knowledge What is the difference between digital currency and cryptocurrency?

[Emma William 2399]

12 hours ago, Razan alikac said:

Yes, many confuse digital currencies with cryptocurrencies, and think of them as one
 Although cryptocurrencies are a type of digital currency, there are some basic differences between the two.  In terms of structure, transparency, transaction processing and transfers, and legal aspects

Yes, of course, there are many similarities between digital currencies and cryptocurrencies! But I preferred to show the points of difference because that interests us the most!
An example of the similarities between digital currencies and cryptocurrencies: they are intangible, they can only be used with an electronic device

[Yeasin Islam Arafat 60]

I think, digital currencyare centralized; there is a group of people and computers that regulates the state of the transactions in the  network. Cryptocurrencies  are decentralized, and the regulations are made by the majority of the community. Anonymity.digital currencies  require user identification.Thank you for your question. 

[Zzoro6110 19]

Digital currencies are the currencies that are dealt with through the Visa Card and MasterCard, which are dollars and euros, and they have a tangible presence

Cryptocurrencies are currencies that like Bitcoin and Ethereum do not really exist

[Emma William 2399]

15 hours ago, Zzoro6110 said:

Digital currencies are the currencies that are dealt with through the Visa Card and MasterCard, which are dollars and euros, and they have a tangible presence

Cryptocurrencies are currencies that like Bitcoin and Ethereum do not really exist

Yes, this is true, but digital currencies are not limited to the euro and the dollar! Any country can create its own digital currency!
There are many poor countries that have already started creating their own digital currency in order to get rid of the global economic sanctions they are suffering from.

[magd 5231]

It is known that the digital currency is a projection of the currencies of central banks on the Internet, but it is still linked to the central market, as for cryptocurrencies, they are separate currencies that enjoy their independence and follow the decentralized market

[babaji 1228]

On 11/13/2020 at 12:54 PM, Emma William said:

What other differences do you know between digital and cryptocurrencies?

The whole hoopla about everything is the the concept of decentralisation. This word is what differentiates everything, decentralisation means there is not authority in control. That means, the system is free from control and corruption. If bitcoin was not decentralised, then it would not have reached the heights that it has, nor would it capture the imagination of the whole world.  And add to that all the points mentioned in the beginning post, and the fact that it is backed by solid maths, makes bitcoin precious. 

[Cryptonas 1550]

Digital currencies are centralized which means the transaction within the network is regulated in a centralized location like a bank.

While Cryptocurrencies are decentralized, and regulations inside the network are governed by the majority of the platform.....

[Emma William 2399]

Just now, babaji said:

The whole hoopla about everything is the the concept of decentralisation. This word is what differentiates everything, decentralisation means there is not authority in control. That means, the system is free from control and corruption. If bitcoin was not decentralised, then it would not have reached the heights that it has, nor would it capture the imagination of the whole world.  And add to that all the points mentioned in the beginning post, and the fact that it is backed by solid maths, makes bitcoin precious. 

We all know, as you mentioned, that Bitcoin cannot be managed by any administration! Because Bitcoin is an independent currency that never has an owner! Because its owner had previously abandoned it!
The only way to determine the bitcoin price is through supply and demand! There is nothing else that can ever determine the price of Bitcoin!

[riazpakistani 911]

On 11/13/2020 at 12:24 PM, Emma William said:

What is the difference between digital currency and cryptocurrency?

 

I think that many beginners and newcomers do not know that there is a difference between digital currency and cryptocurrency .. so I saw that it is my duty to explain the difference between the two.

The difference between digital currencies and cryptocurrencies is what we will explain to you in this topic, because the encrypted economy is something new to the world, just as cryptocurrencies, many confuse digital currencies and cryptocurrencies, so in this article we will try to know the difference between cryptocurrencies and digital currencies and What are the main differences between the two, cryptocurrencies and digital currencies?

 

Digital Currency

 

Digital currencies are the money used on the Internet. It is digital money in the form of numbers. It has no materially equivalent in the real world. But digital currencies have all the characteristics of traditional money. Just as local money, you can get it, transfer it or exchange it for other currencies.

You can use it to pay for goods and services, such as filling out phone and Internet accounts, buying online, paying for bills ... digital currencies have no geographical or political boundaries. Transactions may be sent from anywhere to any point in the world. Digital accounts and wallets can be considered bank deposits.

Crypto Currency
 

Cryptocurrencies or Cryptocurrencies are a variety of digital currencies but are encrypted with their own system. Cryptocurrencies or Cryptocurrencies are an asset that is used as a medium of exchange. It is considered reliable because it is based on a complex cryptographic system based on cryptography.

One of the primary goals of cryptography is to make communications safe and secure. It creates and analyzes algorithms and protocols that allow data to be encrypted so that no information, how it was, is changed, or allowed to be viewed by third parties. Cryptography is a combination of a large number of different sciences, with mathematics being the primary science in cryptography. Mathematics is responsible for the reliability of the encoded algorithms and protocols.

What are the main differences between the two, cryptocurrencies and digital currencies?
 

• Architecture: Digital currencies are centralized. There is a group of people and computers that regulate the state of transactions in the network. As for currencies, cryptocurrencies or cryptocurrencies are decentralized, based on distributed (computers) systems that manage transactions.
   
• Anonymity: Cryptocurrencies require user identification. He will need to upload his personal photo, some documents issued by the public authorities, proof of address ... and many other documents and procedures that prove the identity of the person. Either purchase, investment, or any other cryptocurrency operations do not need or require any of that needed by digital currencies. However, the cryptocurrencies or Cryptocurrencies are not 100% anonymous. Although the wallets' addresses do not contain any confidential information such as name, residential address, etc.
  
