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What is Digital Currency?

What is Digital Currency?

Digital currency is the latest addition to the fast growing technological advancements in the monetary realm of the economy. In simple words, digital currency can be understood as the virtual version of the physical currency. It is never held in physical form.  But it has a significant difference when compared to the physical currency. The transfer of money is very quick when it comes to digital money. You can send money from one person to other, without any geographical or technological hindrances. There are both centralized and decentralized aspects to digital currency, as opposed to the highly centralized physical money.

Digital currency is categorized mainly into virtual currency and cryptocurrency. Each of these terms is different from each other and has distinct characteristics. Virtual currency is used mainly within closed loops or virtual communities. It is mainly seen in the gaming platforms of the internet, and cannot be extended to buying physical goods. Cryptocurrency, on the other hand, has much more utility and mass appeal. It uses cryptography to ensure safe transactions. Now a day, cryptocurrency has become all the more synonymous with Bitcoin, which is a type of cryptocurrency.

Bitcoin is different from other altcoins such as Ripple, Dogecoin, and Litecoin etc. as it is more stable and established. So, how can you earn Bitcoins? There are two ways to do so. The first way is through trade and the other, through mining. As the transactions are decentralized, there must be some way to check and regulate the transactions. Bitcoin mining is the process by which the users itself go through transactions and check for any malpractices. The whole mechanism of cryptocurrency is supported and executed through cryptographic encryption. This ensures the security of transactions. Blockchain technology is used as the base for running every transaction and recording them for future references. The users gain bitcoin as a reward for doing so.  The bitcoin has a cap value of 21 M dollars, giving one bitcoin an approximate value of 375000 $ globally. It can be considered as a close representation of normal cash, but cannot be used to pay taxes or debts. This is because of the reason that they are not recognized by the governments. Nevertheless, the usefulness and value of bitcoin keep increasing day by day.

Bitcoins are even considered as a source of investment, nowadays. The values of bitcoins are inversely proportional to the amount of trust we place on it. Just like any other digital business, the digital value is rendered to it by the users. ICO, which can be considered as a digital equivalent of IPO, allows companies and startups to raise funds and capital. A certain amount of cryptocurrency is sold to the users or investors in the form of tokens in exchange for bitcoins. Unlike IPO ’s, the ICO is hassle-free as the legal formalities are less. Crowdsale is very much in use in the digital world these days. Hence, bitcoin investment is profitable, if done judiciously.

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