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What Is Digital Currency-How Does It Work
What is digital currency? It is defined as: cash stored and moved in digital form. 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 because if it works the way it was implied to, deals must be rather anonymous and untraceable back to the payer or user.
This means that hackers would no longer be able to gather personal info from people who utilize their charge card to make online purchases. This would undoubtedly decrease the number of stolen 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 actually found that there are a number of different types out there, each with it’s own unique 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 extra measure of security and if you hold this kind of currency, you might perhaps directly exchange it for solid gold bullion.
2. Central Currency Systems – these are like PayPal and these companies allow you to send money all over the world as long as you have money in the account. For some services provided by these types of companies, you get charged a charge on the receivers end of the transaction.
3. Decentralized Currency Systems – Like Bitcoin are all based on cryptography and/or trust networks. Likewise called Hard Electronic Currency, it is meant to be more like using money to make your deal however your deal is non-refundable as soon as made. This type of system just works in one direction.
The E-cash concept has progressed in addition to the evolution of the Internet. Individuals just do not feel comfortable with giving their individual charge card information over the Internet when making a purchase.
Too many bad things can occur like identity theft. No one desires their identity stolen.
Numerous companies have attempted to develop this type of payment or financial system to decrease the dangers of shopping online.
Lots of nations have successfully created 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 then all the cash is deposited into a bank. They can then utilize 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 customers do. Their clients can take an image of their check, front and back, with their phone and make their deposit digitally.
I do hope that this gives you some idea of what is digital currency and how it is trying to take it’s place in the world of e-commerce. There may be a little bit more to it than I could explain in simply one small short article but I believe you can get a good idea.