Do you understand the difference between digital money and crypto currencies?

[johant123 1559]

Reading the posts here, it seems like many don't understand the difference between digital money and crypto currencies.

 

Digital money is money flowing across networks in digital form. That can be everything, but usually is digital fiat money, backed by central banks. Think of Euros or dollars, but then in electronic form, instead of printed on paper. The channel is encrypted, as are usually the transactions, but the currency does not rely on it.

Crypto currencies are a form of money relying on cryptography, and usually having a decentralized system as basis (instead of backing by a central authority). In contrast with generic digital money, crypto currencies derive their safety from the non-repudiation of crypto transactions.

 

So where you can have a bank account with digital money, stored in one place, somewhere in a database, your crypto coins typically rely on decentralized storage, and encrypted transactions.

[tienda 8776]

Thank you for sharing this information, yes is right what you said here, and also the digital fiat money named as E-currencies, right now there many who do this service like PayPal, Skrill, Nettler.... but all are related or backed by banks. 

[Ch Ayyan 9781]

You describe  well  about  crypto  currency eve I don't  know  about  it before  I consider  crypto currencies  and digital  currencies  same. Thank you.

[Beromnia 733]

Welcome with me
Many thanks, good topic
The term digital currency is often used here in the forum on the basis that it is the cryptocurrency, this is a mistake that I wish members to correct, because there is a big difference between the digital currency and the cryptocurrency.

[Brand1 1336]

This is true. There is a big difference between digital money and cryptocurrency, where digital money has an alternative on the ground in the form of papers, while cryptocurrencies are present in the world of the Internet only.

[Mcd0d0 5882]

Thanks for sharing this kind of information mate, there are many people are still didn't know what is the difference within the two, i hope that many people will be know about from this.

[Omar Ommeish 4872]

Thank you
This post is very important for many beginners, so the satoshi we earn from the forum is cryptocurrency.

[George10 9932]

Thanks for this clear and straight forward helpful clarifications on the different between digital and cryptocurrency to add on digital currency is fiat funds flowing electronically while cryptocurrency is the currency of the internet and doesn't have a physical paper currency.

[Nezar 7169]

Share value and very useful, thank you I think that paper currencies will never be abandoned and permanent dependence will remain in life on them and cryptocurrencies will have a very simple role in some purchases in the countries of the world

[Upright 2688]

On the way of getting the difference on my own reasonings, is of that E-money doesn't have a system which E money are being created as it based on Fiat being the essential need for money to being transform into an electronic wallet. While Cryptocurrencies are created from a source as they can also mined up. 

[tariqul 566]

Digital currency is a transaction through our bank which is controlled by our central bank and the currency is a digital market system through which we can control ourselves through earning, but the currency is fully regulated, but how can we meet our need by converting digital currency.

[iloveyobit 6599]

Cryptocurrencies are all the currencies in reality that are centralized or that belong to a designated country. As for cryptocurrencies, they are decentralized currencies located on the blockchain like btc , eth ..

[AmjadBydn 0]

Yes theres is a difference for sure ! but when I was newbie here I wasn't knew this information ! so your post helped many new people here ! thank you a lot ! 

[malik6314193 5449]

Yes you are right but i want to add something that crypto is also a digital currency. Digital currency is that currency which operate digitally and crypto also operate digitally 

[Calvinpriva 17296]

Sorry friend but i didn't understand you! I think crypto currency are also digital money because we can't touch them, we can only use them online (digitally) i think you were asking the difference of fiat money and crypto currency.

[Grgsuli 72]

On 3/20/2020 at 11:18 AM, johant123 said:

Reading the posts here, it seems like many don't understand the difference between digital money and crypto currencies.

 

Digital money is money flowing across networks in digital form. That can be everything, but usually is digital fiat money, backed by central banks. Think of Euros or dollars, but then in electronic form, instead of printed on paper. The channel is encrypted, as are usually the transactions, but the currency does not rely on it.

