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What Is Digital Currency-How Does It Work

 

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

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

This means that hackers would no longer be able to collect individual info from individuals who use their credit cards to make online purchases. This would obviously reduce the variety of taken identities that happen every day.

To assist you comprehend more of, “what is digital currency?” I have done a fair bit of research on the subject and have discovered that there are several different types out there, each with it’s own distinct qualities.

Here are simply a few with their descriptions following:

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

2. Centralized Currency Systems – these are like PayPal and these companies permit you to send cash all over the world as long as you have cash in the account. For some services offered by these kinds of companies, you get charged a fee 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 meant to be more like utilizing money to make your deal however your transaction is non-refundable when made. This type of system only operates in one direction.

The E-cash concept has evolved along with the evolution of the Internet. Individuals simply do not feel comfortable with giving their individual charge card info online when making a purchase.

Too many bad things can take place like identity theft. No one wants their identity taken.

Many companies have actually tried to create this type of payment or financial system to lessen the risks of shopping online.

Many nations have successfully 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 money is deposited into a bank. They can then use the card for anything they require to use it for.

Some nations are dealing with or have systems that allow the user to transfer cash through mobile devices. I believe this is rather like what Chase lets their clients do. Their customers can take a picture of their check, front and back, with their phone and make their deposit digitally.

I do hope that this provides you some idea 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 more to it than I might explain in just one small short article however I think you can get a good concept.

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