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What Is Digital Currency-How Does It Work

 

What is digital currency? It is specified as: cash stored and transferred in digital kind. Sounds easy enough, but how does it all work?

This kind of currency is thought to be great to use for making purchases on the internet because if it works the way it was suggested to, transactions must be rather confidential and untraceable back to the payer or user.

This suggests that hackers would no longer be able to collect individual information from individuals who use their credit cards to make online purchases. This would obviously decrease the number of stolen identities that take place every day.

To help you understand more of, “what is digital currency?” I have actually 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 special qualities.

Here are just a couple of with their descriptions following:

1. Digital Gold Currency – This type is backed by gold saved in vaults. The gold supplies an extra procedure of security and if you hold this type of currency, you might perhaps directly exchange it for solid gold bullion.

2. Centralized Currency Systems – these resemble PayPal and these business allow you to send out 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 cost on the receivers end of the deal.

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 using money to make your deal but your transaction is non-refundable when made. This type of system only operates in one direction.

The E-cash concept has actually evolved along with the evolution of the Internet. People simply do not feel comfy with giving their personal charge card info over the Internet when buying.

A lot of bad things can happen like identity theft. No one wants their identity stolen.

Many business have actually attempted to produce this type of payment or financial system to decrease the dangers of shopping online.

Lots of countries have effectively produced systems for “internal” 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 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 countries are working on or have systems that enable the user to move money through mobile devices. I believe this is somewhat like what Chase lets their clients 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 concept of what is digital currency and how it is trying to take it’s location in the world of e-commerce. There may be a little bit more to it than I might explain in simply one small article but I believe you can get a great idea.

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