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What Is Digital Currency-How Does It Work

 

What is digital currency? It is defined as: cash saved and moved in digital form. Sounds simple enough, however how does it all work?

This type of currency is believed to be excellent to use for making purchases on the internet because if it works the way it was meant to, transactions 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 individuals who use their credit cards to make online purchases. This would obviously reduce the variety of stolen identities that happen every day.

To assist you understand more of, “what is digital currency?” I have done a fair bit of research on the subject and have found that there are several different types out there, each with it’s own distinct 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 extra step of security and if you hold this type of currency, you might possibly directly exchange it for solid gold bullion.

2. Central Currency Systems – these resemble PayPal and these business enable you to send out money all over the world as long as you have money in the account. For some services provided by these kinds of companies, you get charged a charge 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 using cash to make your transaction but your transaction is non-refundable once made. This kind of system just operates in one direction.

The E-cash concept has evolved together with the advancement of the Internet. Individuals just do not feel comfortable with providing their individual credit card info over the Internet when purchasing.

Too many bad things can occur like identity theft. Nobody desires their identity stolen.

Many companies have attempted to produce this type of payment or monetary system to decrease the risks of shopping online.

Numerous nations have effectively developed systems for “internal” usage such as Hong Kong’s Octopus card. This card works much like a sort of debit card where the user loads cash onto the card and after that all the money is transferred into a bank. They can then utilize the card for anything they require to use it for.

Some nations are working on or have systems that allow the user to move money through mobile devices. I think this is rather like what Chase lets their customers do. Their clients 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 location on the planet of e-commerce. There might be a bit more to it than I could explain in just one little post however I think you can get a great idea.

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