What is electronic money and why is it important to use cryptocurrencies?

Digital currency.. Also called electronic money, electronic currency, digital money, or e-money. It is spoken about electronic money or digital currencies a lot. Because there is a lot of kinds of them, not every digital money is as other digital money.

In this article we look at what electronic money is, what digital currencies we know, why it is important to use cryptocurrencies, and which of the cryptocurrencies most closely approximate cash.

What does electronic money mean?

Electronic money is money that is exchanged exclusively electronically. Examples include credit and debit cards, various currencies used in computer games, or the exchange of goods and services over the Internet, such as cryptocurrencies.

There are many global payment systems supporting online activities that are used by millions of people. For example, WebMoney Transfer, Skrill, Transferwise, or the most famous Paypal. Similarly, for example, the Payza online payment system allows you to convert a digital currency between accounts that are identified by e-mail addresses. Payments through these systems are accepted by thousands of online retailers and service providers around the world.

The largest and best-known decentralized digital currency is Bitcoin. In addition to this cryptocurrency, there are several hundreds to thousands of others, mostly focused on a particular purpose. In addition to a variety of digital currencies and payment systems, there are also digital currency exchanges where users exchange different currencies for others.

What digital currencies exist out there

Digital currencies can be divided into several kinds depending on what we want to explore. One of the criteria is how digital money originates and works. Most of today’s well-known e-money and payment systems are based on state currencies, which are so-called legal tender and have a monopoly position in the country of use.
The value of state currencies was once linked to commodities such as gold or silver. But this is long gone, and at present such “bad” money is covered only by the promise of the state. It can be seen also on the example of the euro, that such a currency is only a toy in the hands of the central bank and politicians.

And of those who are most interested in maintaining inflation, which devalues ​​the value of state currencies. The average duration of existence of any state currency in history is about 100 years. Current state currencies are already digital rather than physical. Just go to a bank with a demand to withdrasw a cash of higher value …

Continuous cutting off of financial freedom and increasing capital controls is linked to the sharp rise of alternative digital currencies. One of the first was e-gold. An account denominated in grams of gold allowed an immediate transfer of value to another e-gold account. In 2009, this electronic money was used by about five million people. The US government subsequently forced the operator to stop the transfers and the whole business. Because tt threatened the monopoly of the US dollar as the only state currency.

Just by coincidence (or maybe not) Bitcoin was born at this time. The first decentralized P2P digital money. Attribute of decentralization is often mentioned and for a good reason. All previous currencies had been centralized until Bitcoin’s rise. That means a specific institution, company, organization, or other entity guaranteed, and was responsible for their value. They were centralized in the hands of a few decision-makers who would always betrayed users after all.

Bitcoin is alive just because of its decentralization feature. It can not be canceled by one signature of some official or by a law. No institution, company, nor person emits Bitcoin. It is a network of interconnected computers of users. It’s the internet money.

What is electronic money and why is it important to use cryptocurrencies?

More and more governments has been talking about digital money. For example, Sweden, China, India, Russia and others. This is also related to the effort to eliminate cash in the economy. National digital currencies already exist today actually. A substantial portion of payments, including credits, loans, mortgages is executed via bank cards and online transfers.

Of course, digitization of money suits governments and banks that want to control the lives of people and thus keep an excellent track of their activities, interests, preferences. It is not needed here to expand on the fact that such information can and will be abused widely.

Why it is important to use cryptocurrencies

As already mentioned above, cryptocurrencies based on the so called “blockchain” technology, also emerged as a response to the outdated and corrupted banking system of fiat money. The state and central banks want to keep even forcibly their monopoly on money and unlimited power.

That also involves the fight against cash. They say tt is because of terrorists, drug dealers and tax evasion. But it is only a smokescreen and the usual justification of politicians in any circumcision of human freedom. Stopping cash payments and making a full transition to a cashless economy will mean more spying, collecting personal data, misusing them, and people losing virtually any control over money.

The bank may send payment or not at her own discretion or based on rules enforced by the state. Yes, paying with bank card is convenient. But the list of pros is thus fulfilled.

Your money in the bank is not really yours. You only lend them to the bank. And you run the risk that suddenly one day your account balance will be reduced by half because of the “X” or “Y” measure. No, it will not be called confiscation officially. In fact you will pay interest to the bank for a “kind opportunity” to “save” the euro, dollars, pounds at their accounts. The period of of negative interest rates is coming, as the higher rates and price of money would put the system very quickly into a sef-destruction movement. That’s why their fighting against cash. Cash can not be controlled by the state.

What is electronic money and why is it important to use cryptocurrencies? Governments want to get rid of cash. They can ban Bitcoin or Monero.

How to get off the treadmill? It’s simple. Using cash as often as it gets. If cash payments are completely displaced from the economy, which is not an easy task at all, there are free, decentralized digital currencies representing digital cash. They can also be forbidden, but such a ban will not work. Their popularity will grow even more.

Only you decide about your money when using free digital money. It is only your choice what you want to spend it for, who you send it or in what amount. You do nothing wrong and it is none of anyone’s business. It is almost tragicomic that in the 21st century, someone snoops on you over your shoulder and can see what you are doing with your money and “serves” as a payment intermediary without whom the transfer would not take place. Not to say that for this very limited “service” (if it can be called that at all), the bank often asks for an inadequate fee.

With cryptocurrencies you are your own master. Under all circumstances. In addition, it is faster, cheaper, safer and substantially more private. It only takes time and practice to learn how to handle them.

