What type of money is used in digital currency transactions?

3 answers

• Harry Michael Yarbro MikeNov 18, 2024 · 9 months ago
  In digital currency transactions, the type of money used is not traditional fiat currency like dollars or euros. Instead, digital currencies have their own form of currency, often referred to as cryptocurrencies. These cryptocurrencies are decentralized and operate on blockchain technology, which allows for secure and transparent transactions. Examples of popular cryptocurrencies include Bitcoin, Ethereum, and Ripple.
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• Browne BeardJan 24, 2025 · 7 months ago
  When it comes to digital currency transactions, you won't be using your regular cash or credit cards. Instead, digital currencies like Bitcoin or Ethereum are used. These currencies are not issued or regulated by any government or central authority. They are created and managed using cryptographic algorithms and decentralized networks. So, in short, the money used in digital currency transactions is a whole new type of currency called cryptocurrency.
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• Andrei OnisoruJun 25, 2024 · a year ago
  Digital currency transactions operate using a type of money known as cryptocurrency. Cryptocurrencies are digital or virtual currencies that use cryptography for security. They are decentralized and operate on a technology called blockchain. This means that transactions are verified and recorded on a public ledger, ensuring transparency and security. Bitcoin, Ethereum, and Litecoin are some examples of popular cryptocurrencies used in digital currency transactions.
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