) and used in Internet spaces were collectively referred to as virtual currencies without special legal grounds. 

But the concept of virtual currency is changing with the advent of bitcoin in 2009. Bitcoin is based 

 

 

on blockchain technology, and its foundation is completely different from existing cyber money or membership points that control issuance and distribution in the center, given that it is issued and distributed through a distributed system that enables peer-to-peer transactions without a central operating institution. While bitcoin transactions have increased significantly and prices have skyrocketed, there is a need to distinguish between virtual currencies as there are many new kinds of coin besides bitcoin.

As a result, the virtual currency of bitcoin was referred to as 'cryptocurrency' in international organizations such as the IMF and others and classified it as a sub-concept of traditional virtual currency.

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