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Digital currency or digital money is an Internet-based medium of exchange distinct from physical (such as banknotes and coins) that exhibits properties similar to physical currencies, but allows for instantaneous transactions and borderless transfer-of-ownership. Both virtual currencies and cryptocurrencies 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.

"Virtual" can be defined as "not based in physical reality," and virtual currencies are those which are not intended for use in "real life," or for expenditures on real assets. Consequently, most virtual currencies can be found in online gaming and are subject to centralized authority, with the control of the money supply resting in the hands of the virtual world's developers. An example of a purely virtual currency is Amazon Coins.

In contrast, "Digital" currencies can be used to facilitate payment for physical goods and services in "real life," thus, inhabiting similar characteristics to traditional physical currencies in that respect. Furthermore, digital currencies can be used to facilitate payment in-person at physical business establishments.

As such, bitcoin is often mistakenly classified as a virtual currency, when, in fact, it is a digital cryptocurrency. This is exemplified by bitcoin's ability to provide effective utility as a currency in the "real-world" for physical goods and services.

A cryptocurrency is a type of digital token that relies on cryptography for chaining together digital signatures of token transfers, peer-to-peer networking and decentralization. In some cases a proof-of-work scheme is used to create and manage the currency.

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