Digital Currency

Subject – Economy

Context – There is a strong need and role for digital currency: Sanjiv Bajaj

Concept –

Digital currency is a form of currency that is available only in digital or electronic form.
It is also called digital money, electronic money, electronic currency, or cybercash.
Digital currencies are currencies that are only accessible with computers or mobile phones because they only exist in electronic form and are not tangible.
Typical digital currencies do not require intermediaries and are often the cheapest method for trading currencies.
All cryptocurrencies are digital currencies, but not all digital currencies are cryptocurrencies.
Some of the advantages of digital currencies are that they enable seamless transfer of value and can make transaction costs cheaper.
Some of the disadvantages of digital currencies are that they can volatile to trade and are susceptible to hacks.