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What Is Digital Currency-How Does It Work
What is digital currency? It is defined as: cash stored and transferred in digital kind. Sounds easy enough, but how does it all work?
This kind 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, 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 people who use their charge card to make online purchases. This would certainly decrease the number of taken identities that occur every day.
To help you understand more of, “what is digital currency?” I have actually done quite a bit of research on the subject and have found that there are several various 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 stored in vaults. The gold offers an additional 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 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 types of companies, 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. Also called Hard Electronic Currency, it is meant to be more like utilizing cash to make your deal but your transaction is non-refundable as soon as made. This kind of system only operates in one direction.
The E-cash concept has progressed in addition to the development of the Internet. Individuals simply do not feel comfortable with giving their individual charge card information online when purchasing.
A lot of bad things can happen like identity theft. No one desires their identity taken.
Lots of companies have actually tried to develop this type of payment or financial system to minimize the threats of shopping online.
Many countries have actually successfully developed systems for “in-house” usage 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 cash is deposited 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 enable the user to transfer money through mobile devices. I believe this is somewhat like what Chase lets their customers do. Their consumers can take an image of their check, front and back, with their phone and make their deposit electronically.
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 little bit more to it than I might explain in simply one small post however I believe you can get a good idea.