  
  What other differences do you know between digital and cryptocurrencies?

Dear @Emma William nice and informative post for ones who don't know about. This will be very helpful for the precious members.

But dear I want to say that plz reread your post and identify the errors you made. Then make correction in the post.

 

[Emma William 2399]

Just now, riazpakistani said:

Dear @Emma William nice and informative post for ones who don't know about. This will be very helpful for the precious members.

But dear I want to say that plz reread your post and identify the errors you made. Then make correction in the post.

 

Can you mention what are the mistakes that you wrote in the article? Because I read it again, but I couldn't find any error!
If there are really mistakes, then you should correct them for me, and therefore I will correct them within the article ..
Thank you for your efforts.
We all make mistakes and I am not infallible.

[Froshk 1828]

Crypto currencies are mostly backed by the technology that initiated them in addition, they are mostly decentralized unlike the digital currencies as explained in your topic 

[Hasanbydn 59]

Nice article

But I want to know your opinion on the pros and cons of using cryptocurrencies, and do you see that we will reach a time to dispense with digital currencies.

So you can buy everything you want with your cryptocurrency money.

[Emma William 2399]

Just now, Hasanbydn said:

Nice article

But I want to know your opinion on the pros and cons of using cryptocurrencies, and do you see that we will reach a time to dispense with digital currencies.

So you can buy everything you want with your cryptocurrency money.

This has already become a reality! We can now use cryptocurrencies to buy what we need!
I will bring you the best sites for you to buy products with cryptocurrencies
1-Etsy
2-Amazon
3-Microsoft

[Hasanbydn 59]

28 minutes ago, Emma William said:

This has already become a reality! We can now use cryptocurrencies to buy what we need!
I will bring you the best sites for you to buy products with cryptocurrencies
1-Etsy
2-Amazon
3-Microsoft

This is good news

I'm thinking then of using my cryptocurrencies to buy things from Amazon. directly.

This saves a lot of time and money!

 

[Sherrybhai 385]

Digital currency: it had alot of characteristics of natural money like in numbers on internet. It is the form of physical miney but in a digital way.

Crypto currency: is the same as digital currencies but in an encrypted order  

Thats the main difference what i got.

[ETheHedgehog 3104]

thanks for this great topic, not many people know the difference between Digital and Crypto currencies and think they are the same, when in reality Digital money is closer to fiat money than it is to crypto currencies, and the main difference is basically digital money is backed by real money, when a lot of crypto currencies aren't

[CryptoLegendry 505]

The difference is by use! Cryptocurrencies and digital currencies are similar in terms of form, but they are different in terms of use! Many people consider Bitcoin to be a method of payment, but this is a big mistake! Because when bitcoin is paid it is irreplaceable! So Bitcoin is only good for investing!

[Ameralsamt 2558]

Digital currencies are centralized, there is a group of people and computers that regulate the status of transactions in the network. Cryptocurrencies or Cryptocurrencies are decentralized, based on distributed (computer) systems that manage transactions. ... However, cryptocurrencies or Cryptocurrencies are not 100%. 

[Mansoor sumaan 29 0]

You are posting very much informative before you are post I was having the concept that the digital currency and the cryptocurrency are the same thing but now I realize that digital currencies are there conceived which are used for online dealing while the cryptocurrency either you order the marketing investments and exchanges and we can get profit from it another example is that if we purchase a thing from online market then we are using the digital currency I understand this from your post. Am i true!!?

[Nicole018 4548]

Undoubtedly cryptocurrencies would have a considerable stake in the financial system in the future because of these benefits that cryptocurrencies hold. many users worldwide are still apprehensive about investing in cryptocurrencies as it is not a centralised government approved fund transfer in system. There is still I need to increase the awareness regarding the benefits of cryptocurrencies.

[TimopheyKa 3900]

That's right, the cryptocurrency is decentralized, and does not have any single place, it essentially just flies in the Internet space) And as for Fiat, or digital currency - it is tied to some source, and interacts between certain services, while requiring the right feed. To be precise, you can be tracked using digital money, but the cryptocurrency still remains anonymous, and it is much more difficult to track its transactions!

[Sairaranjha 674]

Thanks a lot for this wonder explanation .now I under the difference between digital money and cryptocurrency.digital currency is fully centralized and transsction directories keept secrete while in crypto currency is decentralized and transaction directories are visual to all.

[Iman33 0]

True talk is that virtual digital currencies are secured by cryptography, which makes it nearly impossible to fake or expose them to double spending, as they are decentralized networks of cryptocurrencies, cryptocurrencies, with their own system.

[Al-mubin 301]

Being a digital currency that you can use from anywhere. Digital currency is not seen. But you can be used to purchase different products online etc. In cryptocurrency on the other hand a security is a complete currency. It can be earned from crypto. Basically the difference between the two currencies is in the transaction....

[MK AHMAD 1134]

Hi friends I think I knew little about the difference between digital currency and Crypto currencies but you really make me understand the concept very well thank you for sharing this ideas and I wish we would continue to put ourselves through to be able to achieve our goals and may we all succeed

Hi friends I think I knew little about the difference between digital currency and Crypto currencies but you really make me understand the concept very well thank you for sharing this ideas and I wish we would continue to put ourselves through to be able to achieve our goals and may we all succeed