{"id":11050,"date":"2024-02-14T13:16:19","date_gmt":"2024-02-14T18:16:19","guid":{"rendered":"https:\/\/faisalkhan.com\/?page_id=11050"},"modified":"2024-02-14T13:16:27","modified_gmt":"2024-02-14T18:16:27","slug":"digital-currency","status":"publish","type":"page","link":"https:\/\/faisalkhan.com\/learn\/payments-wiki\/digital-currency\/","title":{"rendered":"Digital Currency"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Definition<\/h3>\n\n\n\n<p>Digital currency is a type of currency that is available only in digital or electronic form, and not in physical form, such as banknotes or coins. It is also known as digital money, electronic money, electronic currency, or cyber cash. Digital currencies can be centralized, where a central authority issues and regulates them, or decentralized, where the control and issuance are distributed across users.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Usage Context<\/h3>\n\n\n\n<p>Digital currency is used in a variety of scenarios within the financial industry, including online transactions, peer-to-peer payments, remittances, and as a means of facilitating international trade. It&#8217;s also utilized in digital wallets and mobile payment systems, providing a convenient and fast means of transaction without the physical limitations of traditional currency.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Importance<\/h3>\n\n\n\n<p>Digital currency is crucial in the financial sector for several reasons:<\/p>\n\n\n\n<div class=\"wp-block-stackable-icon-list stk-block-icon-list stk-block stk-38a22db\" data-block-id=\"38a22db\"><svg style=\"display:none\"><defs><g id=\"stk-icon-list__icon-svg-def-38a22db\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 190 190\"><polygon points=\"173.8,28.4 60.4,141.8 15.7,97.2 5.1,107.8 60.4,163 184.4,39 173.8,28.4\"\/><\/svg><\/g><\/defs><\/svg><ul class=\"stk-block-icon-list__ul stk-block-icon-list--column\">\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-ce18c19\" data-block-id=\"ce18c19\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-38a22db\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Efficiency and Speed<\/strong>: Transactions can be processed quickly, sometimes instantaneously, across borders.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-d06ca76\" data-block-id=\"d06ca76\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-38a22db\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Lower Transaction Costs<\/strong>: Digital currency transactions can have lower fees compared to traditional banking and money transfer services.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-2a685b6\" data-block-id=\"2a685b6\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-38a22db\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Financial Inclusion<\/strong>: It offers banking services to the unbanked or underbanked populations, improving access to financial services.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-1812e9e\" data-block-id=\"1812e9e\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-38a22db\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Innovation and Competition<\/strong>: Promotes the development of new financial products and services, enhancing competition and innovation within the sector.<\/span><\/div><\/li>\n<\/ul><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Users<\/h3>\n\n\n\n<p>Users of digital currency span a wide range of entities, including:<\/p>\n\n\n\n<div class=\"wp-block-stackable-icon-list stk-block-icon-list stk-block stk-ea0bc1a\" data-block-id=\"ea0bc1a\"><svg style=\"display:none\"><defs><g id=\"stk-icon-list__icon-svg-def-ea0bc1a\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 190 190\"><polygon points=\"173.8,28.4 60.4,141.8 15.7,97.2 5.1,107.8 60.4,163 184.4,39 173.8,28.4\"\/><\/svg><\/g><\/defs><\/svg><ul class=\"stk-block-icon-list__ul stk-block-icon-list--column\">\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-1df5de5\" data-block-id=\"1df5de5\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-ea0bc1a\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Consumers<\/strong> making purchases online or transferring money.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-c717d92\" data-block-id=\"c717d92\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-ea0bc1a\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Businesses<\/strong> conducting transactions, paying suppliers, or receiving payments.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-a42a621\" data-block-id=\"a42a621\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-ea0bc1a\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Financial Institutions<\/strong> offering digital currency services to their customers.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-f5ced14\" data-block-id=\"f5ced14\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-ea0bc1a\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Regulatory Bodies<\/strong> and government agencies monitoring and regulating the use and flow of digital currencies to prevent money laundering and ensure compliance with financial regulations.