This is some useful information about digital currencies.
- A digital currency is a type of currency available in electronic form compared to other forms such as the physical form in banknotes and coins.
- In many cases, if the digital currency is also available in physical form, then it may exhibit identical or similar properties to the physical form of the currency such as value and the rate at which it may be exchanged for other currencies or for goods and services.
- The digital form offers a number of advantages such as the ability to be exchanged electronically, exchanged faster on a peer to peer basis and even in real time in some cases as is the case on the Swifin Platform.
Examples of digital currencies include virtual currency (which may be independently issued and may or may not be linked to the fiat currency of any Country), cryptocurrencies (issued via a decentralised blockchain network), and those issued by the central bank of a Country or monetary union (fiat money in digital form).
- In summary a digital currency represents a monetary balance recorded electronically or stored on a card, mobile App computer or other devises in a way that can be accessed, transferred or exchanged electronically.
- In some Countries the total amount of money that circulates for business and private use in digital form far exceeds transactions completed in physical forms and there seems to be trend to prefer digital vs physical transactions due the the significant benefits of handling digital currency transactions faster and more securely.
