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

[Cryptoinvestor 25]

Of course, because digital money and cryptocurrency are actually totally different things. Crypto is a revolution in the world of finances, that makes it impossible to create more coins then planned. This is the main tools against inflation.

[St3lmaPl 78]

For me personally, virtual money is much more convenient as it is tied to the bank.
Cryptocurrency is still underdeveloped in everyday life, in my opinion, but I believe that it is the future.
Literally a couple of years and we will see the first crypto stores

[Tranzc 64]

On 20/3/2020 at 4:18, johant123 said:

Al leer las publicaciones aquí, parece que muchos no entienden la diferencia entre el dinero digital y las criptomonedas.

 

El dinero digital es dinero que fluye a través de las redes en forma digital. Eso puede ser todo, pero generalmente es dinero fiduciario digital, respaldado por bancos centrales. Piense en euros o dólares, pero luego en forma electrónica, en lugar de impresos en papel. El canal está encriptado, como suelen ser las transacciones, pero la moneda no depende de él.

Las criptomonedas son una forma de dinero que se basa en la criptografía y, por lo general, tienen un sistema descentralizado como base (en lugar de estar respaldado por una autoridad central). A diferencia del dinero digital genérico, las criptomonedas obtienen su seguridad del no repudio de las cripto transacciones.

 

Entonces, donde puede tener una cuenta bancaria con dinero digital, almacenado en un lugar , en algún lugar de una base de datos, sus criptomonedas generalmente dependen del almacenamiento descentralizado y las transacciones encriptadas.

For my digital money, it is anyone that can be used to pay for a good or service on the internet or, through the internet and that therefore can be exchanged for fiat money, but if we go to a slightly more general comparison, cryptocurrencies would be part of that digital money, since they manage the same system in terms of payments and storage, with the great difference that when changing cryptocurrencies to local money, it would go from being digital money, to becoming a good, since it is not Accepted in most countries and I think in none, as an authorized means of payment.

[JhoserLG 25]

Friend, I find your explanation interesting and very valid, in noting the difference between cryptos and digital money.

[minoooo5 76]

Thanks for sharing this kind of information Yes it's true. There is a big difference between digital money and cryptocurrencies, as digital money has an alternative on the ground in the form of paper, while cryptocurrencies exist only in the online world. Hope many people know from this.

 

[Sajjad noori 53]

Official currencies such as the dollar or the euro are issued by the central bank of each country. The central bank must have some valuable objects such as gold as support for this published money. But digital currencies are not like that and most of them are published without any kind of physical support.

Of course, there are exceptions. For example, the OneGram digital currency, offered by an Emirati startup that complies with Islamic law, is backed by gold.

What is the second difference between ordinary money and digital currency? This difference is related to the structure of their transaction. In online transactions between two people, there is usually an intermediary such as a bank that monitors it. But the transfer of digital currency between two people is done on a peer-to-peer (P2P) basis. Instead of having a central intermediary such as a bank, the correctness of a digital currency transaction is verified by a network of users on the blockchain network.

Digital currency is fundamentally different from official currency. The irreversibility of digital currency transactions is the third difference. Normally, in online purchases, in the event of a problem or objection from the payer, it is possible to track and cancel the transaction. But transactions in digital currencies are a little different. Let us illustrate this with an example.

Suppose you make an online purchase from a sports store with digital currency. Your transaction receipt and the amount transferred are available. If you regret and cancel this purchase, the store can refund the transaction amount to you, but sending a transaction to the wrong address means that the money is lost forever, unless the owner of that address is a conscientious person. Return the money to you.

Worse is sending it to an address that has no owner. In that case, that transaction is lost and your money will never be returned to you.

Maintaining user identity is the next difference. In routine online transactions, the user's identity is verified, but in digital currencies the user's identity is preserved. Of course, from time to time, news is published about the possibility of identifying users in this space. Also, the fee for digital currency transactions is lower than usual or sometimes even zero.

[ahmed bika 18]

Digital money is a balance or a record stored in a distributed database on t he Internet, in an electronic computer database, within digital files or within a stored-value card.                                                                     cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies...

