Search results for: “virtual currency”

  • Virtual Currency

    Virtual currency is a digital representation of value that can be traded on the Internet and functions as: a medium of exchange; a unit of account; and/or a store of value, but does not have legal tender status in any jurisdiction. Virtual currency is distinguished from fiat […]

  • Closed Virtual Currency

    Closed Virtual Currency Closed Virtual Currency in the E-Commerce Law Non-convertible (or closed) virtual currency is specific toa particular virtual world, such as a Massively Multiplayer Online Role-Playing Game (MMORPG), and cannot be exchanged for fiat currency under the rules governing its use. Examples: Project Entropia Dollars; Q Coins; and World of Warcraft Gold. All…

  • Convertible virtual currency

    Convertible (or open) virtual currency Convertible (or open) virtual currency may be either centralized or decentralized. Convertible virtual currency has an equivalent value in real currency and can be exchanged back-and-forth for real currency. Examples include: Bitcoin; e-Gold (defunct); Second Life Linden Dollars; and WebMoney. “Bitcoin” (capitalized) refers to both the open source software used…

  • National Currency

    National Currency in the E-Commerce Law Fiat Currency (a.k.a. “real currency,” “real money,” or “national currency”), is the coin and paper money of a country that is designated as its legal tender; circulates; and is customarily used and accepted as a medium of exchange in the issuing […]

  • Cryptocurrency

    Cryptocurrency Cryptocurrency refers to a math-based, decentralized convertible virtual currency that is protected by cryptography, i.e., it incorporates principles of cryptography to implement a distributed, decentralized, secure information economy. Cryptocurrency relies on public and private keys to transfer value from one person (individual or entity) to another, and must be cryptographically signed each time it…

  • Administrator

    Administrator Administrator in the E-Commerce Law An administrator is a person or an entity engaged as a business in issuing (putting into circulation) a centralized virtual currency, establishing the rules for its use; maintaining a central payment ledger; and who has the authority to redeem […]

  • Administrator

    Administrator Administrator in the E-Commerce Law An administrator is a person or an entity engaged as a business in issuing (putting into circulation) a centralized virtual currency, establishing the rules for its use; maintaining a central payment ledger; and who has the authority to redeem […]

  • Bitcoin

    Bitcoin in the E-Commerce Law Bitcoin, launched in 2009, was the first decentralized convertible virtual currency and the first cryptocurrency. Bitcoins are mathematical tokens composed of unique strings of numbers and letters that constitute units of the currency and are oftentimes traded […]

  • Common Topics

    Common Topics Arbitration Arms Control Bill of Exchange Cemeteries Church Church Properties Common Law Competition law Contracts Conventions Courts Criminal Procedure Customs Law Cybercrime Definitions Dictionaries Disarmament Elections Europe European Union Export Controls Export Law Exports Featured Foregin Policy Foreign Affairs Foreign Policy France GATT History Human Development Human rights Immunities Import Law Information Retrieval…

  • Proxy Server

    Proxy Server Proxy Server in the E-Commerce Law A proxy server, also known as a proxy, is a computer that acts as a gateway between a local network (e.g., all the computers at one company or in one building) and a largerscale network such as the Internet. Proxy servers provide increased performance and security. In…

  • Exchanger

    Exchanger Exchanger in the E-Commerce Law An exchanger (also sometimes called a virtual currency exchange) is a person/entity engaged as a business in the exchange of virtual currency for real currency, funds, or other forms of virtual currency. Exchangers generally accept a wide range of payments, including cash, wires, credit cards, and other virtual currencies,…

  • SOCIAL MOVEMENTS

    SOCIAL MOVEMENTS Network-configured collectivities that seek to promote or resist political and/or cultural change on the basis of shared group identity. As Stanford Lyman (1995:397) has observed, “In virtually all their various manifestations in the United States, social movements have proclaimed a salvational message, each has sought to cure the soul of either the nation,…

  • Dictionary of Essential Legal Terms

    The Dictionary of Essential Legal Terms Details of The Dictionary of Essential Legal Terms Author: Amy Hackney Blackwell Date of publishing: 2008 Publisher: Sphinx Publishing, An imprint of Sourcebooks, Inc, Naperville, Illinois 60567-4410, United States Contents of The Dictionary of Essential Legal Terms Abandon Abatable Nuisance Abate Abatement of a Legacy Abatement of Taxes Abdicate…

  • Formalities

    Formalities In the United Nations Convention on Contracts for the International Sale of Goods (CISG) In its Article 54 [Obligation to pay the price], the buyer’s obligation to pay the price includes “taking such steps and complying with such formalities” (…). “Mentioning the formalities that may be required by any laws and regulations, the United…

  • Formalities

    Formalities In the United Nations Convention on Contracts for the International Sale of Goods (CISG) In its Article 54 [Obligation to pay the price], the buyer’s obligation to pay the price includes “taking such steps and complying with such formalities” (…). “Mentioning the formalities that may be required by any laws and regulations, the United…