"E-cash" and "Internet money" redirect here. For the 20th century brand, see Ecash. For the record label, see Internet Money Records.
Taxonomy of money, based on "Central bank cryptocurrencies" by Morten Linnemann Bech and Rodney Garratt
Digital currency (digital money, electronic money or electronic currency) is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency. Digital currency may be recorded on a distributed database on the internet, a centralized electronic computer database owned by a company or bank, within digital files or even on a stored-value card.[1]
Digital currencies exhibit properties similar to traditional currencies, but generally do not have a classical physical form of fiat currency historically that can be held in the hand, like currencies with printed banknotes or minted coins. However, they do have a physical form in an unclassical sense coming from the computer to computer and computer to human interactions and the information and processing power of the servers that store and keep track of money. This unclassical physical form allows nearly instantaneous transactions over the internet and vastly lowers the cost associated with distributing notes and coins: for example, of the types of money in the UK economy, 3% are notes and coins, and 79% as electronic money (in the form of bank deposits).[2] Usually not issued by a governmental body, virtual currencies are not considered a legal tender and they enable ownership transfer across governmental borders.[3]
This type of currency 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.[4]
Digital money can either be centralized, where there is a central point of control over the money supply (for instance, a bank), or decentralized, where the control over the money supply is predetermined or agreed upon democratically.
^Al-Laham, Mohamad; Al-Tarawneh, Haroon; Abdallat, Najwan (2009). "Development of Electronic Money and Its Impact on the Central Bank Role and Monetary Policy" (PDF). Issues in Informing Science and Information Technology. 6: 339–349. doi:10.28945/1063. Retrieved 12 May 2020.
^"How is money created? - Bank of England". Retrieved 4 September 2022.
^Cite error: The named reference BIS2015 was invoked but never defined (see the help page).
^"Digital currencies are impacting video games with..." Offgamers. Archived from the original on 22 November 2018. Retrieved 6 November 2018.
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