Digital currency also known as digital money, electronic money or electronic currency (cybercash) is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. The various types of digital currencies include cryptocurrency, virtual currency and central bank digital currency. Digital currency is recorded on a “distributed database” on the internet, a centralized electronic computer database owned by a company or bank, within “digital files” or even on a “stored-value card.” Digital currency can be used to buy physical goods and services, but may be restricted to certain communities such as for use inside an online game. This paper looks into the benefits, pros and cons, challenges and the prospects in the future use of digital currencies globally.
Digital currency, distributed database, e-gold, bitcoin, cryptocurrency, virtual currency, ethereum
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