WHAT IS DIGITAL CURRENCY 💵 💵
Digital currency, also known as digital money or cryptocurrency, is a medium of exchange that exists only in electronic form. It's a digital representation of value that can be exchanged for goods, services, or other currencies KEY CHARACTERISTICS 1. Decentralized Digital currencies often operate independently of central banks and governments. 2. Digital Exists only in electronic form, with no physical coins or bills. 3. Secure Uses cryptography for secure transactions and control. 4. Borderless Can be transferred across borders without intermediaries. TYPES OF DIGITAL CURRENCIES 1. Cryptocurrencies (e.g., Bitcoin, Ethereum, Litecoin) 2. Central Bank Digital Currencies (CBDCs) (e.g., China's Digital Currency Electronic Payment) 3. Stablecoins (e.g., Tether, U S D C ) ADVANTAGES 1. Fast and Global Transactions 2. Low Transaction Fees 3. Increased Security 4. Accessibility and Inclusivity Challenges and Risks 1. Volatility...
