Understanding Digital Money vs. Cryptocurrency- WeGain
Digital money has been conceived of since very early in the age of the internet. Several digital cash companies were founded in the early 1990s, the earliest and best-known of these being DigiCash. However, most of these early initiatives failed or declared bankruptcy quickly because eCommerce had hardly integrated into the internet and there were few retailers that would accept the early digital currencies. The advent of PayPal brought forth the idea of easy-to-use digital financial transactions. Financial services companies facilitate digital money transfers and foster online transactions between complete strangers across long distances. Without digital money, many online retail websites would operate much less efficiently. Digital money also makes it possible to bank online or via smartphone, eliminating the need to use cash or to visit a bank in person. Banks have felt the effect of the accessibility of digital money, and in response closed branches and fired many retai...