Digital currency is an alternative currency in the form of electronic currency
Author:American Software CapitalSource:American Software Capital
Digital currency，abbreviated as digiccy, is an alternative currency in the form of electronic currency. Digital currency is an unregulated, digitized currency, which is usually issued and managed by developers and accepted and used by members of a specific virtual community. EBA defines virtual currency as: the digital representation of value, which is not issued by the central bank or the authorities, nor linked to the legal currency. However, it can be used as a means of payment, or transferred, stored or traded electronically since it is accepted by the public.
The characteristics of digital currency are as follow:
1. Low transaction cost. Compared with the traditional bank transfer, remittance and other methods, digital currency transaction does not need to pay fees to the third party, the transaction cost is lower, especially compared with cross-border payment with high service charges to payment service providers.
2. Fast trading speed. The block chain technology adopted by digital currency has the characteristics of decentralization. It does not require any centralized organization similar to the clearing center to process data, and the transaction processing speed is faster.
3. High anonymity. Except the physical form of currency that can realize point-to-point transactions without intermediary participation, one of the advantages of digital currency compared with other electronic payment methods is that it supports remote point-to-point payment. It does not need any trusted third party as an intermediary. Both sides of the transaction can complete the transaction without mutual trust in completely unfamiliar situations. Therefore, it has higher anonymity and can protect the privacy of traders. However, it also creates convenience for cyber crime, which is easy to be used by money laundering and other criminal activities in the meantime.
At present, digital assets (including cryptocurrency) are rapidly warming up in the international market, forming a new trend of financial development and a trillion scale opportunity outlet. A number of "new upstarts" of "digital finance" industry have emerged.
After long-term research, planning and layout, American Software Capital Group has finally reached a cooperation agreement with the team led by Mr. Stanley Hutton of Hutton family in the United States. Based on the joint acquisition of MGH bank financial group in Puerto Rico, both parties will build a cross-border commercial investment banking that contains online and offline banking business together, including cross-border storage, international remittance, credit card, international trade, external guarantee and internal loan, investment and financial management and other 20 more kinds of business. American Software Capital Group will settle a new milestone in the digital finance area.