<\/span><\/div><\/li>\n<\/ul><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Application<\/h3>\n\n\n\n<p>Digital currencies are applied in the financial industry through:<\/p>\n\n\n\n<div class=\"wp-block-stackable-icon-list stk-block-icon-list stk-block stk-89d674d\" data-block-id=\"89d674d\"><svg style=\"display:none\"><defs><g id=\"stk-icon-list__icon-svg-def-89d674d\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 190 190\"><polygon points=\"173.8,28.4 60.4,141.8 15.7,97.2 5.1,107.8 60.4,163 184.4,39 173.8,28.4\"\/><\/svg><\/g><\/defs><\/svg><ul class=\"stk-block-icon-list__ul stk-block-icon-list--column\">\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-3dddfc3\" data-block-id=\"3dddfc3\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-89d674d\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Payment Systems<\/strong>: Used for buying goods and services online.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-5d4eaba\" data-block-id=\"5d4eaba\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-89d674d\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Remittances<\/strong>: Facilitating cross-border money transfers.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-91476c7\" data-block-id=\"91476c7\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-89d674d\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Investment<\/strong>: Certain digital currencies are seen as assets and are bought, sold, and traded on various platforms.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-f05c9da\" data-block-id=\"f05c9da\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-89d674d\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Smart Contracts<\/strong>: Automating agreements without intermediaries in certain digital currencies like cryptocurrencies.<\/span><\/div><\/li>\n<\/ul><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Pros and Cons<\/h3>\n\n\n\n<p><strong>Advantages<\/strong>:<\/p>\n\n\n\n<div class=\"wp-block-stackable-icon-list stk-block-icon-list stk-block stk-ffdb8e6\" data-block-id=\"ffdb8e6\"><svg style=\"display:none\"><defs><g id=\"stk-icon-list__icon-svg-def-ffdb8e6\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 190 190\"><polygon points=\"173.8,28.4 60.4,141.8 15.7,97.2 5.1,107.8 60.4,163 184.4,39 173.8,28.4\"\/><\/svg><\/g><\/defs><\/svg><ul class=\"stk-block-icon-list__ul stk-block-icon-list--column\">\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-74e7bf6\" data-block-id=\"74e7bf6\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-ffdb8e6\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Accessibility<\/strong>: Makes financial services more accessible.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-413d2ea\" data-block-id=\"413d2ea\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-ffdb8e6\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Transparency<\/strong>: Blockchain-based digital currencies offer transparency in transactions.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-e074c34\" data-block-id=\"e074c34\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-ffdb8e6\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Security<\/strong>: Enhanced security measures compared to traditional physical currencies.<\/span><\/div><\/li>\n<\/ul><\/div>\n\n\n\n<p><strong>Disadvantages<\/strong>:<\/p>\n\n\n\n<div class=\"wp-block-stackable-icon-list stk-block-icon-list stk-block stk-225f4e4\" data-block-id=\"225f4e4\"><svg style=\"display:none\"><defs><g id=\"stk-icon-list__icon-svg-def-225f4e4\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 190 190\"><polygon points=\"173.8,28.4 60.4,141.8 15.7,97.2 5.1,107.8 60.4,163 184.4,39 173.8,28.4\"\/><\/svg><\/g><\/defs><\/svg><ul class=\"stk-block-icon-list__ul stk-block-icon-list--column\">\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-6f58cf8\" data-block-id=\"6f58cf8\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-225f4e4\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Volatility<\/strong>: Some digital currencies, like cryptocurrencies, can be highly volatile.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-37deb82\" data-block-id=\"37deb82\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-225f4e4\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Regulatory Uncertainty<\/strong>: The regulatory environment for digital currencies is still evolving, which can pose challenges for businesses and users.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-d8b782e\" data-block-id=\"d8b782e\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk--svg-wrapper\"><div class=\"stk--inner-svg\"><svg aria-hidden=\"true\" width=\"32\" height=\"32\"><use xlink:href=\"#stk-icon-list__icon-svg-def-225f4e4\"><\/use><\/svg><\/div><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Security Risks<\/strong>: Despite advantages, digital currencies can be susceptible to hacks, fraud, and cyber-attacks.