Digital currency is important or not important?

 

 Digital currency is important or not important?

Digital currency is important or not important?


  • Digital currency are currency that are accessible only with digital platform like computers or mobile phones, as it only exists in electronic form. 
  • Every cryptocurrencies are digital currencies, but not all currencies are cryptocurrency.
  • Digital currencies are mostly used as a stable and are traded with the markets. Where cryptocurrencies are traded with the help of consumer sentiments and psychological triggers in price movements. 
  • Digital currencies are in intangible form where it can be transacted by using computers, mobile phones, electronic wallets connected to internet or with a designated networks. 
  • Where as a physical currencies, like banknotes, minted coins, are tangible and transaction are possible only by holders of the physical ownership. 
  • Like any fiat currency, a digital currency can also be used to buy a goods as well as pay for services, though it can also be used with online communities, like gaming sites, gambling portals, social networks.
  • Digital currencies are not regulated or unregulated currency that is available only in a digital or electronic form. 
  • Digital currency allow you to control not only citizens, but also the state, allowing you to track where each budgeted ruble, dollar or yuan has been spent.

Risks in Digital Currency

        Payment fraud is one of the most significant risk that can be attributed to the increasing use of digital money is payment fraud. Payment frauds can be in many forms. However, in general, it includes fraudulent or unauthorised transactions completed by a cyber criminal. 

There are various types of payment frauds includes such as:
  • Fraudulent Payments
  • Illegal Payments
  • Internal Manipulation
  • Data Theft
  • Breach of embargos and sanctions 

       As money are not transferred physically, it is impossible to know who is on the other side of a transaction. It gives rise to opportunities for cyber criminals to gain access to a sensitive information or scam people through a digital money.

       Payment security's been increasing day by day, as the complexity of which cyber criminals commit fraud is increasing complex as well. Payments frauds are increasing where as there is no signs for declining of payment frauds.

        Since, Digital currency makes simpler to do transaction without any limitations from anywhere anytime in the world. As it is important to do transaction without any interaction with a banks as it is an openly available for all. But, since it is in digital form so there it can be a various types of fraudulent activities may occur so it should be taken care of it while doing any big transactions.

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