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What is E-Currency?
Written by: PaxForex analytics dept - Tuesday, 22 March 2016 0 comments
It's generally known that the safest and most profitable investments you can make on the Internet at the moment are the ones which are made in business of e-currency exchange. There are numbers of available electronic currencies for personal or business use on the Internet. And each of them competes with the others on the concepts of different options (loading the account and withdrawing from it). Most of electronic currencies are converted easily from, and to, and most of them have national currencies background.
Simply put, e-currency, also called e-cash, is the “virtual money” used to carry out business transactions in the Internet these days. Instead of tangible paper money or coins, merchants receive e-currency as the form of payment. On the other hand, online shoppers use it to pay for their online purchases. With the use of this payment method, merchants and shoppers can easily send and receive money.
In 1983, a research paper by David Chaum introduced the idea of digital cash. In 1990, he founded DigiCash, an electronic cash company, in Amsterdam to commercialize the ideas in his research. In 1997, Coca Cola offered buying from vending machines using mobile payments. After that Paypal emerged in 1998. Other system
such as e-gold followed suit, but faced issues because it was used by criminals and was raided by US Feds in 2005. In 2008, bitcoin was introduced, which marked the start of digital currencies.
Since 2001, the European Union has implemented a directive "on the taking up, pursuit and prudential supervision of the business of electronic money institutions" last amended in 2009. Doubts on the real nature of EU electronic money have arisen, since calls have been made in connection with the 2007 EU Payment Services Directive in favor of merging payment institutions and electronic money institutions. Such a merger could mean that electronic money is of the same nature as bank money or scriptural money.
The best way to get profit in e-commerce business is to start trading e-currency. The first thing that you should do is to understand the wide range of advantages that you can get from e-currency trading. Every feature from liquidity to low fees and charges on e-currency trading market makes this market attractive and accessible for every person who is willing to increase his/her income. Transaction fees are as low as it is possible in comparison with bank or credit card fees. It helps to loose less funds on fees and start getting profit in the first months.