cross
Back
 

What is Digital Currency? Difference between digital currency and Cryptocurrency

Home/ What is Digital Currency? Difference between digital currency and Cryptocurrency

IdealAssignmentHelp | 24-10-2019

What is Digital Currency? Difference between digital currency and Cryptocurrency

What is Digital Currency?

Digital currency is a type of currency that exists in electronic form. It is used to make transactions of payments and receipts to one another through your computer, mobile phone. The payment is made with the help of an internet connection. Money in the form of digital currency can be transferred to any place in the world in no time. Nowadays business is expanding rapidly. A smooth transaction of money is the base to sustain any business. With the use of digital currencies, companies around the world have become capable of making and receiving payments in no time. Not only in business, but digital currency is also used by people in making their transactions. They can buy things online and make instant payments. Not only aiding people to meet their business and personal requirements, digital currencies have also succeeded in reducing the burden of carrying hard cash. Before the use of digital currencies, people use to stand in long queues in banks and make their transactions. This involved a huge wastage of time and also had a fear of your money being stolen. Digital currency is also known as digital money or cybercash.

What is Cryptocurrency?

Cryptocurrency is a digital currency. It uses cryptography for its security. Cryptographies have a very robust security system. It is based on blockchain technology. However, Cryptocurrency is not used in all countries because of its regulation. In many countries, it is even banned. Blockchain is a type of database that is used for recording all the transactions. The blockchain enables data to be stored in the form of blocks. In simple words, the blockchain is a record-keeping technology. There are many types of the blockchain. Such as Bitcoin, Litecoin, Ripple, etc. The cryptocurrency was invented by Satoshi Nakamoto. The main uses of Cryptocurrency are to make the transactions at a very low cost. It enables the user to store their wealth in an alternative medium. Companies can make non-cash transactions using Cryptocurrency.

People usually get confused between digital currency and cryptography. The main purpose of both the currencies is to store the hard money in a digital format. But the main difference lies in its creation, its uses, and its encryption. Digital currencies can be traded through any bank or any financial institutions. Therefore, it is under the direct regulation of the government. On the other hand, Cryptocurrency is not traded through any established financial institutions. Therefore, it is unregulated.

However, there is a difference between digital currency and Cryptocurrency. It is underlined as under:

  1. Digital currencies are centralized in nature. The regulation of digital currency is being managed through a centralized location. On the other hand, Cryptocurrency is decentralized in nature. It is managed through a community.
  2. Digital currencies are non-transparent. All the information regarding the transaction of digital currency is kept very confidential and private. On the other had Cryptocurrency is transparent. The entire transaction can be viewed from its inception through the blockchain.
  3. Digital currencies are authorized by a central authority. It is completely regulated. It is bound under a given law of government. On the other hand, Cryptocurrency is not regulated by the government. Different communities have different rules and regulations upon their Cryptocurrency. There is no definite law binding over it.
  4. Digital currency is a virtual currency. It exists in a specific digital space. On the other hand, Cryptocurrency is both digital and virtual currency. It is created using some algorithmic codes.
  5. Digital currency is simply a digital version of currency. On the other hand, Cryptocurrency is created and decentralized by using cryptography techniques.
  6. Digital currencies are used to make any online transactions. On the other hand, Cryptocurrency cannot be used to make online transactions.
  7. Digital currencies are accepted in all parts of the world. They are regulated under a common mechanism. On the other hand, Cryptocurrency is not accepted everywhere. They are only accepted within the community in which they are traded.
  8. Digital currency is not encrypted using a special code. It is not 100% secured. On the other hand, Cryptocurrency is encrypted using codes under algorithm. It is secured and cannot be easily hacked.

These were the above-mentioned differences between a digital currency and a Cryptocurrency

Why us?

IdealAssignmentHelp is one of the best companies offering assignment help service to students. We have succeeded in making thousands of attractive and creative assignments. We are the best company in this line of business.

We owe all our success to our academic writers. No matter how hard the topic be, our experts are well capable of completing it within the deadline specified. Our experts are PH.D. qualified from renowned institutions. They are selected based on their knowledge, skill, and experience in academic writing. All our assignments are written in their own words. We do not use any type of software or application to write the assignment. Our content is 100% original with no plagiarized statement included. We have endeavored in satisfying all the students with our service who are looking out for finance assignment help.

Our my assignment help customer care team work day and night in solving all the grievances of the students. Students facing any issues can contact us whenever they want. We promise you to solve all your issues in no time

Our service is available at the most affordable price in the market. We also offer a discount to our new customers. We understand that students have to manage their whole expenses in their pocket money. Keeping this in mind, we have formulated a very reasonable price for your assignment jobs.

We also have an online tutorial class where students can enroll themselves and learn how to write a good assignment. We understand that students do not get proper training and knowledge to make their assignments attractive and creative. Students willing to learn can master the skills in making assignments by undergoing our courses.

We can make an original new assignment for you and also work on your pre-started assignment./ Our process is also very easy. Just visit our site, enroll yourself, fill in the details and make the payment. We promise you to deliver the best of our services in no time.

Hire us and you won't be disappointed! Your good grades are just a click away!

order now

Testimonials

I would like to thank the entire team of Ideal Assignment Help for providing me support on assignment well within my budget. A big thanks to the customer support team for their prompt response to my queries and doubts.

user Julia
Sydney

I am a student in my final year of graduation. Last semester is all about assignments and reports and I was burdened with so many projects that I needed assignment assistance. Thanks to Ideal Assignment Help. They are a life saver!

user Lucas
Melbourne

I was afraid I might lose scores in my accounting assignment. I came to know about Ideal Assignment Help. I took a chance and to my surprise, you people proved me wrong with your impeccable writing services. Great work!

user Scarlett
Perth

I have tight budget due to college expenses. You guys have provided me with quality and pocket friendly services. The assignments written are according to my requirements and rubrics marking scheme. I will surely avail your services again.

user Molly
Canberra

Other Students are using Ideal Assignment Help, Are you the only one left Behind?

order now

Chat Now