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Simple English definitions for legal terms
digital cash
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A quick definition of digital cash:
Digital cash is a type of money that exists only in electronic form. It can be stored on a computer or a chip and transferred over the internet. It is like regular money, but instead of paper bills or coins, it is made up of information. Digital cash is also known as e-money or electronic currency.
A more thorough explanation:
Digital cash is a type of electronic money that can be used to make purchases online. It is transformed into information stored on a computer or computer chip so that it can be transferred over information systems such as the Internet. This type of money is also known as e-money or electronic currency.
For example, if you have an e-wallet on your phone, you can use it to pay for goods and services online without using physical cash or a credit card. The money is stored digitally and can be transferred instantly.
Digital cash is becoming more popular as people increasingly use the Internet to shop and make payments. It is convenient and secure, as long as you take the necessary precautions to protect your digital wallet and personal information.