Digital currency vs. Money - Essay Example

Comments (1) Cite this document
Digital currency is a medium of exchange that is based on the internet (Uwajeh 345). It exhibits similar properties to physical money but it allows…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER95% of users find it useful
Digital currency vs. Money
Read TextPreview

Extract of sample "Digital currency vs. Money"

Digital currency vs. money Introduction Digital currency is increasingly becoming popular as opposed to money though it has its fair share of advantages and disadvantages. Digital currency is a medium of exchange that is based on the internet (Uwajeh 345). It exhibits similar properties to physical money but it allows for instant transactions and the borderless ownership transfer. Like money, these digital currencies can be used to purchase goods and services though they can be restricted in some communities. Some of the digital currencies including bitcoin have no central control point over the supply of money (Vigna and Casey 56). Money on the other hand is an item accepted as the payment of various goods and even services and debts repayment in a socioeconomic context.
Why people are switching to digital currency
People are increasingly switching to digital currencies due to lack of trust in actual money. The increased cases of theft and pick pocketing are increasingly necessitating for individuals to use digital currencies (Mullan 567).
Critics of digital currencies over money
There are other individuals who claim that they should never switch to digital currency due to inconvenience especially in remote areas. There are places where one can never use a digital currency (Kubota 200).
Advantages of money
Economical since it costs nothing to the government making it a cheap medium of exchange
Homogenous since it must be the same type
Convenient since it is used everywhere even in remote areas
Cheap remittance from one place to another
It is of no use outside its country of issue
Theft and pick pocketing together with other damages to the paper money.
Danger of over issue in a country
Advantages of digital currencies
Freedom in payment at any part of the world
Control and security
Low fees in its payment
Fewer risks in terms of theft, or damages
Not used in some parts of the socio-economy including the remote areas
Might be expensive to acquire
Works Cited
Kubota, Takashi. Cyberlaw for global E-business. Hershey PA: Information Science Reference, 2008.
Mullan, Philip. The digital currency challenge. Basingtoke: Palgrave Macmillan, 2014.
Uwajeh, Alex Nkenchor. Bitcoin and Digital Currency. New York: Alex Nkenchor Uwajeh, 2007.
Vigna, Paul and Michael J Casey. The age of cryptocurrency. New York: St. Martins Press, 2015. Read More
Cite this document
  • APA
  • MLA
(“Digital currency vs. Money Essay Example | Topics and Well Written Essays - 250 words”, n.d.)
Digital currency vs. Money Essay Example | Topics and Well Written Essays - 250 words. Retrieved from
(Digital Currency Vs. Money Essay Example | Topics and Well Written Essays - 250 Words)
Digital Currency Vs. Money Essay Example | Topics and Well Written Essays - 250 Words.
“Digital Currency Vs. Money Essay Example | Topics and Well Written Essays - 250 Words”, n.d.
  • Cited: 0 times
Comments (1)
Click to create a comment or rate a document
vangleason added comment 4 months ago
Student rated this paper as
This essay was always my weak point. I could never complete it well. Still, after I found this precise document, I understood how it should be done. So, I performed my research afterward and completed the essay in several hours, instead of months as it was previously.

CHECK THESE SAMPLES OF Digital currency vs. Money

How a weak currency effects exports vs. imports

...? Weak Currency Effect on Exports vs. Imports 30th, September Weak Currency Effect Exports vs. Imports While most investors concentrate much on the state of affairs, it is also essential to comprehend what is going on globally. From an economic outlook, currency valuations are decisive factors to consider in trading. Depending on a country, the relative value of the currency of Euro, Yen, or Dollar may fluctuate more than other currencies. In such instances, one may regard it as a strong or a weak currency. A strong currency is one that can be converted into high quantities of other...
3 Pages(750 words)Research Paper

Currency crisis

...from the British market due to fear of imminent collapse of the economy (Fane 2000). Additionally, Mark Carney’s appointment is expected to save UK from the imminent effects of the on-going Euro zone crisis. This is because the United Kingdom depends on foreign money to fund most of its pertinent trade deficit. Therefore, if the Euro zone crisis goes on, and spills over to the United Kingdom, then the UK would suffer a currency crisis. This would come about as a result of the foreign investors leaving the pound; making its value collapse; and in the long run, the government’s cost of borrowing rising sharply ( 2012). If the Euro zone crisis extends to the worst, the Treasury may...
6 Pages(1500 words)Essay

