As science and technology develops, new products of technology are brought to life, thus, we will get used to new terms. One of them is “cryptocurrency” , which has become increasingly popular in financial technology nowadays. The emergence and popularity of cryptocurrencies has helped shape the future financial technology trend with the emergence of cryptocurrency storage wallet technology. The following article will help you better understand these two terms.
WHAT IS CRYPTOCURRENCY?
The concepts of cryptocurrency (electronic money / e-money) today are often understood in a quite wide range. These definitions may appear quite complex, leading to confusion about the contents of cryptocurrencies, making it difficult to distinguish cryptocurrencies from bitcoin, digital currencies and even mobile money as well.
To avoid this confusion, experts have clearly identified cryptocurrencies through the following 4 main characteristics:
- E-money are fiat money and have three functions of money: store value, medium of exchange and unit of account. At the same time, it is always shown in the form of the value of fiat money such as AUD, USD, SGD … In addition, it is the currency guaranteed by the Central Bank for users.
- The source of E-money issuance can be from banks or other non-bank institutions. Therefore, to ensure the safety of users, countries always have very strict regulations for the issuers of E-money.
- Just like cash, E-money has the Central Bank’s monetary regimes.
- E-money is only stored in electronic products. The most popular today include the following 2 types:
- Hardware (hardware based products) such as chip cards, smart phones with chips.
- Software based data such as Paypal e-wallet.
Current monetary policy of all countries in the world has agreed to provide a clear definition of electronic money on amending non-cash payments: “E-money is the value of money stored on Electronic gadgets are prepaid by customers to banks, foreign bank branches, payment intermediary providers to make payment transactions and are guaranteed with corresponding value at banks, including: prepaid card, e-wallet, mobile money ”.
Due to the great growth of E-money, you may find many stores – both online and offline – that accept electronic money as a valid form of payment. From large online retailers like Overstock and Newegg to local shops, bars, and restaurants, they allow E-money for payment. Most countries in the world, E-money is even used to pay for hotel rooms, book flights, buy jewelry, buy apps, computer equipment and even a university degree.
THE FUTURE OF ELECTRONIC MONEY STORAGE TECHNOLOGY IN THE FUTURE
With the current speed of E-money development, it is certainly indispensable for the emergence of technology products supporting E-money, and the wallet for storing electronic money (also known as electronic wallets) is a typical product
The first e-wallet appeared on the market in the years 2008-2010. However, at this time, e-wallets only stopped at the function of online payment transactions. Since then, e-wallets have always had to research and develop in accordance with the nonstop growth of our society. During a decade of constantly changing and launching different types, e-wallets have diversified to suit the needs of users. It is a communication e-wallet (we just need a Smartphone with internet connection, pre-installed application. Using e-wallets and linking with banks allows the transfer of money between the user’s bank account and the user’s e-wallet account) and the e-wallet application of Blockchain technology such as Safe Wallet (a new e-wallet product).
Safe Wallet is applied with the most advanced Blockchain technology in the world. With this modern technology, a user’s digital asset (cryptocurrency, also known as an electronic money) of the user is not only allowed to record transactions transparently on the Blockchain digital environment but also insured/custodied by reputable insurers/banks in the world.
Users of Safe Wallet can make payment transactions by coins (cryptocurrencies) (there are already service providers accepting crypto / electronic payment (cryptocurrency) quickly, conveniently worldwide. You do not need to use any complicated administrative documents but still absolutely being ensured because of the factor names Blockchain technology.Safe Wallet
Electronic money or electronic wallets are all new products of the financial and technology market. This development has not only met the users’ demands of convenience, agility and intelligence; but also ensure safety. With such utilities, nothing can stop cryptocurrencies and electronic wallets from becoming widely available in the future.