Electronic currency

Electronic currency is also known as e-money or electronic money, digital cash or digital currency. It can be explained as the act of users buying goods through the internet. The money can be only be exchanged electronically. Usually, this will involve the use of computer networks, internet, and digit value systems. These institutions became popular in the 1980s among domestic right-wing extremists. By using e-currency, it provides some of the benefits and disadvantages to the users.

Advantages of Electronic Currency Payment System
By using e-currency, it will be safe from natural disasters like tsunami. It is because there is no physical currency. Base on the records from various servers, the restoration of the record is very simple.

Electronic currency payment can also easily replace the cheque book. The online payments are definitely far more easier and secured compared to paper transfer of money. It can save plenty of time because users do not have to queue up and wait at the bank.

Above and beyond that, the holders will not have to fear or worry about robbers as and when they are dealing with the physical cash for depositing and withdrawal purposes.

The privacy and confidentiality of the customer’s information will be protected by the usage of the electronic payment system.

Disadvantages of Electronic Currency Payment System
Electronic currency is facing a lack of records and difficulty to determine the identity that receives the money. As a result, the fraudster can easily carry out illegal activities over internet such as money laundering and etc.

Moreover, peer to peer double spending is also one of the significant disadvantages. Only when the consumer uses a peer-to-peer transaction, does the drawback surfaces. The bank is able to check the serial number of each coin in a transaction against its database of spent coins, and if the coin has been spent, the transaction will be denied.

Apart from that, let us introduce the many types of electronic currency that are in existence: click and buy, peppercoin, digicash and etc.

Click and Buy














Click and buy is one of the payment systems on the internet. About 26 countries have more than 14,000 merchants benefit from this complete service. It eases users in buying and selling online. Click and buy internet payment and billing system are one of the market leaders in whole of Europe. Normally, it is used by msn, Skype, ScanDisk, Apple iTunes, and etc.

Peppercoin

In the light of the current events, Chockstone had announced that it has acquired Peppercoin, which is a provider of card-based merchant loyalty programs and related consulting services. In order to tie customer loyalty programs to credit and debit cards at the point of sale, leading restaurant brands used the Peppercoin’s PCI-compliant services. Peppercoin also develops and markets an innovative suite of products and services for processing the payments to increase the revenue through the sale of low-priced offerings.
Related Link:-
Peppercoin acquired by Chockstone


DigiCash
DigiCash is another type of electronic currency. DigiCash Inc. was a pioneering corporation which is founded by David Chaum in 1990. However, it was declared bankruptcy in 1998 and the assets were sold to eCash Technologies. DigiCash allows consumers to make any amount of anonymous payment against other e-cash schemes. DigiCash will become more innovative and transform the online incentives into powerful new tools, establishing a strong, high-value connection between ecommerce companies and consumers.

Other Related Links:-
The New Money
Major e-micropayment vendors
GIST ABOUT E-CURRENCY SYSTEM