Digital currency is a balance or a record stored in a distributed database on the Internet, in an electronic computer database, within digital files or within a stored-value card.
The Rise of Digital Money analyses how technology companies are stepping up the competition to large banks and credit card companies.
Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like a euro a the dollar.
Although there are many separate types of digital currency, the underlying mechanics behind them all are essentially the same. That said, once you wrap your head around the basics, you should have a decent idea of how each digital currency operates. Because technology serves a purpose. And most people don’t care how their smartphone or the internet works, as long as they can benefit from what it does for them.
Cryptocurrency enables people to become part in the global economy and nobody, no border, bank or political power can deny them the right to save, send and receive money worldwide whenever they desire to.
– Palak Thakur