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Digital currency

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+#REDIRECT [[Digital currency]]
-{{Unreferenced|date=February 2009}}
-{{Copyedit|date=January 2010}}
-'''Electronic money''' (also known as '''e-currency''', '''e-money''', '''electronic cash''', '''electronic currency''', '''digital money''', '''digital cash''' or '''digital currency''') refers to [[money]] or [[scrip]] which is exchanged only [[electronically]]. Typically, this involves the use of [[computer network]]s, the [[internet]] and [[Stored-value card|digital stored value]] systems. [[electronic funds transfer|Electronic Funds Transfer (EFT)]] and [[Giro|direct deposit]] are all examples of electronic money. Also, it is a collective term for [[financial cryptography]] and technologies enabling it.
+{{R from merge}}
-While electronical money has been an interesting problem for [[cryptography]] (see for example the work of [[David Chaum]] and [[Markus Jakobsson]]), to date, use of digital cash has been relatively low-scale. One rare success has been [[Hong Kong]]'s [[Octopus card]] system, which started as a transit [[payment system]] and has grown into a widely used electronic cash system. [[Singapore]] also has an electronic money implementation for its public transportation system (commuter trains, bus, etc), which is very similar to Hong Kong's Octopus card and based on the same type of card ([[FeliCa]]). There is also another implementation based upon the same system in the Netherlands, known as [[Chipknip]].
-==Alternative systems==
-Technically electronic or digital money is a representation, or a system of debits and credits, used to exchange value, within another system, or itself as a stand alone system, onlinen principle this could be done off-line   The term electronic money is also occasionally used to refer to the provider itself. A [[private currency]] may use gold to provide extra security, such as [[digital gold currency]]. Some private organizations, such as the [[US military]] use independent currencies such as [[Eagle Cash]].
-Many systems will sell their electronic currency directly to the end user, such as [[Gogopay]], [[Paypal]], [[WebMoney]] and [[Wirex]], but other systems, such as [[Liberty Reserve]], sell only through third party [[digital currency exchanger]]s.
-In the case of Octopus Card in Hong Kong, deposits work similarly to banks'. After Octopus Card Limited receives money for deposit from users, the money is deposited into banks, which is similar to debit-card-issuing banks redepositing money at central banks.
-Some [[community currency|community currencies]], like some [[LETS]] systems, work with electronic transactions. [[Cyclos Software]] allows creation of electronic community currencies.
-[[Ripple monetary system]] is a project to develop a distributed system of electronic money independent of local currency.
-===Off-line 'anonymous' electronic money === <!--Re: [[e-cash]], [[E-Cash]]-->
-In the use of off-line electronic money, the merchant does not need to interact with the bank before accepting a coin from the user. Instead he can collect multiple coins ''Spent'' by users and ''Deposit'' them later with the bank. In principle this could be done off-line, i.e. the merchant could go to the bank with his storage media to exchange e-cash for cash. Nevertheless the merchant is guaranteed that the user's e-coin will either be accepted by the bank, or the bank will be able to identify and punish the cheating user. In this way a user is prevented from spending the same coin twice (double-spending). Off-line e-cash schemes also need to protect against cheating merchants, i.e. merchants that want to deposit a coin twice (and then blame the user).
-Using cryptography, anonymous [[ecash]] was introduced by [[David Chaum]]. He used [[blind signature]]s to achieve unlinkability between withdrawal and spend transactions.<ref>David Chaum, Blind signatures for untraceable payments, Advances in Cryptology - Crypto '82, Springer-Verlag (1983), 199-203. [http://dsns.csie.nctu.edu.tw/research/crypto/HTML/PDF/C82/199.PDF (PDF)]</ref> In cryptography, e-cash usually refers to anonymous e-cash. Depending on the properties of the payment transactions, one distinguishes between on-line and off-line e-cash. The first off-line e-cash system was proposed by Chaum and Naor.<ref>Chaum, D., Fiat, A., and Naor, M. 1990. Untraceable electronic cash. In Proceedings on Advances in Cryptology (Santa Barbara, California, United States). S. Goldwasser, Ed. Springer-Verlag New York, New York, NY, 319-327. [http://dsns.csie.nctu.edu.tw/research/crypto/HTML/PDF/C88/319.PDF (PDF)] </ref> Like the first on-line scheme, it is based on [[RSA]] [[blind signature]]s.