<\/span><\/div><\/li>\n<\/ul><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Real-World Examples<\/h3>\n\n\n\n<div class=\"wp-block-stackable-icon-list stk-block-icon-list stk-block stk-1f5beef\" data-block-id=\"1f5beef\"><ol class=\"stk-block-icon-list__ol stk-block-icon-list--column\">\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-b499532\" data-block-id=\"b499532\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk-block-icon-list-item__marker\" aria-hidden=\"true\"><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Stablecoins<\/strong>: Digital currencies pegged to a stable asset like the USD, used for transactions and as a stable store of value in the crypto market.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-31cb720\" data-block-id=\"31cb720\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk-block-icon-list-item__marker\" aria-hidden=\"true\"><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Central Bank Digital Currencies (CBDCs)<\/strong>: Several countries, including the Bahamas with its Sand Dollar, are experimenting with or have launched their own digital currencies to enhance payment systems and financial inclusion.<\/span><\/div><\/li>\n\n\n\n<li class=\"wp-block-stackable-icon-list-item stk-block-icon-list-item stk-block stk-d739392\" data-block-id=\"d739392\"><div class=\"stk-block-icon-list-item__content\"><span class=\"stk-block-icon-list-item__marker\" aria-hidden=\"true\"><\/span><span class=\"stk-block-icon-list-item__text\"><strong>Payment Platforms<\/strong>: Companies like PayPal and Square allowing users to buy, hold, and sell digital currencies, integrating them into everyday financial activities.<\/span><\/div><\/li>\n<\/ol><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Analogies<\/h3>\n\n\n\n<p>Think of digital currency as the financial industry&#8217;s email. Just as email revolutionized the way we communicate by making it faster, more accessible, and cheaper than traditional mail, digital currency transforms financial transactions by making them more efficient, accessible, and less expensive than traditional banking services.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Definition Digital currency is a type of currency that is available only in digital or electronic form, and not in physical form, such as banknotes or coins. It is also known as digital money, electronic money, electronic currency, or cyber cash. Digital currencies can be centralized, where a central authority issues and regulates them, or [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":3611,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_uag_custom_page_level_css":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"blocksy_meta":[],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","gb-block-post-grid-landscape":"","gb-block-post-grid-square":"","yarpp-thumbnail":""},"post_excerpt_stackable":"<p>Definition Digital currency is a type of currency that is available only in digital or electronic form, and not in physical form, such as banknotes or coins. It is also known as digital money, electronic money, electronic currency, or cyber cash. Digital currencies can be centralized, where a central authority issues and regulates them, or decentralized, where the control and issuance are distributed across users. Usage Context Digital currency is used in a variety of scenarios within the financial industry, including online transactions, peer-to-peer payments, remittances, and as a means of facilitating international trade. It&#8217;s also utilized in digital wallets&hellip;<\/p>\n","category_list":"","author_info":{"name":"Faisal Khan","url":"https:\/\/faisalkhan.com\/author\/nomismad\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","gb-block-post-grid-landscape":"","gb-block-post-grid-square":"","yarpp-thumbnail":""},"post_excerpt_stackable_v2":"<p>Definition Digital currency is a type of currency that is available only in digital or electronic form, and not in physical form, such as banknotes or coins. It is also known as digital money, electronic money, electronic currency, or cyber cash. Digital currencies can be centralized, where a central authority issues and regulates them, or decentralized, where the control and issuance are distributed across users. Usage Context Digital currency is used in a variety of scenarios within the financial industry, including online transactions, peer-to-peer payments, remittances, and as a means of facilitating international trade. It&#8217;s also utilized in digital wallets&hellip;<\/p>\n","category_list_v2":"","author_info_v2":{"name":"Faisal Khan","url":"https:\/\/faisalkhan.com\/author\/nomismad\/"},"comments_num_v2":"0 comments","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.6 (Yoast SEO v22.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Digital Currency - Faisal Khan<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/faisalkhan.com\/learn\/payments-wiki\/digital-currency\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Digital Currency\" \/>\n<meta property=\"og:description\" content=\"Definition Digital currency is a type of currency that is available only in digital or electronic form, and not in physical form, such as banknotes or coins. It is also known as digital money, electronic money, electronic currency, or cyber cash. 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