Binance Award Segwit Fork

Binance Award Segwit Fork

What Is Digital Currency-How Does It Work

 

What is digital currency? It is specified as: money stored and transferred in digital form. Sounds easy enough, however how does it all work?

This type of currency is thought to be excellent to use for making purchases on the internet due to the fact that if it works the method it was implied to, transactions must be rather anonymous and untraceable back to the payer or user.

This suggests that hackers would no longer be able to collect individual info from people who utilize their credit cards to make online purchases. This would certainly reduce the variety of taken identities that take place every day.

To assist you understand more of, “what is digital currency?” I have done a fair bit of research on the subject and have actually discovered that there are several 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 stored in vaults. The gold offers an extra measure of security and if you hold this type of currency, you could potentially directly exchange it for solid gold bullion.

2. Centralized Currency Systems – these are like PayPal and these companies allow you to send cash 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 cost 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 money to make your deal but your deal is non-refundable once made. This kind of system just works in one instructions.

The E-cash idea has actually developed along with the evolution of the Internet. Individuals just do not feel comfortable with offering their individual credit card information online when purchasing.

Too many bad things can occur like identity theft. No one wants their identity stolen.

So, lots of companies have tried to create this kind of payment or monetary system to lessen the risks of shopping online.

Many countries have successfully created systems for “in-house” 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 after that all the cash is transferred into a bank. They can then utilize the card for anything they need to use it for.

Some countries are working on or have systems that permit the user to transfer money through mobile devices. I think this is somewhat like what Chase lets their customers do. Their customers can take a picture of their check, front and back, with their phone and make their deposit electronically.

I do hope that this gives you some idea of what is digital currency and how it is attempting to take it’s location in the world of e-commerce. There may be a bit more to it than I might explain in just one small post however I think you can get a good concept.

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