Digital currency of its creators. "Forbes" writer Tim Worstall has written that the value of bitcoin is largely derived from speculative trading. Bitcoin has also been criticised for its energy inefficient SHA-256-based proof of work. Digital currency Digital currency (digital money, electronic money or electronic currency) is a type of currency available in digital form (in contrast to physical, such as banknotes and coins). It exhibits properties similar to physical currencies, but can allow for instantaneous transactions and borderless transfer-of-ownership. Examples include virtual currencies and cryptocurrencies and central bank issued money accounted for in a computer database (including digital base money). Like
Currency War of 2009–11 resulted in numerous senior central bankers and finance ministers warning of a possible fresh round of currency war. First to raise the alarm was Alexei Ulyukayev, the first deputy chairman at Russia's central bank. He was later joined by many others including Bahk Jae-wan, the finance minister for South Korea, and by Jens Weidmann, president of the Bundesbank. Weidmann held the view that interventions during the 2009-11 period were not intense enough to count as competitive devaluation, but that a genuine currency war is now a real possibility. Japan's economy minister Akira Amari has said that the Bank of Japan's