What Is Digital Money?

Digital money, digital currency, virtual currency, crypto currency, and internet money are synonymous terms.  No single institution or person controls digital money.  All crypto currencies are 'decentralized virtual currencies' because they are not managed by one central and trusted authority.

Use it to shop, make payments, invest, and trade.

    The Philosophy

The purpose for creating bitcoin is expediency.  Digital money transactions are peer-to-peer; borderless transfers of ownership, instant electronic transfers, and they have low transaction fees.

   What Is Bitcoin?

Unlike dollars, Euros and other conventional currencies which are produced as banknotes and coins, crypto currencies are produced and stored electronically.  You need to register for a bitcoin account on a crypto currency exchange in order to generate a wallet address. The bitcoin wallet address is used to store your bitcoin electronically.  All other crypto currencies other than bitcoin are altcoins.  The word 'altcoin' is an abbreviation of the phrase Bitcoin Alternative.  The five most widely considered important altcoins litecoin, dogecoin, dash coin, darkcoin and primecoin.

   Can Digital Money Be Exchanged For Conventional Cash?

Yes, it can.  Convert crypto currency to cash at crypto currency exchange sites.  Each site has its own set of guidelines for daily exchange and cash withdrawals. For a low transaction fee, the funds can be wired to your bank account.  Most crypto currency exchange sites have several transfer options.

 

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