In the age of global communication and commerce it is only Competing Virtual Monies Roman Brandtweiner Vienna University of Economics and Business Administration, Austria Department of Management Information Systems Abstract Money as a generally accepted media of payment has been running through various evolutionary stages, the latest being virtual money.
Virtual money is a money-like electronic payment system for business transactions on the Web.
Different companies supply different virtual monies. This article shows that on one hand competition provides special advantages but on the other hand the monopolistic supply of money offers advantages as well. The same is true for disadvantages. But money has not always been the same. Earlier forms have not been replaced by younger forms, so paper money is not a substitute for coins, and immaterial money will surely not replace paper money.