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Digital Currencies

In: Business Innovation Through Blockchain

Author

Listed:
  • Vincenzo Morabito

    (Bocconi University)

Abstract

Digital currencies are an innovation in payment systems. They are an internet-based medium that serves as an alternative medium of exchange. Many experts and advocates of this technology argue that this innovation in payment systems could have an immense significance on the financial system and the economy at large. There are various examples of digital currencies such as LitecoinLitecoin . Litecoin is a recognized digital currency that uses peer-to-peer technology in its operation. It is entirely decentralized and has easier mining compared to others. BitcoinBitcoin is another example of digital currencies and could be said to be one of the most widely used innovative payment network. It is known to be easily convertible and the creation of accounts is free of any form of charge. Furthermore, the mode of operation of Bitcoin is referred to as ‘peer-to-peer technology’. More examples of digital currencies include; ChinacoinChinacoin , which can generate 462.5 million coins and Devcoin, which can generate 7.2 million coins daily. Despite the uniqueness of digital currencies such as Litecoin, Bitcoin and other digital currencies, some risks could be involved in its use. Such risks as well as the advantages of the usage of digital currencies should be analyzed in order for organizations to guard against such risks and embrace the advantages. This Chapter thoroughly examines the concept of Digital currencies as well as its advantages, limitations and risks.

Suggested Citation

  • Vincenzo Morabito, 2017. "Digital Currencies," Springer Books, in: Business Innovation Through Blockchain, chapter 0, pages 81-100, Springer.
    • Handle: RePEc:spr:sprchp:978-3-319-48478-5_5
    DOI: 10.1007/978-3-319-48478-5_5
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