Jul 27, 2018
Each country has its currency. Most European countries use the euro, the Russian ruble and the US dollar are US dollars. We use currency in banks or foreign exchanges, we transfer or invest money through banks and institutions around the world.
Virtual money is referred to as any money that can be transmitted over the Internet. PayPal, WebMoney, Bitcoin, and Counos ... are examples of virtual money.
In other words, Virtual money becomes a centralized and decentralized category. The decentralized virtual currency is called the term "cryptocurrency". Centralized virtual cash operates under the supervision of a particular intermediary company or institution. PayPal, for example, is a virtual currency.
Differences of centralized and decentralized virtual currency.
In the area of decentralized virtual money, transactions are conducted by a distributed database called Blockchain, and no particular company owns them.
In centralized virtual currency, the currency is supported by traditional currencies. For example, PayPal is a dollar. Somehow PayPal cannot be said to be a currency. For example, you will receive 1,000 PayPal units with a charge of $ 1,000 and will receive $ 1,000 of redeemable sales time. Centralized currencies are provided by a particular company, in other words, its wallet is only accessible on one or more specific sites. You also need to register to use them.
The platform seems to be in the proposal stage and not ready to kick off. Important information like the dates for ICO as well as how much will be floated and how the same will be distributed, is still unavailable. Until and unless these concerns are addressed I will not invest in the system.
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