Is Virtual Money Really All It's Cracked Up To Be?
Why is so many internet and network marketing companies paying people this way?
This is two very important questions that require an answer. In this post, I will attempt to clarify things for people so that it will become clearer for you to make a decision to get paid with virtual money or real currency.
Before I get started, I will share with you the definition of virtual money from the Wikipedia website:
A virtual currency or virtual money has been defined in 2012 by the European Central Bank as "a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community". The US Department of Treasury in 2013 defined it more tersely as "a medium of exchange that operates like a currency
in some environments, but does not have all the attributes of real
currency". The key attribute a virtual currency does not have according
to these definitions, is the status as legal tender.
As you can see from the definition above, it is not considered real currency. In my opinion when a company decides to pay their distributors or affiliates this way, they are telling you how to spend the money you have earned. They will tell you that you can spend your money on sites they have selected. Think about this, isn't this controlling? You earned the money, why should they tell you where and how you can spend it.
Is this right?
My answer and my belief is, it's not alright to do this. YOU should have the right to make the decision if you want to get paid via a check in the mail or Paypal etc. Virtual money should be your option, not forced on people that might not understand how it works and what it is.
Virtual money and Bitcoins are similar.
First let's examine what is a Bitcoin? Wikipedia defines it this way:
Bitcoin is the first truly decentralized global currency system, and at the same time the largest virtual currency as of 2014.
Trust in the currency is based on the "transaction ledger which is
cryptographically verified, and jointly maintained by the currency’s
users". The Bitcoin Foundation claims, Bitcoin was "designed to be fully
decentralized with miners operating in all countries, and no individual
having control over the network", and that Bitcoin is "as virtual as the credit cards and online banking networks people use everyday".
However, the increasing centralization of Bitcoin has become more
visible over the years, leading cryptologic researchers to question, if
Bitcoin is indeed a decentralized currency.
To improve Bitcoin's decentralization, they suggest to encourage fully
decentralized mining pools, allow only 1 vote per Bitcoin client, and to
increase transparency in decision making.
Virtual money is digital money and Bitcoins is a global currency system. As I understand it, virtual money or digital money (which is not considered currency) is a particular form of currency that is electronically
transferred and stored, i.e., distinct from physical, such as coins or
Another point to make here about the Bitcoin, it is a GLOBAL currency system and the largest virtual currency as of 2014. There's that word again "Virtual currency." As I previously stated "it is not considered real currency." It doesn't have any real value like real money in your hands. It's only good in select communities where you can spend it.
When you break it all down, it's just a name change of the same system from virtual money to bitcoins. It still has no value, and they mislead people to believe it has value when it doesn't.
What's a person to do? You have the right to get paid with a good old fashion check in the mail or via Paypal or whatever payment processing you decide to use. Internet and network marketing companies cannot dictate to you on how they will pay you. The whole point in my writing this is to give you something to think about.
I hope that you will think about the information in my post today. When you join a business opportunity and they pay you with virtual money or bitcoins. Your first question to them should be:
Can you send the money I earned in the mail or via Paypal? If they tell you NO, this is the only way they will pay you.
Remember what you have learned in this post and bookmark it for future reference now.
I appreciate you for taking the time to read my post and if you found value, please share on your favorite social sites so many people can see and read it.
Please leave your comments below and share your thoughts with me on my post.
Make it a prosperous day.
Mentor with a servant's heart
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