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What Is Digital Currency-How Does It Work
What is digital currency? It is specified as: money kept and transferred in digital form. Sounds simple enough, however how does it all work?
This type of currency is believed to be good to use for making purchases on the internet due to the fact that if it works the method it was suggested to, deals should be rather confidential and untraceable back to the payer or user.
This means that hackers would no longer be able to collect personal details from individuals who use their credit cards to make online purchases. This would clearly decrease the number of stolen identities that take place every day.
To help you understand more of, “what is digital currency?” I have done a fair bit of research on the subject and have discovered that there are a number of various types out there, each with it’s own special qualities.
Here are simply a couple of with their descriptions following:
1. Digital Gold Currency – This type is backed by gold kept in vaults. The gold provides an additional procedure of security and if you hold this kind of currency, you might potentially straight exchange it for solid gold bullion.
2. Central Currency Systems – these are like PayPal and these companies allow you to send out cash all over the world as long as you have cash in the account. For some services supplied by these types of companies, you get charged a fee 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 meant to be more like using money to make your deal however your transaction is non-refundable once made. This type of system only works in one direction.
The E-cash concept has developed along with the development of the Web. People simply do not feel comfy with providing their individual credit card info online when making a purchase.
Too many bad things can take place like identity theft. Nobody desires their identity taken.
So, numerous business have actually attempted to produce this type of payment or monetary system to reduce the risks of shopping online.
Many nations have actually effectively created 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 then all the money is deposited into a bank. They can then use the card for anything they need to utilize it for.
Some nations are working on or have systems that allow the user to move money through mobile devices. I believe this is rather like what Chase lets their clients do. Their customers can take a picture 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 location worldwide of e-commerce. There may be a bit more to it than I could describe in simply one little article but I think you can get an excellent idea.