Print vs. Digital Media

...?Print vs. Digital Media Introduction Mass media refers to both print and digitalized communication channels that aid in disbursing information to a larger audience (s). In that case, mass media incorporates four (4) broad categories of media technologies. These include: Broadcast media, print media, outdoor media and Internet media. Each of these forms has its specific channels that it majorly depends on so as to disburse information. Therefore, print media channels use magazines, flyers, pamphlets, books and newspapers to disburse information to their audiences. Broadcast media uses radio and motion and/ or film pictures. Outdoor media includes the use of billboards and signs which can be placed at any outdoor spot such as buses... ,...
14 Pages(3500 words)Research Paper

International Currency

...economy is generalized deflation. The fall of the dollar (mainly against the euro) will, as everybody notes, make American producers in world markets more competitive, and thus have some short-term buoying effect on the American economy. And low American interest rates with large fiscal deficits may provide further stimulus. However, because of a fundamental asymmetry in the world's money machine, coping with deflation in other industrial economies is much more difficult. In a deflationary world, each foreign government is paranoid about having its currency appreciate against the dollar with a consequent loss of mercantile competitiveness against its neighbors. So its central bank intervenes to buy the...
20 Pages(5000 words)Essay

Currency Act

...The Currency Act The Currency Act In the hypothetical event that the United Kingdom passes a Currency Act in 2006 with the stipulation that it could not be repealed without referendum, it stands to reason that the government would be obligated to hold a vote before switching from the pound sterling to the euro. If this were not the case, however, and the government passed a new Currency Act to bring in the euro in 2007 by gaining the Queen's approval, then technically speaking the Statute is not legal and therefore is not binding. This technicality would likely prove no difficultly in establishing the euro once the government and a certain percentage of the British...
2 Pages(500 words)Essay

Paper and Coin currency Vs Electronic Money Transfer Systems

...Paper and Coin currency Vs Electronic Money Transfer Systems The trend for an alternative to paper and coin currency is not a new phenomenon. It allstarted with the concept of 'plastic money' launched by Diners Club and American Express in USA in 1950 when charge cards were launched. This trend got a further boost with the revolutionary changes brought about by the Technology. Use of plastic cards took a while in becoming popular though. It was during 1970 that credit card with a magnetic strip made an entry into the market place. Thereafter the plastic money started being a reliable alternative. Seeing the trend of the day, we can very...
3 Pages(750 words)Essay

Real vs Digital

... Real versus Digital: The Case of Dating and Matching Up World of Warcraft is the Future of Online Dating This reading argues that online dating appeals more to potential couples because it is safer and more comfortable for some people. It gives someone an opportunity to learn about the potential partner virtually without having to meet in person. It also offers more convenience as access WoW can be carried out easily by simply going online. First, many believe that it is safer because it reduces the risk of having to meet someone in person before even knowing the person in depth. Second, it is comfortable because it can be done anywhere provided there are resources available i.e. computer and internet connection. Also, while you...
1 Pages(250 words)Essay

Pros and Cons of Bitcoin Digital Currency

...Pros and Cons of Bitcoin Pros and Cons of Bitcoin Advantages There are a quite a few of the advantages in using Bitcoindigital currency. It is possible to send and acquire money anytime and anywhere in the world. There are no worries about border crossing, worrying about banks being closed or other limitations that may happen when you need to transfer money. You have complete control of your Bitcoin money and there are no government regulations or any central authority figures involved in this currency. Evidently, no other currencies in the globe can compete with the digital currency in terms of the...
4 Pages(1000 words)Research Paper

Bitcoins vs Money

...Bitcoin vs Money Introduction Bitcoin is a form of digital payment system that uses encryption techniques to regulate thegeneration of currency units and verifying transfer of funds. The system, invented by Nakamoto Satoshi, operates independently without the establishment of a central bank. Creation and launching of the currency took place in 2009. Since its introduction, the use of Bitcoin has had a volatile journey attracting both conventional investors and use in illegal trade. Contrary to Bitcoin, money is an approved medium of exchange in the form of coins and bank notes, produced and controlled by central banks of different...
4 Pages(1000 words)Essay


...DIGITAL CULTURE AND MONEY By Digital Culture and Money The Economist is a English newspaper publication basedin the United Kingdom that is published weekly and mainly deals with issues such as; world politics, science and technology , business and finance, world economics as well as culture. The publication is highly reputed across the world due the high editorial stance that its articles take. The stories that are run in the magazine are in-depth in nature while they editorial team often takes a definite position without taking sides on the issues discussed. In essence, the newspaper carries information that has been researched to ensure readers to gain insight of the...
4 Pages(1000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Digital currency vs. Money for FREE!

Contact Us