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What Is Digital Currency-How Does It Work
What is digital currency? It is defined as: money kept and moved in digital type. Sounds simple enough, but how does it all work?
This type of currency is thought to be great to use for making purchases on the internet because if it works the way it was implied to, transactions should be rather anonymous and untraceable back to the payer or user.
This implies that hackers would no longer be able to collect individual information from individuals who utilize their credit cards to make online purchases. This would certainly reduce the variety of taken identities that occur every day.
To help you understand more of, “what is digital currency?” I have actually done quite a bit of research on the subject and have discovered that there are numerous different types out there, each with it’s own unique qualities.
Here are just a few with their descriptions following:
1. Digital Gold Currency – This type is backed by gold saved in vaults. The gold supplies an additional measure of security and if you hold this type of currency, you might perhaps straight exchange it for solid gold bullion.
2. Centralized Currency Systems – these are like PayPal and these business permit you to send cash all over the world as long as you have cash in the account. For some services provided by these types of business, you get charged a charge 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 planned to be more like utilizing money to make your transaction however your transaction is non-refundable once made. This type of system only works in one direction.
The E-cash concept has actually progressed along with the evolution of the Web. People just do not feel comfy with providing their personal credit card information online when buying.
Too many bad things can happen like identity theft. No one desires their identity taken.
Lots of business have tried to produce this type of payment or financial system to decrease the dangers of shopping online.
Lots of countries have actually successfully created 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 then all the cash is deposited into a bank. They can then use the card for anything they require to utilize it for.
Some countries are working on or have systems that permit the user to transfer cash through mobile phones. I believe this is somewhat like what Chase lets their customers do. Their customers can take an image of their check, front and back, with their phone and make their deposit digitally.
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 more to it than I could explain in simply one small short article however I believe you can get a great idea.