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*What Is Digital Currency?
Digital currency is a form of currency that is available only in digital or electronic form, and definitely not in physical form (just kidding). It is also called digital money, electronic money, electronic currency, or cyber cash etc.
*Understanding Digital Currency but HOW?
Let me tell now that Digital currencies are intangible and can only be owned and transacted in by using computers or electronic wallets connected to the Internet or the designated networks. In contrast, physical currencies, like banknotes and minted coins, are tangible and transactions are possible only by their holders who have their physical ownership.
Like any standard currency, digital currencies can be used to purchase goods as well as to pay for services, though they can also find restricted use among certain online communities, like gaming sites, gambling portals, or social networks.
Digital currencies have all intrinsic properties like physical currency, and they allow for instantaneous transactions that can be seamlessly executed for making payments across borders when connected to supported devices and networks.
For instance - it is possible for an American to make payments in digital currency to a distant counterparty residing in Singapore, provided that they both are connected to the same network required for transacting in the digital currency.
Digital currencies offer numerous advantages such as payments in digital currencies are made directly between the transacting parties without the need of any intermediaries, oh yes! the future must be bright and the transactions are usually instantaneous and low-cost.
Also this fares better compared to traditional payment methods that involve banks or clearing houses. Digital currency-based electronic transactions also bring in the necessary record keeping and transparency in dealings.
And also the crypto-currency is another form of digital currency which uses cryptography to secure and verify transactions and to manage and control the creation of new currency units. Bitcoin and Ethereum are the most popular crypto-currencies.
Essentially, both virtual currencies and crypto-currencies are considered forms of digital currencies.
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