Digital Currency is a form of a currency which is available only in digital or electronic form, and not is Tangible. It is also known as Electonic money, Digital money. Digital currencies can be transferred between users and entities with the help of android devices, computers connected to the internet. Digital currencies are stable and traded with the markets and they do not require intermediary, they are the cheapest method to trade currencies.
Digital currencies are not typically associated with any countries government represented with like the coins and notes of traditional currencies. Like any standard traditional currencies, digital currencies can be used to purchase goods as well as to pay for service charges. Digital currency can be used as a standard currency that was ever acceptable. However, it is not under the regulation of a government or central bank. Digital currency doesn\’t enjoy the same kind of stability when comparing to the regular physical currencies, but nowadays many peoples are using it for shopping, bill payments etc.
Some Facts about Digital Currency:
· Payment through Digitial currency or buying some goods & services through the digital mode of payment is legally banned in many countries like Nepal, Morocco, Bangladesh, Bolivia, Indonesia etc, even some of them declared Digital currency illegal.
· There are more than 2000+ digital currencies are there in the world. They can be of three major categories: Altcoins, Bitcoins, and token. A new digital currency can be made at any time.
· According to the reports of \” Bitfury\’s blockchain analytics platform crystal\” the United States of America, The United Kingdom, Hongkong, and Singapore have the largest registered several digital currency exchanges.
· When dealing with a digital payment you hold an account (Digital Wallet) that has public and private keys. There are very fewer chances of hacking in digital mode of payment so you are the only one responsible for losing your digital money.
· Another interesting abut Digital currency is that anyone can create it you don\’t need any kind of special permission to create a digital currency.
· As per the repots, 4.68% of the world\’s youngsters have invested in any kind of digital currency.
· Only about 21.05% of digital currencies like \”Bitcoin\” have been mined, the remaining have been created by their owners.
· The market capitalization of Digital currency is 237.1 billion dollars.