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What Is Digital Currency-How Does It Work
What is digital currency? It is specified as: money saved and moved in digital kind. Sounds easy enough, however how does it all work?
This kind of currency is thought to be great to use for making purchases on the internet due to the fact that if it works the method it was suggested to, transactions must be rather anonymous and untraceable back to the payer or user.
This means that hackers would no longer be able to gather personal information from people who use their credit cards to make online purchases. This would certainly decrease the number of taken identities that take place every day.
To help you comprehend more of, “what is digital currency?” I have done quite a bit of research on the subject and have discovered that there are numerous different types out there, each with it’s own distinct qualities.
Here are simply a few with their descriptions following:
1. Digital Gold Currency – This type is backed by gold saved in vaults. The gold supplies an extra measure of security and if you hold this type of currency, you could possibly directly exchange it for solid gold bullion.
2. Centralized Currency Systems – these resemble PayPal and these companies allow you to send cash all over the world as long as you have cash in the account. For some services offered by these types of business, you get charged a charge on the receivers end of the transaction.
3. Decentralized Currency Systems – Like Bitcoin are all based on cryptography and/or trust networks. Called Hard Electronic Currency, it is planned to be more like using money to make your deal but your transaction is non-refundable as soon as made. This type of system only works in one instructions.
The E-cash concept has actually developed together with the advancement of the Internet. People simply do not feel comfy with providing their personal charge card info over the Internet when making a purchase.
A lot of bad things can occur like identity theft. No one desires their identity stolen.
Numerous business have actually tried to create this type of payment or financial system to minimize the risks of shopping online.
Numerous countries have successfully developed systems for “in-house” use such as Hong Kong’s Octopus card. This card works just like a sort of debit card where the user loads money onto the card and after that all the money is deposited into a bank. They can then use the card for anything they require to utilize it for.
Some countries are working on or have systems that allow the user to transfer cash through mobile devices. I think this is somewhat 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 gives 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 little more to it than I might explain in simply one little post but I believe you can get a great concept.