What is digital cash (e-cash)? (2024)

FAQs

What is digital cash (e-cash)? ›

Digital cash, often referred to as e-cash or electronic cash, is a form of digital currency that represents a secure and electronically transferable representation of physical money. Unlike traditional currencies, such as banknotes and coins, digital cash exists purely in electronic form.

eCash, also known as electronic cash, is a form of digital currency that allows for the secure, anonymous, and untraceable transfer of funds. It uses complex encryption algorithms to ensure that transactions are secure and cannot be intercepted or tampered with.

Digital money (or digital currency) refers to any means of payment that exists purely in electronic form. Digital money does not have a physical and tangible form, such as a dollar bill or a coin, and is accounted for and transferred using online systems.

Digital cash is a system of purchasing cash credits, storing the credits in your computer or digital wallet, and then spending them when making electronic purchases over the internet or in person on a mobile device at the point of sale.

eCash (XEC) is the rebranded version of Bitcoin Cash ABC (BCHA), itself a fork of Bitcoin (BTC) and Bitcoin Cash (BCH). It calls itself a “cryptocurrency that's designed to be used as electronic cash.” eCash strictly aims to be a means of transaction used to pay for goods and services.

The More Secure Option

While convenience is certainly important, when it comes to money, the most important factor is always security. In a nutshell, digital cash does offer more security than credit cards do. When you lose your credit card or if it is stolen, someone can use it to conduct transactions in your name.

1. Security. Digital cash transactions are secured through robust encryption and cryptographic techniques. This ensures that the integrity and authenticity of the digital cash remain intact during transfers, reducing the risk of fraud.

Is the US Going to Digital Dollar? As of June 2024, the US Federal Reserve has not decided to transition to a CBDC or supplement its existing monetary system with one. It is researching the effects a CBDC would have on the dollar, the US, and the global economy.

The shift to a digital version of a fiat currency, still backed by a country's central bank, could offer significant benefits compared to the current financial system. These include improved financial inclusion, lower cross-border payment costs, and more timely and secure transaction processing.

Who is behind eCash? ›

Ecash was conceived by David Chaum as an anonymous cryptographic electronic money or electronic cash system in 1982. It was realized through his corporation Digicash and used as micropayment system at one US bank from 1995 to 1998.

Examples include swiping a debit card at a store, paying for a purchase online, or transferring money from an app to your bank account. These kinds of transactions have become increasingly prevalent and necessary as consumers move from a cash-powered economy to a digital one.

Cash is vulnerable to loss and theft, a problem for both individuals and businesses, whereas digital currencies are relatively secure. Electronic hacking does pose a risk, but one that can be managed with new technologies.

Applications of electronic or digital cash are digital cash, debit cards, electronic cases, electronic check, and credit cards.

eCash Overview

Our technical indicators signal about the Bearish Bullish 27% market sentiment on Ecash, while the Fear & Greed Index is displaying a score of 74 (Greed). Over the last 30 days, Ecash has had 12/30 (40%) green days and 7.93% price volatility.

Price of XEC today

The live price of eCash is $ 0.000039 per (XEC / USD) with a current market cap of $ 766.16M USD. 24-hour trading volume is $ 11.96M USD. XEC to USD price is updated in real-time. eCash is -3.57% in the last 24 hours with a circulating supply of 19,714.22B.

In that case, digital currency represents electronic money (e-money). Digital currency denominated in its own units of value or with decentralized or automatic issuance will be considered as a virtual currency. As such, bitcoin is a digital currency but also a type of virtual currency.

Digital Wallet vs eWallet

For instance, both store your payment info for easy transactions. Coming to a difference, digital wallet apps encompass all forms, while e-wallets specifically hold pre-loaded funds for online purchases, money transfers, and even bill payments.

Digital transactions make record-keeping and credit-building easier since they create a clear trail. In addition, they have security features like biometric authentication and PINs, which lower the chance of theft as compared to cash.

: a secure place of storage. discovered a cache of weapons. 2. : something hidden or stored in a cache. The cache consisted of documents and private letters.