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What are digital currencies?

Written by ammarey

What are digital currencies?

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Digital currencies are a form of currency that exists only in digital form and is not tangible They are based on cryptographic algorithms Digital currencies use cryptography to control the creation of new units and to verify transactions One such form of digital currency is called Bitcoin Bitcoin is an anonymous decentralized electronic payment system which allows its users to conduct transactions without an intermediary meaning no banks! The first implementation of this idea was Bit Gold created by Nick Szabo in 1998 long before Bitcoin came into existence

A digital currency is a virtual form of currency that is used as a medium of exchange Digital currencies are not used in any physical way such as coins or paper money They are purely electronic and can be used to purchase goods and services online as well as in physical stores that have agreed to accept them

What are digital currencies?

A digital currency is a type of currency available only in electronic form not in physical (such as banknotes and coins) It exhibits properties similar to physical currencies but allows for instantaneous transactions and borderless transfer-of-ownership Examples include virtual currencies and cryptocurrencies or even central bank issued “digital base money” Like traditional money these currencies may be used to buy physical goods and services but may also be restricted to certain communities such as for use inside an online game or social network

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