Electronic Money (commonly abbreviated e-money) and Bitcoin are two systems for making payments that are digital in nature. Both are catalysts in the mobile payments revolution, but that is where their similarities end. In reality, the two systems are extremely different. This article sums up the major points to consider when thinking about these ideas.
E-money is an electronic component of fiat currency systems, and still trades in familiar units such as dollars, euros, pesos, or yen. E-money is typically regulated and controlled within the framework of a government’s central banking system. The customers of such transactions are identified under Financial Action Task Force standards and as a result are not anonymous.
Bitcoin is a decentralized electronic currency that derives its value from supply and demand as well as trust in the system. The network uses complex math to verify transactions, and the people that volunteer their computing power to the network, or “miners”, are generated bitcoins as a reward for their efforts. Customers are anonymous in that they are not directly identified under FATF standards. However, to obtain full anonymity, customers have to take additional precautions. Bitcoin is not regulated in most places, although some countries have adopted some early regulations or rules.
While both Bitcoin and E-money harness the power of the web and mobile, they are still very different. See the infographic below for more information.
A trough of disillusionment has temporarily captured Bitcoin, the blockchain, and their derivatives. We think that cryptocurrency will remain in the trough for some time, but there are many reasons to believe that a robust foundation is being built for this technology. This infographic provides 5 reasons to be bullish on Bitcoin.
While many people may be aware of the Bitcoin revolution as it took hold of the Internet a few years ago…most are still not aware of how it works and what purpose it serves online. The infographic below presents a comprehensive analysis of said cryptocurrency.
It takes some time for new innovations to develop the infrastructure to reach their hyped potential [but] there is ample evidence [seen HERE] that shows that cryptocurrencies and Bitcoin are along that path.
How safe is the cash in your wallet? Just as with hard currencies such as dollars and pounds, the safety of your bitcoins depends on your own vigilance. If you are thinking about using Bitcoin, or already are, this infographic outlines the security concerns and how to go about alleviating them.
Bitcoin is a decentralized, global, peer-to-peer, digital, online currency but, that said, most are unsure whether or not it is the future of currency and unaware of the potentially massive impacts this crypto-currency holds. The infographic below shows you the ins and outs of everyday Bitcoin use as a way to save money and provide more autonomy in your financial transactions.
This infographic neatly covers many interesting bitcoin facts in a digestible form. It not only shows the versatility of the bitcoin market, but it also captures the difference of opinion on crypto-currencies: many embrace the technology, but some institutions show signs of hostility.
What currency is feared by the European Central Bank as a threat to fiat monetary institutions? What currency is cash-like but digitally transmittable allowing for ultimate anonymity and global mobility? What digital currency is up over 2,200% over the last year? It’s Bitcoin.
For weeks commentators have been discussing the possibility of Greece leaving the eurozone and how a return to the drachma might be facilitated…The drachma is not Greece’s only option however….In some parts of Greece social entrepreneurship, technology, and skepticism of politicians have already given rise to alternate trading mechanisms and created an environment where a cyrpto-currency by the name of “Bitcoin” could become increasingly popular. [Let me explain.] Words: 709