Cyber Money, The Digital Currencies, E-Commerce

 Date: December 15, 2020

Title: Cyber Money, The Digital Currencies

Cyber money is also called digital currency, is a category of money represented in "electronic form" for financial transactions over the Internet. Mostly, virtual currencies are unregulated digital currencies that are issued and controlled by their developers.

Virtual money

To define it strongly, virtual money consists of value units, which are stored on electronic media and can be used to conduct payments. Or, to define it comprehensively, virtual currencies are all means of payments that lead to a substitution of notes and coins and bank reserves. The protection against theft can be ensured via an encrypted disc area or money storage on a separate medium.

However, one of the biggest challenges for virtual currencies is the authorization. Who is authorized to issue these currencies? And how to handle the exchanges of global multiple currencies from different countries? Moreover, the more anonymous a currency is, the more attractive it is to criminals

Many of these currencies have not yet seen widespread usage, and not be easily used or exchanged since banks generally do not accept or offer services for them. I think the value of virtual money such as Bitcoin, is largely just speculative trading.