Digital currency

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A digital currency refers to money or scrip which is only exchanged electronically. Digital currency can take different forms, such as cryptocurrency, digital currency issued by central banks and virtual currencies.

When money transfers occur as a bank wire transfer or ACH payment, or even transfers of money using services such as PayPal, the funds are sent electronically but the currency transmitted is representative money and what transfers is an underlying fiat currency.

Bitcoin has been described as the first decentralized digital currency.

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