Money in the digital age
Examples of types of digital money are cryptocurrencies, central bank digital currencies, and stablecoins. Digital money is susceptible to hacks and can compromise user privacy.
There are many different types of digital currencies that can be used to buy and sell goods and services over the internet. Cryptocurrency, virtual currency, and central bank digital currency are all examples of digital currencies.
Digital currency is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency.
There’s no denying it: money has gone digital.
You may now pay for goods and services using mobile apps or by scanning your phone in a store with only a few taps of your finger. Facial recognition payment service “Smile to Pay” allows Chinese nationals to pay by simply smiling. In today’s world, physical money is often of little use.
To put it simply, “digital cash” refers to any form of electronic currency or payment that exists only electronically, from the simplest online payment or money transfer to the most complex cryptocurrency like Bitcoin (which generally sits outside of traditional money institutions). It doesn’t matter how or where a digital money transaction takes place – credit cards, telephones and apps; online banking; money transfer platforms; and cryptocurrency platforms — the important thing is that no actual money changes hands throughout the transaction. As a result of the COVID-19 pandemic, people and businesses became increasingly reluctant to touch cash, while contactless payments surged in popularity.
Consumers are increasingly placing their trust in digital money rather than traditional banking and payment methods. Digital money is nothing new; we’re all familiar with check, ACH, wire, and plastic card transactions.
By placing their faith in digital money and digital currency rather than just bankers, banks and different governments because the global economy has become one big economic platform that needs such a product, and also this is resulting in the emergence of new financial services and technologies that are poised to challenge established financial service providers.
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