The aim of this research work is to analyse the concept of virtual currency and identify opportunities and threats for virtual currency and its users in the modern world. This research work presents a comprehensive review of the literature as well as primary empirical evidence. Primary empirical evidence has been gathered through a self-administered research questionnaire from a sample of 367 participants. These participants have been recruited through convenience sampling technique and are all users of virtual currencies. The questionnaire has helped to identify current opportunities and challenges of virtual currencies from the perspective of its users.

Keywords : Virtual Currencies; Viternity Project; Characteristics of Virtual Currencies; Threats and Opportunities.