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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 basic enough, but how does it all work?

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

This indicates that hackers would no longer be able to gather personal information from individuals who use their credit cards to make online purchases. This would clearly decrease the number of taken identities that happen every day.

To help you understand more of, “what is digital currency?” I have done quite a bit of research study on the subject and have discovered that there are numerous various 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 kept in vaults. The gold provides an extra measure of security and if you hold this type of currency, you could possibly directly exchange it for solid gold bullion.

2. Centralized Currency Systems – these resemble PayPal and these business enable 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 business, you get charged a charge 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 meant to be more like utilizing cash to make your transaction however your transaction is non-refundable once made. This type of system just operates in one direction.

The E-cash concept has developed along with the evolution of the Internet. Individuals simply do not feel comfortable with giving their individual charge card information over the Internet when buying.

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

Numerous companies have tried to develop this type of payment or financial system to minimize the dangers of shopping online.

Numerous countries have effectively produced systems for “in-house” usage such as Hong Kong’s Octopus card. This card works just like a sort of debit card where the user loads money onto the card and then all the money is deposited 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 enable the user to move cash through mobile devices. I think this is somewhat like what Chase lets their consumers do. Their customers can take an image of their check, front and back, with their phone and make their deposit electronically.

I do hope that this provides you some concept of what is digital currency and how it is trying to take it’s location on the planet of e-commerce. There may be a little bit more to it than I could describe in just one small article however I think you can get an excellent idea.

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