Which cryptocurrencies are like cash

The most widely distributed and currently also the most valuable decentralized cryptocurrency is Bitcoin. It is like gold among precious metals. It has been in operation since 2009, and all previous attempts by envious and ill-wishing people to get rid of this value storage have ended in failure. Bitcoin infrastructure represents the most advanced and developed infrastructure of all cryptocurrencies – exchanges, btc atms, wallets, plenty of stores accepting main cryptocurrency.

It is possible to mark Litecoin – another cryptocurrency, as the younger brother of Bitcoin. Sometimes it is called bitcoin testnet because of a very similar principles on which the oldest cryptocurrency is based on. Bitcoin developers can first try out here how the cryptocurrency would behave. Similarly to other altcoins, Litecoin’s dollar value has increased significantly over the past few months.

There is a growing demand for Litecoin as Bitcoin substitution for a payment tool thanks to the smooth running, speed and cost of transaction. Some cryptocurrency ATMs already support Litecoin payment (Cryptodiggers in Bratislava) and can be used in several stores such as Subway in Brno and Bratislava (Nivy) and Prague’s Parelni Polis.

Bitcoin and Litecoin represent so called “pseudonymous” digital currencies. These cryptos retain a certain degree of privacy while transfered. There is a permanent recording on the blockchain network where exact date, amount, and addresses of a transaction can be found. These addresses, however, can be used to link some of used addresses and historical payments already executed to trace virtually all of the transaction history. Then it is simple to link the cryptocurrency address with a specific name in the exchanger, or the bank. Bitcoin and Litecoin are therefore not anonymous cryptocurrencies, which in every case respect your privacy.

However there are other cryptocurrencies which can termed as anonymous digital money, such as Monero, Zcash and other smaller or emerging alternative digital currencies. Considering technical aspect these work on completely different principles than Bitcoin. Therefore, they are still used for specific purposes so far, and their acceptability at conventional crypto-supporters or in practical applications is very limited.

Major Online Retailer Alza Accepts Bitcoin

Digital currency bitcoin continues to boom. The long-term and short-term growth of bitcoin price, which currently exceeds $ 2,000, attracts more and more attention not only of speculators. Merchants are also being added. A major online retailer Alza accepts bitcoin payments for its electronic products.

It is a big and important event after a long period of some stagnation in expanding the acceptance of the digital currency on the European continent. Alza is the largest internet electronics merchants in the Czech Republic and Slovakia. The online store also operates in Austria, Germany and the UK, therefore the news is practically of pan-European importance.

Major Online Retailer Alza Accepts Bitcoin

In addition to accepting bitcoin payments, Alza also installed bitcoin ATM machines from General Bytes in its showrooms in Prague and Bratislava. Customers and users of the digital currency have the opportunity to buy bitcoins for crowns or euros here, or sell bitcoin to euro or crowns. Alza uses the payment gateway of Bitcoinpay during the payment process.

According to Jan Sadílek, internet marketing director, Alza’s customers have been demanding bitcoin payments and the company considers bitcoin to be a progressive technology. Alza wants to come towards its potential and bring pragmatic benefits for its customers.

“It is an increasingly popular form of payment for goods and services. Customers have long been talking to us, but now with the rise in bitcoin’s value, interest has grown. That’s why we started thinking about its introduction,”explains J. Sadílek.

Bitcoin payments offer practical benefits for retailers and customers

He considers bitcoin payment speed as a major advantage for customers, that is comparable to the speed of other online payments along with its simplicity. Another reason for the popularity of cryptocurrency is the ability to pay online even if customer does not have a bank account or credit card. One of the benefits is also a lower price when buying goods and paying with bitcoin. This is especially true in times of growth of the bitcoin rate and depending on the time of its acquisition.
Bitcoin payment also brings many benefits to retailers. Above all, it is the impossibility of returning a payment for goods, as is the case with a payment card, which some fraudsters like to misuse. Another advantage is also the ability to immediately dispose of money after receiving them, or lower fees for transactions than for card payments.

Alza does not avoid other altcoins also and may consider accepting litecoin or ether in the future.

Bitcoin Welcome, Credit Cards Not Accepted

Bitcoin welcome, credit cards not accepted here. Paying with Visa or Mastercard credit card is not free of charge. The companies charge fee for all processed transactions by card.

Service providers in Thailand usually offer different prices for credit card payment (cca 3 % higher) and other forms. This is the reason why more and more entrepreneurs and their customers will start to search for other solutions of how to avoid exploitation by card companies.

Bitcoin payment is fast, secure and… though not quite cheap nowadays. It is only the question of time however, when proper technological solution will get it’s own way as for example Lightning Network. There is also possibility some other cryptocurrency will break through as a suitable mean for small payments.

Bitcoin Welcome, Credit Cards Not Accepted

It’s A War! Debt money against free money

AF Bitcoins: … “Imagine you could use the futures market to smash down precious metals, oh wait you can. But those dam pesky bitcoins how do you smash them down? You could try a big pump n dump, make it look like it peaked and hope enthusiasm will disappear, like described in my fake tops post. Damn and blast but the price is coming back already.

You could also orchestrate some Ddos attacks on the biggest exchanges. What about also Ddos’ing the largest market place that uses bitcoins too? Maybe that will cause the price to fall. Silk Road has been down for a few days now. Under attack. But by whom?

Its war! On one side we have debt money brought to you by our central planning politicians and bankers, and on the side of truth, liberty and freedom we have precious metals and bitcoins.”