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What are electronic currencies?

The Internet and its use

Many people nowadays depend on working through the Internet, because of the speed of data transmission and processing, in addition to that it is considered the global network that connects all countries and cities of the world to each other. Customer service via the Internet, data and information entry, in addition to programming and information technology and e-commerce functions, and these electronic jobs depend on a dedicated system of electronic currencies, which are widely used in the field of e-commerce because of the operations of buying and selling via the Internet, and in this article, we will We discuss the concept of what electronic currencies are.
What are electronic currencies?
What are electronic currencies?

Defining e-currency

Electronic currencies are defined as a group of currencies that are mined and manufactured electronically by computers, where these currencies are traded in electronic jobs and the Internet. Internet and electronic jobs.

Benefits of e-currency

Electronic currencies are considered one of the most widely traded financial means at the present time as it is the main element of electronic financial transactions that take place through the Internet.
  • Decentralization and anonymity, where financial transactions made through electronic currencies are characterized by a high rate of security as cryptocurrencies.
  • Facilitating financial transactions, whereby electronic currencies are carried out easily electronic financial transactions due to their transparency and uncomplicatedness.
  • Electronic currency cannot be counterfeited, as electronic currency is characterized by encryption, unlike paper currencies that are easily counterfeited.
  • Electronic currency is not linked to exchange rates, interest rates, and transaction fees.
  • Financial transactions through electronic currencies are carried out at the same speed and regardless of where the sender and receiver are.
  • In financial transactions related to electronic currencies, they cannot be arbitrarily disposed of by the sender, as credit card costs can be easily recovered.

Types of e-currency

Electronic currencies are considered one of the most important ways to complete electronic payments and exchange operations, in addition to their privileges and benefits in the financial fields, which made them the best means of financial dealing at the present time, where electronic currencies are divided into a group of types.
  • Bitcoin: It is considered one of the most famous and important electronic currencies as it is the first decentralized electronic currency in the world.
  • Ethereum: Its abbreviation is ETH, and it is the second most popular electronic currency after Bitcoin, as this currency first appeared in 2015.
  • Bitcoin Cash: Bitcoin Cash was able to achieve the third place in terms of market capitalization of digital currencies, despite its recentness as it was issued in mid-2017.
  • Ripple: Ripple is the fourth largest cryptocurrency in terms of market capitalization.
  • Litecoin: This currency is characterized by the speed of processing and recording financial transactions.
  • Cardano: This coin has a market capitalization of $10.7 billion and is denominated in ADA trading platforms.
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