What is Digital Currency? What is Digital Currency?

Digital currency is abbreviated as digiccy, which is the abbreviation of "digital currency" in EnglishAlternative currencies in the form of electronic money。Both digital coins and cryptocurrencies are digital currencies (digiccy).

A digital currency is an unregulated, digital currency that is typically issued and managed by developers and is accepted and used by members of a specific virtual community. The European Banking Authority defines virtual currency as a digital representation of value that is not issued by a central bank or authority and is not pegged to a fiat currency, but because it is accepted by the public, it can be used as a means of payment, or it can be transferred, stored or traded electronically.

Digital currency is an alternative currency in the form of electronic money, which is a legal tender and must be issued by a **bank. Digital coins and cryptocurrencies are both digital currencies, it is not a network virtual currency, because it is not limited to the virtual space, but is often used for real goods and services transactions, such as Bitcoin, Litecoin, Bitcoin shares, etc., there are currently thousands of digital currencies issued around the world.

Shenzhen's issuance of digital currency red envelopes means that the central bank's digital yuan has made substantial progress.

1 minute to explain the relationship between monetary policy and us, the significance of digital currency.

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What is called digital currency?

Digital money (digital money, electronic money, or electronic currency) is a type of money that exists in digital form (unlike physical objects such as paper money and coins). It exhibits properties similar to physical money, but can allow for instant transactions and borderless ownership transfers. Examples include virtual currencies, cryptocurrency, and bank-issued currencies (including digital base currencies) that are booked in a computer database.

Like traditional currencies, these currencies may be used to purchase physical goods and services, but they may also be restricted in certain communities, such as in online games.

Digital currency. A digital currency is a monetary balance that is electronically recorded on a prepaid card or other device. Another form of electronic money is cybermoney, which allows for the transfer of value over computer networks, especially the Internet. Electronic money is also a claim on other financial institutions such as private banks or bank deposits.

Digital currencies can be either centralized, i.e., with a central point of control over the currency, or decentralized, i.e., the control can be different.

The digital currency launched by China's central bank, referred to as DCEP, is the abbreviation of English Digital Currency Electronic Payment (DC digital currency EP electronic payment), and its main function is to solve electronic payment and realize the digitization of paper money.

In the digital age, some companies try to challenge sovereign currencies through the issuance of Bitcoin and Libra, which are decentralized currencies based on blockchain, which are separated from sovereign credit, and the issuance basis cannot be guaranteed, the currency value cannot be stabilized, and it is difficult to truly form social wealth.

Digital currency is an unregulated, digital, virtualized currency. Digital currencies have the characteristics of low transaction costs, fast transaction speeds, and high anonymity.

The differences between digital currencies and the Chinese yuan are as follows:

1. The central bank digital currency DCEP has been proposed as early as 2014, and its functions and attributes are similar to those of paper money, but the form is digital. It is a digital payment tool with value characteristics, and it does not require an account to realize value transfer. For example, in such a scenario, two people have DCEP's digital wallet in their mobile phones, as long as the mobile phones have power, even if there is no network, the digital currency in one person's electronic wallet can be transferred to another person by touching the two mobile phones.

That is to say, digital currency does not need to bind any bank account when paying, unlike now WeChat and Alipay need to bind bank cards, DCEP does not need to bind a bank account, unless you want to charge money into DCEP or withdraw money from DCEP for financial management and other uses, the transfer between users does not need to be bound to accounts. <>

2. The central bank digital currency is legal tender and has legal compensation, that is, it cannot refuse to accept digital currency. In terms of legal authority, its effectiveness and security are the highest. 3. The central bank digital currency adopts a two-tier operation system, first exchanging the digital currency to banks or other operating institutions, and then exchanging these institutions to the public.

4. Central bank digital currency can meet the needs of anonymous payment, but for anti-money laundering considerations, the central bank has also set up grading and limit arrangements for digital wallets. For example, the wallet level registered with a mobile phone number is the lowest and can only meet the needs of daily micropayments. If you upload your ID card and bank card, you can get a higher-level digital wallet; If you go to the bank for an interview, there may be no limit on payment.

5. As Facebooki plans to launch Libra, the market has been discussing that the participation of the private sector in the issuance of digital currency will challenge the existing sovereign currency and the authority of the central bank, Mu Changchun said that in today's electronic payment means are so developed, the central bank chooses to launch digital currency in order to take precautions and protect its monetary sovereignty and fiat currency status. In addition, the cost of issuance, printing, return and storage of banknotes and coins is too high, and it is not very convenient to carry anti-counterfeiting technology.

It is worth noting that since the central bank digital currency replaces M0, its functions and attributes are similar to paper money, but the form is digital. Then, in the future, CBDC can also be deposited into bank accounts, or Alipay, WeChat wallets, etc., and even can be withdrawn and deposited from bank ATMs. <>

The development of mobile payment in China is at the forefront of the world, especially during the epidemic, the advantages of contactless and convenient mobile payment are more prominent, in the context of high user stickiness of existing mobile payment channels, the central bank digital currency will be launched for individuals to set off how much "ripples" in the field of mobile payment, it remains to be seen.

Digital currencies are alternative currencies in the form of electronic money. Both digital coins and cryptocurrencies are digital currencies.

