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What Is Digital Currency-How Does It Work

 

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

This type of currency is believed to be great to use for making purchases on the internet due to the fact that if it works the way it was implied to, transactions must be rather anonymous and untraceable back to the payer or user.

This means that hackers would no longer have the ability to gather individual details from people who utilize their credit cards to make online purchases. This would undoubtedly reduce the number of stolen identities that occur every day.

To assist you comprehend more of, “what is digital currency?” I have done quite a bit of research study on the subject and have actually found that there are numerous different types out there, each with it’s own unique qualities.

Here are just a couple of with their descriptions following:

1. Digital Gold Currency – This type is backed by gold stored in vaults. The gold provides an additional step of security and if you hold this kind of currency, you might potentially directly exchange it for solid gold bullion.

2. Central Currency Systems – these are like PayPal and these business permit you to send money all over the world as long as you have money in the account. For some services provided by these types of companies, you get charged a cost on the receivers end of the transaction.

3. Decentralized Currency Systems – Like Bitcoin are all based on cryptography and/or trust networks. Likewise called Hard Electronic Currency, it is meant to be more like using money to make your transaction but your transaction is non-refundable as soon as made. This kind of system just works in one instructions.

The E-cash concept has progressed in addition to the development of the Internet. Individuals simply do not feel comfortable with offering their individual credit card information online when buying.

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

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

Many countries have effectively developed systems for “internal” usage such as Hong Kong’s Octopus card. This card works similar to a sort of debit card where the user loads money 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 cash through mobile devices. I think this is somewhat like what Chase lets their consumers do. Their customers can take a photo of their check, front and back, with their phone and make their deposit digitally.

I do hope that this gives you some concept of what is digital currency and how it is attempting to take it’s location in the world of e-commerce. There might be a little more to it than I could describe in just one small short article however I think you can get a good concept.

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