What are electronic currencies ? benefits Types

What are electronic currencies? benefits - Types


What are electronic currencies?

The benefits of cryptocurrencies

E-currencies are one of the most widely traded financial means at present as they are the basic element of electronic financial transactions that take place through the Internet, as there are several advantages and benefits of these currencies that will increase their importance and use. The following will be mentioned for the most important of these benefits:[1]

Decentralization and anonymity, where financial transactions made via cryptocurrencies are highly secure as cryptocurrencies.

Facilitate financial transactions, as electronic currencies electronic financial transactions are easily conducted because of their transparency and uncomplication.

E-currency cannot be counterfeited, as electronic currency is crypto unlike banknotes that are easily counterfeited.

E-currency is not tied to exchange rates, interest rates, and financial transaction fees.

Financial transactions are conducted via electronic currencies at the same speed and regardless of where the sender and receiver are located.

In electronic currency-related financial transactions, they cannot be arbitrarily disposed of by the sender, as credit card costs can be easily recovered.

Types of electronic currencies

E-currencies are 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 have made them the best means of financial dealing in the present time, where electronic currencies are divided into a group of types and the following is a detail of the most important of which are:[3]

Bitcoin: Written in English, it is considered one of the most famous and important electronic currencies as the first decentralized electronic currency in the world.

Ethereum: Written in English and abbreviated ETH, it is the second most popular cryptocurrencies after Bitcoin, as this currency first appeared in 2015.

Bitcoin Cash: Written in English, Bitcoin Cash achieved third place in terms of cryptocurrency market capitalization, despite its novelty as it was released in mid-2017.

Ripple: Written in English, Ripple ranks fourth in terms of cryptocurrency market capitalization.

Litecoin: Litecoin, which is characterized by the speed of processing and recording financial transactions.

Cardano: Cardano, where the market capitalization of this currency is 10.7 billion US dollars, and is encoded in trading platforms as ADA

The definition of electronic currencies

Electronic currencies, called electronic and digital currencies, are defined as a group of currencies that are mined and made by computers electronically, where these currencies are traded in electronic functions and the Internet, and are considered the most modern electronic currencies in financial transactions in the present era in order to increase the demand for work through the Internet and in electronic functions. [2]

Previous Post Next Post