In 2012, the European Central Bank defined digital currency as “a kind of unregulated digital money which is issued and usually controlled by its creators and used and accepted by members of a particular online community.”
Digital currency functions
The U.S. Treasury Department opined that, although digital currency functions much the way traditional currency does, it lacks the latter’s attributes. Digital currency is therefore a form of virtual currency — created and stored electronically
Some digital currencies are cryptographic currencies while so-called cryptocurrencies are a kind of subtype of digital currencies. For added security, they use cryptography making transactions extremely difficult to forge.
Bitcoin
Bitcoin is broadly considered the first cryptocurrency introduced in 2009. It is a cryptographic currency relying on a peer-to-peer network. Its security is guaranteed by cryptographic algorithms in lieu of governments and banks as is the case with traditional currencies. Bitcoin has a considerable potential to, in the long term, become the primary mode of payment for e-commerce. Instead of support offered to one or a handful of countries, Bitcoin’s influence encompasses the whole world.
Worth remembering is the fact that bitcoins are not issued by any kind of centralized entity thanks to which they are independent of traditional banking institutions. Many people do not consider them money, however, despite the fact that over time, as the influence of fiat money wanes, Bitcoin could conceivably win out over it.
Many people, likewise, don’t believe in the dollar, euro, ruble, yen or any other government currency choosing instead to believe in gold and silver. Those individuals are catching on to cryptocurrency too.
“Bitcoin was created to take power away from governments and central banks and give it back to the people”
Decentralization aspect
At the outset, Bitcoin did not attract the attention of society at large. That’s largely because only cryptographers, hackers and mathematicians understood its nature and purpose back then. Bitcoins are generated by an algorithm and cannot be forged. It is more or less anonymous according to commentators on the subject. Bitcoin operates based on a peer-to-peer network which results in the exclusion of additional middlemen and fees charged by them (banks).
When looked upon realistically, cryptocurrencies have the impressive ability to adapt to our ever changing modern economy. There is, however, the matter of price fluctuations which reflect both the desire by many to speculate with Bitcoin and its actual value. The growing interest is understandable given the growing uncertainty with the government-promoted currencies.
we believe in the great potential of decentralized new technologies to the point where wee ourselves are now implementing them into our cashback system and weeMarketplace platform. The cryptocurrency system will help us optimize the many processes associated with transactions and sidestep all the unnecessary middlemen leading to a reduction in cost. Is there anything else that makes everyone involved equally happy?
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