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What Is Digital Currency-How Does It Work
What is digital currency? It is defined as: money kept and moved in digital type. Sounds simple enough, but how does it all work?
This kind of currency is believed to be great to use for making purchases on the internet because if it works the method it was meant to, deals need to be rather confidential and untraceable back to the payer or user.
This suggests that hackers would no longer be able to collect personal info from people who utilize their credit cards to make online purchases. This would clearly decrease the variety of stolen identities that happen every day.
To help you understand more of, “what is digital currency?” I have done quite a bit of research on the subject and have actually discovered that there are several different types out there, each with it’s own unique qualities.
Here are just a few with their descriptions following:
1. Digital Gold Currency – This type is backed by gold saved in vaults. The gold offers an extra procedure of security and if you hold this kind of currency, you might possibly directly exchange it for solid gold bullion.
2. Centralized Currency Systems – these resemble PayPal and these business enable you to send money all over the world as long as you have money in the account. For some services supplied by these types of business, you get charged a fee on the receivers end of the deal.
3. Decentralized Currency Systems – Like Bitcoin are all based on cryptography and/or trust networks. Called Hard Electronic Currency, it is meant to be more like utilizing cash to make your transaction however your deal is non-refundable once made. This kind of system only operates in one instructions.
The E-cash idea has evolved along with the advancement of the Web. Individuals simply do not feel comfortable with providing their individual charge card info online when purchasing.
Too many bad things can happen like identity theft. Nobody wants their identity taken.
Numerous companies have attempted to create this type of payment or monetary system to decrease the risks of shopping online.
Many nations have effectively created systems for “in-house” usage such as Hong Kong’s Octopus card. This card works much like a sort of debit card where the user loads money onto the card and then all the cash is transferred into a bank. They can then use the card for anything they require to use it for.
Some nations are working on or have systems that enable the user to transfer cash through mobile devices. I believe this is rather like what Chase lets their consumers do. Their consumers can take a photo of their check, front and back, with their phone and make their deposit electronically.
I do hope that this offers you some idea of what is digital currency and how it is trying to take it’s place in the world of e-commerce. There may be a bit more to it than I might describe in simply one small short article but I believe you can get a great concept.