What is a Digital Currency?
As the name suggests the Digital Currency means a currency in digital form. Let's break this phrase into two words, Digital and Currency and explain one by one.
Currency means money that can be in any form soft or hard. Hard money is one which we can touch and keep in our drawer or bank account or in our pocket. Hard money is always issued be any central authority such as National Banks of any country, e.g Bank of America, Bank of China, State Bank of Pakistan. These issuing authorities have full control over the supply and demand of its currency and can issue and redeem at their own will.
Process of printing Dollars
Pak Rupees Issued by the State Bank of Pakistan
Digital means anything in digital format. Digital format is actually the internal language of computer and internet technology. So, any currency which is managed through computer and internet technology is called Digital Currency.
Digital Currency is the latest form of money. More Specifically this form of currency is called Cryptocurrency because it is designed through cryptography. It is a decentralized currency as no country or central bank can control it. It is managed through a network of Blockchain.
There are many cryptocurrencies in issue. Some of these are;
Bitcoin
Ethereum
Ripple
Bitcoin Cash
Cardano
Stellar
Litecoin
EOS
NEO
NEM
These currencies are traded on many exchanges. Some of the exchanges are;
Bitfinex
Binance
Kraken
Bitstamp
Bittrex
HitBTC
itBit
LakeBTC
Urdubit
Localbitcoins
Note: Invest in these currencies after obtaining enough knowledge about it.
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