Digital currency, as the name suggests is a form of currency which doesn’t exist physically, like coins and banknotes, but is available in digital form. It is a payment method that exists in electronic form and Digital currency can be transferred by means of latest technology using internet via computers and mobile phones. It was in 1983, a research paper by David Chaum introduced the idea of digital cash for the first time. In 1990, he started an electronic cash company, in Amsterdam to commercialize his research ideas. Digital currency has peculiarities similar to physical currencies, and in addition, it also allows borderless transfer of ownership and instantaneous transactions. Similar to the traditional money, we can buy goods and services using digital currency, but it can most often be restricted to be used inside certain communities like online games or some social networking sites.
Virtual currencies and Cryptocurrencies are the two categories of digital currency. As the Digital currency has only a limited number of users and are not widely accepted by most, tax treatments of Digital currencies in different countries is still at the juvenile stage, and in most countries, not even evolved. Also, the infrastructure needed to support digital currency is still being determined and developed. An advantage of using Digital currency is that, since payments and transactions are made directly between two persons, the payer and the payee, there is no room for intermediaries to interfere in between. The transaction process steps are fully free of any service charges or a third-party intervention like the intervention of banks and others in traditional payment methods. Digital currencies clear off the hindrances in transactions and pave simple and transparent way for fund transfer. Also, it eliminates the risk of transporting physical currencies by various organizations. However, Digital currencies are not accepted by the banks; for they are accused of issues like, less security, currency volatility etc. Nevertheless, recent interest in crypto currencies has prompted revived the interest in digital currencies, with bitcoin, introduced in 2008, becoming the most widely used and accepted digital currency.
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