There is a lot of confusing information about electronic money and crypto money. We wanted to address this issue and talk about the differences for Electronic Money vs CryptoCurrency, advantages, and disadvantages between digital electronic and crypto money.
Comparison Between Electronic Money and CryptoCurrency
Electronic Money vs CryptoCurrency
- Electronic money is a digital currency. Crypto money can be defined as a subset of electronic money. But they are not identical.
- Electronic money is an older technology; cryptocurrency is relatively new.
- Bank accounts, online shopping systems, digital accounts, and wallets are considered electronic money. Crypto money is money created on the blockchain chain. You can invest in cryptocurrency, also the cryptocurrency is not used directly in spending but can be converted into real money.
- Electronic money has the feature of being controlled and connected to the center. Crypto money is unsupervised. It cannot be controlled by any supervisory authority.
- In order to use electronic money, you must introduce yourself to the official authorities with data such as identity information and photographs. But for crypto money, it does not need to introduce itself to the official authorities. All transactions are recorded on the blockchain blocks and users are known to everyone.
- Electronic money is not transparent. Money transfers and information cannot be seen. Crypto coins, on the contrary, are completely transparent. Operations can be seen because it is located on a blockchain’s chain. But the users are completely anonymous.
- Electronic money is state-controlled. Transactions may be frozen or canceled if any risky situation occurs. But cryptocurrencies are managed by communities. Although its reliability varies according to money types, it is generally safe.
- Electronic coins are official and surrounded by law. Cryptocurrencies are still not recognized by many states, and there are no legal rules.
- Electronic money is not strong enough against cyber-attacks. There is always a risk of fraud. Cryptocurrencies, on the other hand, have a stronger and more protected infrastructure against cyber-attacks since they are developed with blockchain technology.
- The use of electronic money proceeds in line with standard banking transactions. Cryptocurrency use can be described as a stock market. It has nothing to do with the banking system; it is not a type of where you can spend money. However, investments can be made by converting them into real money.
Consequently and Where to Buy CryptoCurrency?
We just want to mention that there are also hundreds of online cryptocurrency websites that promise to buy and sell bitcoins. But you might end up without getting any cryptocurrency or money. If you want to buy and sell cryptocurrency we can recommend you to use cex.io. You will be completely safe, and you can buy your crypto using bank cards.
If we come to the conclusion; Although electronic money and crypto money have their own advantages and disadvantages, they are quite different types of money. It is very important in choosing money for what you want to use and what you aim for.
We all use electronic money; we shop on the internet, we transfer money, and they happen with digital money. It is a system we know, and perhaps in the center of our lives.
Crypto money is not yet on everyone’s radar, but it is a promising type of money. For now, although it is only considered as an investment channel by a certain segment, none of us know what will happen in the future. Maybe one day cryptocurrencies will become money that everyone uses.