Wikipedia clearly explains Digital currency or digital money as an internet based exchange medium (i.e., distinct from physical, such as banknotes and coins) that exhibits properties similar to physical currencies, however, allows for instantaneous transactions and border less transfer-of-ownership. Both virtual currencies and crypt o currencies are types of digital currencies, but the converse is incorrect. Like traditional money these currencies may be used to buy physical goods and services but could also be restricted to certain communities such as for example for use inside an on-line game or social network.
Digital currencies such as bit coin are known as “decentralized digital currencies,” meaning that there is no central point of control over the money supply.The use of digital currency seems to be growing fast and taking a different dimension,obviously due to factors such as increased It growth and change in Consumer spending behavior and pattern.
Bit coin is accepted as “a payment option to buy apps, games and other digital content from Windows, Window Phone, Xbox Games, Xbox Music or Xbox Video Stores,” according to the Microsoft payment and billing policy.Microsoft joins a handful of other companies that accept bit coin as payment, including PayPal and a scattering of restaurants and car services.However this mode of payment is mostly used and Favorited in the USA,with at least one bar or business outlet within a mile radius accepting the form of payment.
However the acceptance of the digital currency form of education has been met with mixed criticisms and reactions from Experts despite the fact Bit coin is the most popular form of digital currency, they argue it is still controversial and nebulous, since it is not a government-issued currency and has experienced extreme volatility.