Digital currency can be thought of as a virtual currency based on a network of nodes and digital encryption algorithms.

The core characteristics of digital currency are mainly reflected in three aspects:

Due to certain open algorithms, there is no issuer of digital currency, so no person or institution can control its issuance;

Due to the determination of the number of algorithmic solutions, the total amount of digital currency is fixed, which fundamentally eliminates the possibility of inflation caused by the excessive issuance of virtual currency;

Since the transaction process requires the approval of various nodes in the network, the transaction process of digital currency is secure enough.

Digital currencies can be considered as alternative currencies in the form of electronic money. At present, none of the ** banks have indicated that they want to issue digital currency, and digital currency does not have to have a base currency and a ** bank.

It is different from virtual currency in the virtual world, its value is affirmed, so that it can be used for real goods and services transactions, not limited to online games. Early digital currencies (digital money) were a form of electronic money named after their weight. Today's digital currencies, such as Bitcoin, Litecoin, and PPCOIN, are electronic currencies that rely on checksum cryptography to create, issue, and circulate, based on a specific algorithm, with a limited issuance, and cryptographically secure.

It is characterized by the use of P2P peer-to-peer network technology to issue, manage and circulate currency, which theoretically avoids the approval of institutions and gives everyone the right to issue currency.

Digital currency is an alternative currency in the form of electronic money, which is an unregulated, digital currency that is usually issued and managed by developers and is accepted and used by members of a specific virtual community. It differs from virtual currency in the virtual world in that it can be used to trade goods and services in real life, not limited to online games. Early digital currencies (digital money) were a form of electronic money named after their weight.

Today's digital currencies, such as Bitcoin, Litecoin, and PPCOIN, are electronic currencies that rely on checksum cryptography to create, issue, and circulate.

Nowadays, many people use the slogan of digital currency to cheat money, so everyone should be careful!! Don't be fooled by that kind of digital currency trading platform!!

Digital currency, which refers to the digital yuan, is a fiat encrypted digital currency that is itself a currency rather than just a payment instrument.

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1 minute to explain the relationship between monetary policy and us, the significance of digital currency.

Digital currency is a number, but it can be turned into money.

Digital currencies are alternative currencies in the form of electronic money. (can be used for real goods and services transactions).

The Internet exists as a currency, does not belong.

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Digital currency is an alternative currency in the form of electronic money, a digital representation of value that can be used as a means of payment or transferred, stored, or traded electronically. Compared with other electronic payment methods, digital currencies have higher anonymity, support remote peer-to-peer payments, and do not require a third party as an intermediary, allowing both parties to complete the transaction in a completely unfamiliar situation.

According to the relationship between digital currencies and the real economy and real money, they can be divided into three categories: (1) completely closed, have nothing to do with the real economy and can only be used in a specific virtual community; (2) can be purchased with real money but cannot be exchanged for real money for the purchase of virtual goods and services; (3) It can be exchanged and redeemed with real money at a certain rate, and it is possible to purchase both virtual goods and services and real goods and services.

The five main functions of money are as follows:

1.Value scale: refers to the value of other commodities measured by their own value.

2.Means of circulation: refers to the fact that money acts as a medium of exchange for goods.

3.Means of payment: refers to the function performed by the currency used to pay off debts in the case of purchase and sale on credit, and currency as a means of payment has been widely used in the payment of rent, taxes and wages.

4.Means of storage: refers to the withdrawal of money from the field of circulation and the storage of money by people as a general representative of social wealth.

5.World currency: refers to the role of money in the world market as a means of purchase, a means of payment, and a representative of social wealth.

Extended Materials. First, what is digital currency? In fact, it is the same as paper money, both of which are currencies issued by the central bank, with national credit endorsement, and have the same use scenario as paper money, which is legal tender;

Second, some people say that this thing is different from Alipay and WeChat, from the positioning, digital currency is the currency in circulation, that is, there is no deposit at all. Alipay and WeChat, on the other hand, mainly exist in the form of deposits, that is to say, one is directly circulated, and the latter is deposited first and then circulated, in the form of bookkeeping. Therefore, there will be a result, digital currency can only be used for transactions, and will not generate interest, as for how to save digital currency, that is a matter of technical docking in the future, and we have not yet thought about it;

Third, how to use this thing, digital currency you just treat him as paper money, any money can be used in any scene, the law stipulates that it cannot be refused, in other words, merchants can refuse to accept Alipay WeChat, but they cannot refuse to accept digital currency;

Fourth, when a fraud case is filed, the first thing to be solved is the issue of police allocation. The number of police officers in the grassroots police station is fixed, and there are other cases to be solved in the jurisdiction itself, how should the police officers be allocated? At the same time, when the case involves cross-departmental, cross-city, cross-provincial, and cross-border, it is also necessary to cooperate with other provincial and municipal files, national police, cyber security, technical investigation and other departments.

This also greatly increases the difficulty of detection, especially in small fraud cases. This is a very real problem, that is, the cost of handling the case. If the amount of money you are defrauded is 500 yuan, and the case involves cross-provincial and cross-border transactions, the total cost of the police handling the case may be 50,000 yuan.

If a police station needs to detect 10 online fraud cases at the same time, then the police station can basically be closed for three months.