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Digital currency

  3. Bartering & Exchange Cowrey Shells (1200 B.C.) Metals(1000 B.C.) Paper Money (1000 A.D.) Coins (600 B.C.) Banking in Europe (1400 A.D.) Wampum (1637) The Gold Standard (1816) Credit Card (1950) Google Wallet & Clear Exchange (2011) Plastic Money (1990s)
  4.  Electronic money is money which exists only in banking computer systems and is not held in any physical form.  Electronic money, or e-money, is the money balance recorded electronically on a stored-value card.  It may refers to several systems which enable a buyer to pay electronically by transmitting a unique number (called digital certificate) similar to a banknote number.  In economic terms electronic money is monetary value provided by the issuer on demand, expressed in government or private monetary units stored in electronic form on an electronic device.  Both virtual currencies and cryptocurrencies are types of digital currencies, but the converse is incorrect.
  5.  A cryptocurrency (or crypto currency) is a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency.  Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.  There were more than 710 cryptocurrencies available for trade in online markets as of 11 July 2016, but only 9 of them had market capitalizations over $10 million.
  6. Electronic Money includes four different systems namely: 1. Centralized Systems 2. Decentralized Systems 3. Mobile sub-systems/Digital Wallets 4. Offline Anonymous Systems.
  7.  Many systems—such as PayPal, eCash, WebMoney, Payoneer, cashU, and Hub Culture's Ven will sell their electronic currency directly to the end user.  Other systems only sell through third party digital currency exchangers.
  8.  Decentralized e-money is stored and flows through a peer-to-peer computer network that directly links users, much like a chat room.  No single user controls the network.  Some decentralized types: - Bitcoin - Monero - Litecoin - Ripple Monetary System - Dogecoin - Nxt
  9.  Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto, who published the invention in 2008 and released it as open-source software in 2009.  The system is peer-to-peer; users can transact directly without needing an intermediary.  Transactions are verified by network nodes and recorded in a public distributed ledger called the block chain.  The ledger uses bitcoin as its unit of account. The system works without a central repository or single administrator, which has led the U.S. Treasury to categorize bitcoin as a decentralized virtual currency.  Bitcoin is often called the first cryptocurrency.
  10.  Monero (XMR) is a cryptocurrency created in April 2014 that is focused on privacy, decentralization and scalability.  Unlike many cryptocurrencies that are derivatives of Bitcoin, Monero is based on the CryptoNote protocol and possesses significant algorithmic differences.  Monero is an open-source pure proof-of- work cryptocurrency. It runs on Windows, Mac, Linux and FreeBSD.
  11.  A number of electronic money systems use contactless payment transfer in order to facilitate easy payment and give the payee more confidence in not letting go of their electronic wallet during the transaction.  In 1994 Mondex and National Westminster Bank provided an 'electronic purse' or to residents of Swindon  On September 9th, 2014 Apple Pay was announced at the iPhone 6 event. In October 2014 it was released as an update to work on iPhone 6 and Apple Watch. It is very similar to Google Wallet, but for Apple devices only.  GNU Taler is an anonymous, open source electronic payment system currently (September 2015) in development.  BKasH is the leading payment system in Bangladesh
  12.  It can be done ‘offline’.  In this electronic money system, the merchants do not need to have interaction with banks before receiving currency from the users. Instead of that, the merchants can collect spent money by users and deposits the money later to the bank.  The merchant can deliver his storage media in bank for exchanging the electronic money to cash.
  13.  This time of economic crisis indirectly taught its 1.3 billion people that cash was unreliable - one day there, the next day gone - and there was a nationwide frenzy with the stock market falling by 7 per cent, cash shortages and several deaths from people queuing to exchange their worthless money.  A significant disruption to the economy occurred with more of India’s largely younger population turning to Bitcoin. At the time, a large number of industries were already using Bitcoin and shortly, thereafter, the number of investor grew to the point where mid- 2017, 2,500 Indians invested in Bitcoin daily, according to The Economic Times.  The digital coin attracted people in India, since it offered a safer system for their money, a haven from inflation, refuge from government regulation and interference, and a system that avoids political and economic turmoil
  14.  Last year, more than 500 merchants in India and five of India’s largest companies, including Dell, accepted the cryptocurrency as payment, according to GBminers co- founder Amit Bhardwaj. The number grows by day.  Bitcoin is far from popular, and most Indians prefer fiat money, but a recent Forbes article reports Bitcoin's craze is catching on and that, to date, there are more than 600,000 users in the country.
  15.  Encryption  IT infrastructure  Complexity  Deep web  IT knowledge  Availability of information
  16. ADVANTAGES DISADVANTAGES Privacy and confidentially Fraud Security The double spending of digital coins Environmental friendly Complexity Mobility Security Anonymity Laws and regulations Record of transaction Mass exposure Cross transaction
  17.  Digital currency reduces overall cost of operation drastically compare to paper money.  It is more environmental friendly as there is no need of paper and no paper means no cutting down of trees.  As the technology is new, there are some security and stability concern about “E-money” which are controllable in most of the cases.  There should be some legal guidelines and law about this to prevent money laundering and other unethical uses of digital currency.  Banks, financial intuitions and governments should come forward and work along with the tech-giants such as Google, apple, Microsoft, facebook etc. to develop the revolutionary but secured and stable transaction system using “digital currency.”
  18. GROUP F ROOM NO. 39