Digital Currency Systems: Emerging B2B e-Commerce Alternative During Monetary Crisis in the United States
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Digital currency systems form the triumvirate nexus of government policies, money, and technology. Each has a global reach and responds to the needs of business and consumers. E-commerce depends on ...
Digital currency systems form the triumvirate nexus of government policies, money, and technology. Each has a global reach and responds to the needs of business and consumers. E-commerce depends on private and government financial institutions to enable payment transactions, the basis of e-commerce. As the United States financial crisis continues B2B enterprises may need to abandon traditional payment transaction systems and look to alternatives in the form of Web-based digital currency systems accessed via the Internet. The various types of digital currency systems generally fit into five categories: barter exchange software systems, non-bank digital currency payment systems, digital precious metal systems, online value transfer software systems, and online stored value transaction software systems. Digital currency systems are not online banking. Digital currency systems use private electronic monies: electronic tokens, barter-exchange currencies, digital cash, and stored value e-cash vouchers.
We explore the history of money against a backdrop of banking and government policies that cause cyclic monetary crises, how these current digital systems operate, how business can thereby benefit in their use, and why digital currency systems are such an underutilized service in the United States.
This paper is presented in two major sections addressing the problems and advantages of business using digital currency systems in times of currency instability in the United States. The first section will give context to digital currency systems by providing historical and background information of what is already used for e-commerce payments and the economic environment that is driving the need for businesses to adopt the newer digital currency systems (DCSes). The second section concentrates on the available and newest DCSes, solutions that address traditional disadvantages and advantages to businesses in adopting a DCS during the current economic climate in which they find themselves.
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