OpenRuby.com

04 Nov '12, 8am

#Bitcoin is more appropriately "digital cash" or "cryptographic money" rather than "virtual currency"

Also known as digital currency, digital money, e-cash, e-currency, or e-money, digital cash refers to a unique cryptographic string of digits representing value that can be transferred electronically. Digital cash nomenclature specifically refers to digital bearer certificates that are negotiable in a peer-to-peer environment as opposed to a central ledger-based transfer. In its purest form, digital cash emulates the features of physical paper currency, namely anonymity and untraceability. Additionally, digital cash may include other features such as expiration dates, irreversibility, re-issuance, and variable denomination amounts. In addition to competing protocols, digital cash issuers compete on the basis of brand recognition, trustworthiness, user-friendly e-wallets, multiple hardware devices, jurisdictional independence, and most importantly, reserve value backing. Al...

Full article: http://Digitalcash.org/

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