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What Is Digital Currency-How Does It Work

 

What is digital currency? It is defined as: cash kept and transferred in digital type. Sounds simple enough, but how does it all work?

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

This means that hackers would no longer be able to collect personal info from individuals who use their credit cards to make online purchases. This would clearly reduce the variety of stolen identities that take place every day.

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

Here are simply a couple of with their descriptions following:

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

2. Centralized Currency Systems – these are like PayPal and these companies enable 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 fee on the receivers end of the deal.

3. Decentralized Currency Systems – Like Bitcoin are all based upon cryptography and/or trust networks. Likewise called Hard Electronic Currency, it is intended to be more like using money to make your deal but your transaction is non-refundable as soon as made. This kind of system just works in one direction.

The E-cash concept has developed together with the evolution of the Internet. People just do not feel comfortable with giving their personal charge card details online when buying.

Too many bad things can happen like identity theft. No one desires their identity taken.

So, numerous business have attempted to develop this kind of payment or monetary system to lessen the threats of shopping online.

Numerous nations have successfully produced systems for “internal” usage such as Hong Kong’s Octopus card. This card works much like a sort of debit card where the user loads money onto the card and then all the cash is transferred into a bank. They can then use the card for anything they need to utilize it for.

Some countries are dealing with or have systems that allow the user to transfer cash through mobile devices. I think this is somewhat like what Chase lets their consumers 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 concept of what is digital currency and how it is attempting to take it’s location on the planet of e-commerce. There might be a little more to it than I could explain in just one small short article but I believe you can get a great concept.

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