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What Is Digital Currency-How Does It Work
What is digital currency? It is defined as: cash kept and transferred in digital form. Sounds basic enough, but how does it all work?
This type of currency is believed to be good to use for making purchases on the internet since if it works the way it was meant to, deals need to be rather confidential and untraceable back to the payer or user.
This implies that hackers would no longer have the ability to collect personal info from people who use their credit cards to make online purchases. This would obviously 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 study on the subject and have found that there are a number of 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 kept in vaults. The gold offers an additional procedure of security and if you hold this kind of currency, you could possibly straight exchange it for solid gold bullion.
2. Centralized Currency Systems – these are like PayPal and these business permit you to send money all over the world as long as you have cash in the account. For some services offered by these kinds of business, you get charged a charge on the receivers end of the deal.
3. Decentralized Currency Systems – Like Bitcoin are all based upon cryptography and/or trust networks. Also called Hard Electronic Currency, it is meant to be more like utilizing cash to make your transaction but your deal is non-refundable as soon as made. This kind of system just works in one direction.
The E-cash concept has progressed in addition to the advancement of the Web. People just do not feel comfy with providing their individual charge card information over the Internet when purchasing.
Too many bad things can happen like identity theft. Nobody desires their identity taken.
Lots of companies have attempted to produce this type of payment or financial system to minimize the threats of shopping online.
Many countries have successfully produced systems for “internal” use such as Hong Kong’s Octopus card. This card works similar to a sort of debit card where the user loads cash onto the card and after that all the cash is transferred into a bank. They can then use the card for anything they need to use it for.
Some countries are working on or have systems that permit the user to transfer money through mobile devices. I believe this is rather like what Chase lets their consumers do. Their clients can take a picture of their check, front and back, with their phone and make their deposit digitally.
I do hope that this provides you some idea of what is digital currency and how it is trying to take it’s location on the planet of e-commerce. There might be a bit more to it than I could explain in simply one small short article but I believe you can get a good idea.