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Myths about electronic money

2016-05-28 00:00:00

Huge trading houses, everyones favorite supermarkets, cozy shops, pharmacies, various spas, hairdressers, including online stores, are filled with a wide range of goods and services intended for potential buyers. The consumer understands that by paying for a service or product in cash, he actually makes a “money-product” or “money-service” exchange equivalent to their value.

If printed banknotes, familiar to everyone, have been in use for a rather long period, then digital currency still causes mistrust and mind-blowing discussions about the merits, development prospects and payment methods. The global cryptocurrency has a right to exist, no matter how familiar it seems. With the advent of digital currency, myths about electronic money are born and do not subside . 

 

Myth No. 1. Digital cryptocurrency does not guarantee the safety of funds

Humanity is suspicious of everything new and not everyday. Debunking the first myth, it will be fair to say that digital currency is all the same money, differing only in location. Printed paper money is stored in wallets, second-tier banks, and electronic money - on the global Internet. Thats the whole difference. Tracking electronic transactions is easy enough. Despite the fact that electronic money lives in the virtual world, it can be withdrawn into our real world, in addition, it is possible to pay utility bills and kindergarten, government fines, top up a mobile phone account, and make purchases in online stores.

Cashlessness of cryptocurrency gives rise to many baseless myths about money. In fact, the risk of losing cryptocurrency is minimal; it is neither more nor less than the risk of losing your savings on the way or through the fault of the bank and its employees. Today, in every city of the country, at least a hundred special terminals are installed, with the help of which it is convenient to replenish an electronic account. Payment is made in cash, the transfer of money to an electronic account is supported by a receipt for payment. 

 

 

Myth No. 2. In Western countries, electronic money is better developed

Orientation to the developed Western countries from time immemorial was considered the correct course of development. The foresight of our scientists could be envied. Undoubtedly, the first payment systems appeared in the West, but this does not prevent the countries of the former USSR from studying all world innovations and keeping up with the times. The second e-money myth has leaked out on the basis of discussions of technology development and legislative excellence. Russian technologies are being introduced in the Western world no less successfully than their own. Isnt that true?  

 

Myth No. 3. Digital cryptocurrency was created only for Internet users

Electronic money is indispensable for conducting transactions on the global network. In a sense, this myth is true. Recently, payment for goods and services with electronic currency was only possible with access to the World Wide Web. Although today some systems offer to issue a card for making purchases in real stores. There are also special applications that allow you to place a purchase anywhere. Digital currency enters the real world through plastic cards that are linked to the cardholders electronic account.

 

Myth # 4. Digital money is not real

The myth about money, which raises doubts about its naturalness, haunts newcomers. This myth is completely unsupported. Virtual money is no different from the money in peoples bank accounts. As mentioned above, real money crediting to an electronic wallet is guaranteed through the payment terminal. Using digital cryptocurrency is no more dangerous than using a bank card. In the legislation of many countries there is such a term as “electronic money”, and the activities of operators are monitored by special banks operating under a license issued to them. 

 

Myth # 5. It is dangerous to use cryptocurrency

Electronic payment systems, like a bank card for transactions, require entering a password, confirming transactions using a mobile phone number. There are also developed applications for mobile phones and tablets that provide for setting a password for virtual wallets. Its kind of a double defense. Developers never cease to amaze and create new ways of protection. For example, prototypes of a portable USB device are already being developed that will serve as a password identifier. It turns out that another myth about electronic money has been dispelled. There is no reason to doubt the security of digital cryptocurrency.

Common misconceptions about Bitcoin digital currency

Bitcoin is a global cryptocurrency. Myths about her are created as instantly as they are smashed against the edge of truth. For example, the myth that Bitcoin is no different from other electronic money. It is not true. Because Bitcoin is decentralized, it is not tied to national currencies and cannot be reprinted or confiscated. And also the ardent opponents of Bitcoin claim that this cryptocurrency is illegal. This is by no means the case. Only counterfeiting of cash is illegal. But cryptocurrency has nothing to do with them. And, finally, the myth that Bitcoin is a pyramid scheme that has taken place. There is no interested financial center in this system. It only contains new users who are building a stable economy.