| How Digital Currency has Changed the World | | Print | |
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ATM Cards Today, almost everyone who has a bank account has an ATM card. When ATM cards were first introduced almost thirty years ago, many merchants and individuals were wary of this new technology. It was fast convenient way to withdraw money from the bank, but how sure were account holders that it was actually secure and that their account would not somehow be compromised. Over time, the use of ATM cards has become an acceptable action as account holders have been shown that their use is not only convenient, but also relatively safe. While the introduction of the ATM card made a big difference in making banking convenient, it was not until personal computers and the internet were introduced to everyday individuals that digital currency really took off by leaps and bounds. Internet Retailing In the mid-1990s, the internet was introduced to the general public. Soon afterward, the internet became more than just an interesting way to research products or issues of interest. Retailers began entering the electronic arena and within a matter of a few years literally millions of small businesses were flourishing through the use of this new medium. No longer was it necessary to have a brick and mortar store, but instead, a successful retail company could be run from the comfort of a person's own home. As internet retailing grew, so did the need for methods of making secure payments across the internet. Enter electronic digital currency. In a traditional financial transaction, the seller receives hard currency to pay for goods and services. With electronic retailing, the seller does not have the security of actually having paper money and coins placed in their hands. Instead, online retailers have to depend on the security of the electronic method of financial exchange. Electronic Financial Companies In order to address the concerns that internet retailers and customer had about online financial transactions, companies like PayPal and MoneyBrokers began emerging in the electronic financial arena. These companies allow customers to create an electronic financial account that allows them to make financial exchanges, but in an anonymous way similar to hard cash transactions. Digital ExchangesToday, digital money transactions are an everyday occurrence. We receive digital transfers of money through direct deposit, the use of ATM cards and even through the use of digital financial accounts to purchase and sell stocks, bonds and commodities for investment purposes. Very few people regularly carry large sums of money with them for everyday purchases. In fact, there are even individuals today who do not even have a bank account and instead conduct all of their financial business through the use of digital financial sources. Add this page to your favorite Social Bookmarking websites           
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