Binance Coming To Us

Binance Coming To Us

What Is Digital Currency-How Does It Work

 

What is digital currency? It is defined as: money saved and transferred in digital form. Sounds easy enough, but how does it all work?

This type of currency is thought to be excellent to use for making purchases on the internet because if it works the method it was meant to, deals must be rather confidential and untraceable back to the payer or user.

This indicates that hackers would no longer be able to gather personal info from people who utilize their credit cards to make online purchases. This would obviously reduce the number of stolen identities that occur every day.

To help you understand more of, “what is digital currency?” I have done quite a bit of research on the subject and have discovered that there are a number of different types out there, each with it’s own unique qualities.

Here are simply a few with their descriptions following:

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

2. Central Currency Systems – these are like PayPal and these companies allow you to send out money all over the world as long as you have cash 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 upon cryptography and/or trust networks. Called Hard Electronic Currency, it is intended to be more like utilizing cash to make your transaction however your transaction is non-refundable as soon as made. This kind of system just works in one direction.

The E-cash idea has evolved along with the advancement of the Web. People just do not feel comfortable with giving their personal credit card info online when buying.

A lot of bad things can occur like identity theft. Nobody wants their identity stolen.

So, many companies have actually attempted to produce this kind of payment or monetary system to decrease the risks of shopping online.

Many nations have actually successfully developed 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 utilize the card for anything they require to utilize it for.

Some nations are dealing with or have systems that enable the user to move money through mobile phones. I believe this is somewhat like what Chase lets their clients 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 offers you some idea of what is digital currency and how it is attempting to take it’s location in the world of e-commerce. There may be a little more to it than I could describe in just one small post however I believe you can get an excellent idea.

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