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

[Cryptomint 433]

On 3/20/2020 at 2:18 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 my dear friend this is a good information which you have shared with us. And this information should be shared further.

[The Game 2059]

Absolutely correct mate and well said you see in term of digital money these are money that are meant to be control online unlike crypto currencies that are decentralized currency however is a good idea that you brought something up like these at least some members will knows the difference.

[Hamdan khan 455]

Thanks for sharing this information i think that crypto and digital are the same currency but now i can differentiate both of them. See that is why crypto talk is also a source of learning

[mzk7736 1592]

Digital currencies can also be based upon fiat currency and backed by different countries and banks. While cryptocurrencies are decentralized and not backed by any country. They are very efficient source for overseas transfer of money.

[Mamba79 682]

Digital money is, in general, any means of monetary exchange made by an electronic means, while crypto-currencies are virtual and digital money, but unlike other virtual currencies, they do not have a centralized control

[Brandonsaw 1973]

A digital currency is very different from a cryptocurrency, the digital currency is used for video games or for online purchases, but the cryptocurrency is an anonymous currency that its price depends on the demand and supply and there are only few currencies and in the digital currency there is no  total of coins and will always have the same price.

[Mohammadnour 1372]

Hello friend, thank you for this information. For me, I did not know the difference between cryptocurrencies and digital money, even I thought it the same. Thank you for this explanation

[Lo97 52]

Digital currencies are the money used on the Internet. They are digital money that exists in the form of numbers. It has no physical equivalent in the real world, but digital currencies have all the characteristics of traditional money. Just as local money, you can obtain it, transfer it or exchange it for other currencies. You can use it to pay for goods and services, such as filling phone and Internet accounts, buying online, paying for bills… Digital currencies have no geographical or political limits. Transactions may be sent from anywhere to any point in the world. Digital accounts and wallets can be considered bank deposits. Cryptocurrencies are a diverse group of digital currencies but cryptocurrencies that have their own system, an asset that is used as a medium of exchange.

[jnbezchess 1066]

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.

Thanks for this information. Is my understanding correct that: Cryptocurrencies are basically digital currencies, but they have many other advantages, including decentralization?
 

[Sairaranjha 674]

Thank you for explaining the difference between digital money and crypto currency .now I understand the difference between these two money's.

[lari0695 13]

Very good post, I like more the crypto currencies, since these we can pass them to stablecoins that become equivalent to the dollar, this generates an opportunity to be able to sell them crypto currencies USDT to change them by real money.

[MK AHMAD 1134]

Mate you really did a good job thank you for sharing this type of useful information I never knew much that there is much difference between digital money and crypto currency so digital currency is the currency own and authorized by governments like world bank and crypto currencies are cryptography that are usually decentralized by digital system and they derived there safety by independent individuals

[Alimusarabuan 43]

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 co

[Mudassar Ali 482]

Thank you very much for giving this information to provide in digital currency and corruption on currency, I will benefit all the friends of the force and they will be able to get information about it. Paypal, skillers, and master card are digital  currency. Whereas cryptocurrency bitcoin corona  coins  are currencies anyone like this, when is cryptocurrencies much better by pressing my attention.

[mahdititus1666 366]

hi brother your topic is good because have a lot of information and i will explain more than that , 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 , that all i have about that topic , so good luck for you and every one here .

[Roman Wickler 1021]

Yeah there is a huge difference between digital money and cryptocurrency. You can use digital currency in every where like bank ,market, store ,online shopping etc. But with cryptocurrency you can't buy anything. First you have to convert them into digital currency. Then you can use them. So there is a huge difference. 

[Sayed28 563]

Thanks for adding this topic.It has increased my knowledge about the difference of real money and digtal currency. I only knew that it was a digitaly online based money which only exist in online and it can be accessed all over the world  without  carrying in my pocket.And also this post gave me more knowledge about it.

[Alex Fron 602]

Oh that's a great information brother. Since this post, as a beginner, I thought the Bitcoin is a digital currency. I considered the Cryptocurrency as a digital currency till I have read this information. From your post I came to know that there is difference between Cryptocurrencies and Digital currency. Thank you so much for sharing this. ❤️

[Ahmdoof 59]

Thank you, my friend, for this valuable information. This is the first time I hear this good analysis. I wish you success

[Whizdon 441]

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. 

[LeoShourav105 37]

Though cryptocurrency is a type of digital currency, there are some fundamental differences.

Structure. Digital currencies are 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. You’ll need to upload a photo of yourself and some documents issued by the public authorities. Buying, investing and any other processes with cryptocurrencies do not need require any of that. Nevertheless, cryptocurrencies are not fully anonymous. Though the addresses don’t contain any confidential information such as name, residential address, etc., each transaction is registered, the senders and the receivers are publicly known. Thus, all the transactions are tracked.

Transparency. Digital currencies are not transparent. You cannot choose the address of the wallet and see all the money transfers. This information is confidential. Cryptocurrencies are transparent. Everyone can see any transactions of any user, since all the revenue streams are placed in a public chain.

Transaction manipulation. Digital currencies have a central authority that deals with issues. It can cancel or freeze transactions upon the request of the participant or authorities or on suspicion of fraud or money-laundering. Cryptocurrencies are regulated by the community. It’s very unlikely that the users will approve the changes in the Blockchain, although there were some precedents such as the hack of The DAO. However, the amount of money was significant, and the decision was uncertain.

Legal aspects. Most countries have some legal framework for digital currencies, i.e., Directive 2009/110/EC in the European Union, or Article 4A of the Uniform Commercial Code in the US. We cannot say the same about cryptocurrencies at the moment. In most countries, their official status is not defined. The establishment of the legal framework is only in the process...

[Golem king 914]

Thank you so much for your information before reading your post I think that digital currencies and cryptocurrencies are the same thing but now I can understand that these are different things and they can easily be differentiable. Digital currencies are the digital money while the cryptocurrencies are the currencies which are related to the crypto.

[MoralStories 1127]

now in these days the governments of all the worlds are trying to make the cryptocurrency a centralised digital currency with which  they can a forward the taxes on people

[Jidson 252]

As a beginner in Cryptoworld that has no knowledge on Cryptocurrency, all i was thinking before coming across this post is that digital money is same thing as cryptocurrency. Thank you for sharing this with us for some beginners like me to learn from.

[BhenGhix 804]

The most useful post indeed.

Not until now, I've never know or discern about the differences between the two concept.

But thanks to your post dear