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What Is Digital Currency-How Does It Work
What is digital currency? It is specified as: money saved and transferred in digital type. Sounds basic enough, but how does it all work?
This kind of currency is believed to be great to use for making purchases on the internet since if it works the way it was implied to, transactions must be rather anonymous and untraceable back to the payer or user.
This implies that hackers would no longer be able to collect individual info from people who utilize their credit cards to make online purchases. This would undoubtedly reduce the number of stolen identities that take place every day.
To help 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 numerous various types out there, each with it’s own distinct qualities.
Here are just a couple of with their descriptions following:
1. Digital Gold Currency – This type is backed by gold kept in vaults. The gold provides an additional measure 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 resemble PayPal and these companies enable you to send money all over the world as long as you have money in the account. For some services offered by these types of business, you get charged a cost on the receivers end of the deal.
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 using money to make your transaction but your transaction is non-refundable once made. This type of system just operates in one direction.
The E-cash idea has actually progressed along with the evolution of the Web. Individuals just do not feel comfortable with giving their individual charge card info online when buying.
Too many bad things can happen like identity theft. Nobody desires their identity stolen.
Numerous companies have tried to develop this type of payment or monetary system to minimize the dangers of shopping online.
Many countries have effectively created 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 cash onto the card and then all the cash is transferred into a bank. They can then utilize the card for anything they require to utilize it for.
Some countries are working on or have systems that enable the user to transfer cash through mobile phones. I believe this is rather 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 worldwide of e-commerce. There might be a little bit more to it than I might describe in just one little article but I believe you can get an excellent concept.