[Mathiasdgreat 121]

Additionally, digital currencies also known as electronic money (e-money) are centralized, which means that transaction within the network is regulated in a centralized location like in the bank while cryptocurrencies on the other hand are decentralized, and the regulations inside the network are purely governed by the majority of the community.

[Oscar Polanco 66]

The difference between digital currency and cryptocurrencies is that digital currencies have a bank who controls them, while cryptocurrencies do not, and that gives bitcoin an advantage because it is a decentralized currency which allows making exchanges in a short period of time, apart that you can send bitcoin anywhere in the world, which cannot be done with digital currencies

[Diego Alfredo Moral 28]

On 3/20/2020 at 6:18 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.

 

Good evening, how's the group? Always very good information is about Bitcoin and other cryptocurrencies. Thank you very much for the information.

[el_caxper 25]

I have read many posts on this topic and I agree with the information shared. Digital currencies are ultimately controlled by governments while cryptocurrencies are not.
 

[Jami273 2020]

On 3/20/2020 at 3:18 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.

All the currency that can be transfered through online are digital money.Fait currency can be included in digital money by online banking and different wallet.And crypto currency is one kind of currency which can only be used through online.So crypto is one kind of special digital money as it is fully digitalized.

[Alfonzuelo 25]

I agree with you and I find what you said very interesting. Furthermore, Ecoin also seems to be a very good project, even though lately it has not caused much commotion and is related to more platforms and projects, its future looks very good.

[josefjimenez 100]

I understand that cryptocurrencies are going to replace digital money within the next 50

[smil113 287]

Sure

 

Digital money is kinda everything that u use to pay online 

Cryptocurrency is more complex and safe

It's a coin/token that uses blockchain and to be send and received there is a special consensus mechanism.

 

So seeing coin/token on your balance on blockchain and having your private key = it's 100% yours and only u own it

 

With digital currencies it's different

 

Please press like if u like the answer 😌

 

Edited October 8, 2020 by smil113

[nestor14 208]

To add a little more to your publication, not all digital money is backed by a bank, because you can have digital or electronic money in payment processors such as Paypal, Uphold or Airtm and not necessarily backed by a bank, in my case I do not have account in any US bank but I have USD money in one of those wallets, also understand this matter

[Dormilon 2183]

Well, clearly there are many differences between digital money and cryptocurrencies, for example digital money is based on the impression that it is given by governments and its scope is practically infinite in its quantity, whereas cryptocurrencies are mostly They have a supply cap, your clarification on the difference is very good, the two are not the same, but many of us use the term based on physical money against cryptocurrencies and this makes us call it this way.

[Shubham07 14]

Basically digital money is very common because it is very common and used very often by many but if you talk about crypto currencies these are not very common for your daily transactions. We can say crypto currencies is more popular Between the peoples who are investing digitally and digital currency is popular among all.

[bra231997 215]

On 3/20/2020 at 6:18 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.

today cryptos are being used as the only means of payment in shops in some nations of the world

[Rosarvx 965]

digital money are centralized storage all the transactions are verified, cryptocurrency price depend on the trading volume so anytime it price can down

[Charlyq34 363]

Thank you. I consider it relevant to know the difference between digital money and cryptocurrencies, we can say that digital money is still conventional money but without removing it from the bank, while cryptocurrency has its origin in cryptography.

 

SailorMoon.

[Goyaa 2414]

Digital currency is fiat currency in digital form issued by banks because it is impossible for all fiat to be printed on paper. Whereas cryptocurrency is a currency created with a strong graphical crypto to secure financial transactions, control the creation of additional units, and verify additional assets, it is generally decentralized.

[scorpiali 5626]

It's good to know that, there is a big difference between the digitisation and the crypto currency, as you say to digital money is to use the internet to transfer money not in the blockchain like crypto currency 

[Sofia Bravo 704]

very good information since I was not aware of this, it is practically the same only that digital money is backed by banks and cryptocurrencies are not

[Bsh 75]

Thank you, my friend, for publishing these important topics .. At first I was ignorant of the difference between money and currencies, but by following up and in depth I got to know the difference, and for me it is that cryptocurrencies are circulating on the Internet and cannot be controlled .. while digital money exists in the form of papers