Basically all digital currencies are in fact “online payment systems” allowing you to transfer instantaneously some value to an individual or a company located anywhere in the world. This transfer could be a simple gift or a payment for an object or a service that you want to get.Main advantages:
They are borderless. A transfer can be sent to anyone in the world.
Transfers are instantaneous, no waiting for checks to clear or credits to be made
Transactions fees are lower than credit cards and banks.
Payments are irrevocable. So no chargeback anymore. "Get paid, stay paid" unlike credit card payments. Who can use them? Simply people who use money:
e-commerce
Business-to-business payments
Point of service sales
Person-to-person payments
Payroll
Bill payments
Charitable donations What is the main difference between digital currencies?
The main difference between digital currencies is the way they are accounted. Some are simply accounted in a specific national currency and some others are accounted in weight of metal like gold or silver.
For example “E-bullion e-currency” and “Liberty Reserve USD” are accounted in USD. So if you have an “E-bullion e-currency” account with a balance amount of 500 then your account value is 500$USD. However if you have an e-gold or e-bullion gold account which is accounted in weight of metal then its balance amount is a number of units of metal not a number of a national currency. That is to say that if you have an e-gold account with a balance amount of 500 it means that you have 500 troy oz of gold. The equivalent current fiat (national currency) values are displayed for reference only, and will fluctuate with the current market price Although digital metal currencies are accounted by weight, their payment system allows a value transfer to be expressed in terms of different national currencies. For example, it is possible to:
Transfer 5 troy oz worth of e-gold
Transfer 4.3 grams worth of e-gold
Transfer US $300.00 worth of e-gold
Transfer CHF 985.88 worth of e-gold
This means that an American can pay an Australian or a Japanese can pay an Spanish the correct weight of gold for a good or service as easily as if the price had been quoted in his own national currency.
They are borderless. A transfer can be sent to anyone in the world.
Transfers are instantaneous, no waiting for checks to clear or credits to be made
Transactions fees are lower than credit cards and banks.
Payments are irrevocable. So no chargeback anymore. "Get paid, stay paid" unlike credit card payments. Who can use them? Simply people who use money:
e-commerce
Business-to-business payments
Point of service sales
Person-to-person payments
Payroll
Bill payments
Charitable donations What is the main difference between digital currencies?
The main difference between digital currencies is the way they are accounted. Some are simply accounted in a specific national currency and some others are accounted in weight of metal like gold or silver.
For example “E-bullion e-currency” and “Liberty Reserve USD” are accounted in USD. So if you have an “E-bullion e-currency” account with a balance amount of 500 then your account value is 500$USD. However if you have an e-gold or e-bullion gold account which is accounted in weight of metal then its balance amount is a number of units of metal not a number of a national currency. That is to say that if you have an e-gold account with a balance amount of 500 it means that you have 500 troy oz of gold. The equivalent current fiat (national currency) values are displayed for reference only, and will fluctuate with the current market price Although digital metal currencies are accounted by weight, their payment system allows a value transfer to be expressed in terms of different national currencies. For example, it is possible to:
Transfer 5 troy oz worth of e-gold
Transfer 4.3 grams worth of e-gold
Transfer US $300.00 worth of e-gold
Transfer CHF 985.88 worth of e-gold
This means that an American can pay an Australian or a Japanese can pay an Spanish the correct weight of gold for a good or service as easily as if the price had been quoted in his own national currency.
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