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Author Topic: Digital & Cryptocurrency are they same ?  (Read 226 times)
xSkylarx
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June 27, 2022, 09:36:02 AM
 #21

Digital and Cryptocurrency aren't the same.

Based on this link 3 https://www.investopedia.com/terms/d/digital-currency.asp, there are 3 types of digital currency and crypto is one of them.

  • Cryptocurrency - these are not owned by any entity and its transactions are recorded on a digital ledger or what we know as blockchain.
  • Virtual Currency - these are currencies controlled by a private company. An example of this is a currency we used in games like v-bucks in fortnite or valorant points(vp) in valorant that can be used in purchasing skins, battle pass, etc.
  • CBDC or Central Bank Digital Currencies - these are regulated and issued by the central bank of a particular country, it's just the digital form of fiat that we usually use. China has their own CBDC which is called e-CNY, also known as digital yuan.

Bambozled
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June 29, 2022, 04:43:15 AM
 #22

Any currency maintained digitally is referred to as digital currency. But this is not the term's preferred usage, it can occasionally be used to refer to money that only exists online and has no physical existence. On the other hand, only digital money that is based on the blockchain, a form of technology where peer-peer interaction happens, storage format is referred to as cryptocurrency.
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