The Digital Transformation
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We commence the text with an introduction to the latest technological innovations in financial transactions, namely, the development of virtual currencies as exemplified by Bitcoin. The question arises concerning the nature of money with a brief historical overview followed by the reasons for the advent and rise of virtual currencies We examine the types of virtual currencies, the key actors that constitute the innovations, and the benefits and risks thereof in substantial detail. We close with the views expressed by two Nobel laureates of economics.