A Brief Guide on Digital Currency

Bitcoins, Digital Currency, Virtual Currency, Cryptocurrency

By Ankur Chowdhury

What is Digital Currency?

Digital currency or digital money is an online-based source of exchange of monies. It is distinct from the regular medium of monetary exchange in a way that we don’t need to carry physical currency, such as banknotes and coins. The property of digital currency is alike to the physical currency. Like traditional currency, we can utilize digital currency for buying physical goods and services. Virtual currency and cryptocurrencies are the types of digital currency. Digital currency permits both instantaneous transaction and borderless transfer of ownership.

List of active cryptocurrencies in the world

  • Titcoin
  • Synereo AMP
  • Ripple
  • Primecoin
  • Potcoin
  • Peercoin
  • Nxt
  • Namecoin
  • Monero
  • Mazacoin
  • Mastercoin
  • Litecoin
  • Gulden
  • Gridcoin
  • Bitcoin
  • Auroracoin
  • Blackcoin
  • Coinye
  • Dash
  • Decred
  • DigitalNote
  • Dogecoin
  • Emercoin

Difference between digital, virtual and cryptocurrency

Virtual currency: They are a result out of the trust issues. Some people won’t even consider this as a type of currency. These currencies are solely independent of traditional banks and are impossible to track.

Digital currency: It is a type of currency that is stored and created electronically. They can be tracked by all types of conventional banks. They are the actual currency stored in bank accounts but can be availed digitally.

Cryptocurrency: It is a type of digital currency that uses the technique of cryptography. It is used for the intent of security. According to the experts, it is almost impossible to counterfeit a cryptocurrency. It uses the latest concept of a digital signature, where a digital copy of your signature is always stored and a ledger is maintained for that. After the proper verification of your signature, the cryptocurrency will be rewarded to you.

Bitcoin, the most popular cryptocurrency: It is said that Mr.  Satoshi Nakamoto had designed, conceptualized and made the Bitcoins, but still no one has any written or authenticated proof for that.

Advantages of digital currency:

  • Seamless transaction
  • Time saving
  • No need to stand in queue at banks
  • Excellent response time
  • Instant payment
  • Convenience

How is City Link also encouraging the use of digital currency?

Here at City Link, we also encourage the use of digital currency. We support cashless payments like, pay via Paytm, Debit/credit, and online transaction. With the help of all these options, anyone can pay on the go. No need to carry the banknotes all the time. We have done Paytm integration with our mobile app so that our esteemed customers can pay for their freight and trips with us, hassle freely.

H/T   http://onlinecmag.com/advantages-disadvantages-online-transaction-processing-systems/