-==Future evolution==
-The main focuses of digital cash development are<br />
-) being able to use it through a wider range of hardware such as secured credit cards <br />
-) linked bank accounts that would generally be used over an internet means, for exchange with a secure [[micropayment]] system such as in large corporations ([[PayPal]]).
-==Issues==
-Although digital cash can provide many benefits such as convenience and privacy, increased efficiency of transactions, lower transaction fees, new business opportunities with the expansion of economic activities on the Internet, there are many potential issues with the use of digital cash. The transfer of digital currencies raises local issues such as how to levy taxes or the possible ease of [[money laundering]]. There are also potential macro-economic effects such as exchange rate instabilities and shortage of money supplies (total amount of digital cash versus total amount of real cash available, basically the possibility that digital cash could exceed the real cash available).  Another issue is related to computer crime, in which computer criminals may actually alter computer databases to steal digital cash or by reducing an account's amount of digital cash.  One way to resolve these issues is by implementing cyberspace regulations or laws that regulate the transactions and watch for signs of fraud or deceit.
-==See also==
-{{Portal|Numismatics|United_States_penny,_obverse,_2002.png}}
-<div style="column-count:3;-moz-column-count:3;-webkit-column-count:3">
-*[[E-commerce payment system]]
-* [[Digital gold currency]]
-* [[Private currency]]
-* [[Ripple monetary system]]
-* [[Anonymous internet banking]]
-* [[paysafecard]]
-* [[Cypherpunk]]s
-* [[Mon€o]]
-* [[Visa Cash]]
-* [[Mondex]]
-* [[ISO 8583]]
-* [[Qpass]]
-* [[Automated Clearing House]] (ACH)
-* [[Send Money Home]]
-* [[Scrip]]
-* [[Chipnet]]
-* [[Itex]]
-* [[Dexit]]
-* [[Internet currency]]
-[http://www.internetformoneymaking.blogspot.com make money on internet]
-</div>
-== References ==
-<references/>
-== External links ==
-{{wikibooks|E-Commerce and E-Business}}
-* [http://osaka.law.miami.edu/~froomkin/articles/tcmay.htm Untraceable Digital Cash, Information Markets, and BlackNet] from 1997, by [[Timothy C. May]]
-* [http://spoirier.lautre.net/money.htm Principles for a free, powerful and stable monetary system for the digital era] by S. Poirier
-* [http://www.law.miami.edu/~froomkin/articles/oceanno.htm Flood Control on the Information Ocean: Living With Anonymity, Digital Cash, and Distributed Databases], (1996) by Michael Froomkin
-* [http://indomitus.net/2004status.html ''Status Report on Free Market Money'' (2005) from The Indomitus Report]
-* [http://papers.ssrn.com/sol3/papers.cfm?abstract_id=952148 The Evolution of Money (1999)]
-[[Category:Banking technology]]
-[[Category:Cryptographic protocols]]
-[[Category:Digital technology]]
-[[Category:Electronic commerce]]
-[[Category:Electronic currencies| ]]
-[[Category:Financial cryptography]]
-[[Category:Marketing]]
-[[Category:Payment systems]]
-[[ar:العملة الإلكترونية]]
-[[de:Elektronisches Geld]]
-[[es:Dinero electrónico]]
-[[eo:Monkarto]]
-[[fr:monétique]]
-[[id:Uang elektronik]]
-[[it:Moneta elettronica]]
-[[ja:電子マネー]]
-[[lt:Elektroniniai pinigai]]
-[[pl:Pieniądz elektroniczny]]
-[[ru:Электронные деньги]]
-[[sk:Elektronické peniaze]]
-[[uk:Електронні гроші]]
-[[vi:Tiền điện tử]]
-[[zh:電子貨幣]]
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