Crypto currencies are a form of money relying on cryptography, and usually having a decentralized system as basis (instead of backing by a central authority). In contrast with generic digital money, crypto currencies derive their safety from the non-repudiation of crypto transactions.

 

So where you can have a bank account with digital money, stored in one place, somewhere in a database, your crypto coins typically rely on decentralized storage, and encrypted transactions.

Thank you for this information. So, the main difference between digital and crypto currencies is that cryptocurrencies cannot be turned into physical money, unlike digital.

[rekter 8129]

11 hours ago, Grgsuli said:

Thank you for this information. So, the main difference between digital and crypto currencies is that cryptocurrencies cannot be turned into physical money, unlike digital.

No, that's not at all what he said. Cryptos can be easily turned to physical money as they have value, that's not an issue, they are most just not pegged with them. Cryptocurrency is also digital money, but mainstream of digital money is not cryptocurrencies, It's fiat money.

 

Just read the text again, it is actually good explanation, i know that these can be hard concepts.

[Dark_Sky 8489]

On 3/20/2020 at 5:18 PM, johant123 said:

Reading the posts here, it seems like many don't understand the difference between digital money and crypto currencies.

 

Digital money is money flowing across networks in digital form. That can be everything, but usually is digital fiat money, backed by central banks. Think of Euros or dollars, but then in electronic form, instead of printed on paper. The channel is encrypted, as are usually the transactions, but the currency does not rely on it.

Crypto currencies are a form of money relying on cryptography, and usually having a decentralized system as basis (instead of backing by a central authority). In contrast with generic digital money, crypto currencies derive their safety from the non-repudiation of crypto transactions.

 

So where you can have a bank account with digital money, stored in one place, somewhere in a database, your crypto coins typically rely on decentralized storage, and encrypted transactions.

Yes this is the difference of cryptocurrency and digital currency. 

I see some people in cryptoworld don't know the difference of that and think they are the same. 

[Zaino34 0]

You are right in your words, there is a difference between banknotes and digital currencies and cryptocurrencies, as cryptocurrencies are intangible and there are no securities on the ground.

[ahmedasd 192]

wow thanks for this post i wasn't know that are different but i have question can bitcoin be a digital money in future and you can take your bitcoin from banks like dollar or euro can this be.

[bliznec 22267]

As for me, digital currencies, they may include the dollar, euro, rubles. Yes, I understand that they have and what is the difference between digital currencies and cryptocurrencies.

[Bruno52 1141]

Thank you very much for this educational post as it has thought me and all the members of the forum about the difference between digital currency and crypto currency. Keep educating us with these useful topics.

[bentayebsalah 2280]

Yes, digital money is the one that deals with Paypal, Visa Card and Master Card
Cryptocurrencies are like Bitcoin and are decentralized and have no bank and cannot be used like paper money

[Virgil dijk 1431]

Wow this is really nice , you actually explained everything about the two currencies and with your explanation I under everything about the two currencies and I now know the difference between them.

[Raven 7817]

On 3/20/2020 at 5:18 PM, johant123 said:

Reading the posts here, it seems like many don't understand the difference between digital money and crypto currencies.

 

Digital money is money flowing across networks in digital form. That can be everything, but usually is digital fiat money, backed by central banks. Think of Euros or dollars, but then in electronic form, instead of printed on paper. The channel is encrypted, as are usually the transactions, but the currency does not rely on it.

Crypto currencies are a form of money relying on cryptography, and usually having a decentralized system as basis (instead of backing by a central authority). In contrast with generic digital money, crypto currencies derive their safety from the non-repudiation of crypto transactions.

 

So where you can have a bank account with digital money, stored in one place, somewhere in a database, your crypto coins typically rely on decentralized storage, and encrypted transactions.

Thanks for sharing this valuable information. As far as i know the crypto currencies are the one who gave us a digital money or real money. Example of crypto currency is this forum and the example of digital money is the prize that we could get in this forum.