Bitcoin launched in 2009 and the popularity has grown. Cryptocurrency is complicated and has been confused with electronic money systems. The difference is they use different business practices and separate institutions to operate. Electronic money is when conventional money is stored electronically. This is regulated by a central authority and receives backing from flat currency. An account is required through a service like EcoPayz. The money is used online but there is a direct link to traditional currency. An app is usually used to conduct electronic transactions with electronic money. Physical money can be gained and an account is linked to a prepaid card. This is one of the services offered by PSI Pay.
Bitcoin is a cryptocurrency with no central authority or peer to peer exchange. A network of computers authenticates Bitcoin transactions. The value of Bitcoin fluctuates according to the trust of the public and the demand. Bitcoin is an alternative to traditional currency and is not printed. A global network of computers voluntarily mines Bitcoin. To make certain Bitcoin is not impacted by inflation, Bitcoins are limited to a total number of 21 million. A platform is necessary to purchase Bitcoin, similar to a forex exchange. Digital wallets are used to store cryptocurrency and can trade different types.
There is usually no charge to obtain a digital currency wallet. PSI Pay offers these eWallets. Once the wallet has been established, a traditional debit or credit card can be used to purchase Bitcoin. A digital currency wallet is not actually used to store Bitcoin. Public and private keys are used to conduct transactions. Cross-border payments can be conducted using an eWallet through PSI Pay. The private key is the digital wallet because this enables Bitcoin transactions to become a part of the public ledger. Security is provided by various authentication protections and encryptions through the digital wallet.
EcoPayz offers an eWallet service through PSI Pay. This enables the user to use a credit card or bank account to load money. This provides a secure and fast way to transfer funds without going through a bank. The process for regulating cryptocurrency has not been established yet. This means regulation is currently extremely limited. Investigations concerning the cryptocurrency business have been established in the United Kingdom. This means regulation may be unavoidable in the future. Regulated cryptocurrencies would provide public trust and industry legitimacy. Cryptocurrency is also able to work efficiently without a central authority.