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electronic currencies - centralised - Coggle Diagram
electronic currencies - centralised
this is the payment method that occurs in a digital form rather using physical cash, either done through debit or credit cards
different types of centralised digital currencies
digital/electronic currency
central bank digital base money
this is when the money can be accessed through these cards online
Another type is stored value cards and phones
this is where the money can be stored
stored value cards have a set value that cannot be exceeded, they can be disposed of after
phones have the ability to store a debit or credit card on them
AO3
advantages of digital currency
does not need to hold physical cash - meaning that it very hard for the person to be robbed
Cannot "loose" online cash like you can misplace physical cash
sending money to people (even around the world) is very easy
the user does not need to remember their pin when paying contactless
disadvantages of digital currency
secruity issues
if someone steals someone else's card then they can spend their money through contactless
money spending limit is limited on contacless