About: Virtual currency system   Sponge Permalink

An Entity of Type : owl:Thing, within Data Space : 134.155.108.49:8890 associated with source dataset(s)

A virtual currency system is a system in which transactions take place using virtual currency. There are three types of virtual currency systems: * In a "closed-flow" virtual currency system virtual currency can be used only to purchase virtual goods or services. An example of a closed-flow transaction is the purchase of items to use within an online game. Virtual tools amassed by players can be traded in a game for other in-game assets or to advance to higher play levels, but they hold no value outside of the game and cannot be cashed out for dollars or other government-issued currencies. It does not produce taxable income. * In a "hybrid system" one or more flows between the virtual currency and real dollars or goods and services are closed. For example, participants can purchase v

AttributesValues
rdfs:label
  • Virtual currency system
rdfs:comment
  • A virtual currency system is a system in which transactions take place using virtual currency. There are three types of virtual currency systems: * In a "closed-flow" virtual currency system virtual currency can be used only to purchase virtual goods or services. An example of a closed-flow transaction is the purchase of items to use within an online game. Virtual tools amassed by players can be traded in a game for other in-game assets or to advance to higher play levels, but they hold no value outside of the game and cannot be cashed out for dollars or other government-issued currencies. It does not produce taxable income. * In a "hybrid system" one or more flows between the virtual currency and real dollars or goods and services are closed. For example, participants can purchase v
dcterms:subject
abstract
  • A virtual currency system is a system in which transactions take place using virtual currency. There are three types of virtual currency systems: * In a "closed-flow" virtual currency system virtual currency can be used only to purchase virtual goods or services. An example of a closed-flow transaction is the purchase of items to use within an online game. Virtual tools amassed by players can be traded in a game for other in-game assets or to advance to higher play levels, but they hold no value outside of the game and cannot be cashed out for dollars or other government-issued currencies. It does not produce taxable income. * In a "hybrid system" one or more flows between the virtual currency and real dollars or goods and services are closed. For example, participants can purchase virtual currency with real dollars or earn virtual currency by completing tasks, such as taking surveys, and then use the currency to purchase real or virtual goods and services. However, the virtual currency might not be exchangeable back into real dollars. * In an "open-flow" virtual currency system, virtual currencies can be used to purchase both real and virtual goods and services, as well as be readily exchanged for government-issued currency, such as U.S. dollars. An open-flow currency can also be developed and designed primarily to be used to purchase real goods and services outside an online game virtual economy. As a result, it may produce taxable income. File:Virtualcurrency.png
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