Digital currency (digital money, electronic money or electronic currency)

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By :Written
Mohamed Saber Bakr Abd Elmged
:Specialization
Financial Markets
DR / Ahmed Salem
Electronic Business

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Research Contents :
1. What is digital Currency ?
2. Benefits of digital Currency
3. Disadvantage of digital Currency
4. What is bitcoin ?
5. What is Block chain ?
6. Digital Currency in Egypt
7. Why Al-Azhar forbidding bitcoin ?
8. My Viewpoint

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1. What is digital Currency ?
Digital currency (digital money, electronic money or electronic
currency) is a type of currency available in digital form (in
contrast to physical, such as banknotes and coins). It exhibits
properties similar to physical currencies
In 1983, a research paper by David Chaum introduced the idea of
digital cash.
In 1990, he founded DigiCash, an electronic cash company, in
Amsterdam to commercialize the ideas in his research.
It filed for bankruptcy in 1998. In 1999, Chaum left the company.
In 1997, Coca-Cola offered buying from vending machines using
mobile payments.
After that PayPal emerged in 1998.
Other systems followed suit, such as e-gold, but it faced issues
because it was used by criminals and was closed by U.S Department
of Justice in 2005.
In 2008, bitcoin was introduced, which marked the start of digital
currencies.

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2.Benefits of digital Currency
o they allow you to make purchases instantaneously online .
o Digital currency is impossible to counterfeit .
o Accessible by everyone just need computer and internet .
3.Disadvantage of digital Currency
o People need to be educated about Bitcoin to be able to
apply it to their lives .
o Digital Currency has volatility .
o Digital Currency is still incomplete features it need
development.

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4.What is bitcoin ?
Bitcoin is a digital currency (also called crypto-currency) that is not
backed by any country's central bank or government. Bitcoins can
be traded for goods or services with vendors who accept Bitcoins as
payment.
Bitcoin was invented by an unknown person or group of people
using the name Satoshi Nakamoto.
5.What is Block chain ?
Blockchain refers to a type of data structure that enables identifying
and tracking transactions digitally and sharing this information
across a distributed network of computers, creating in a sense a
distributed trust network
6.Digital Currency in Egypt
o The central bank of Egypt warns against dealing in virtual
currencies such as " bitcoin " .
o There is no official law to prevent Digital Currency
transaction but there exist another Sanctions .
o An unofficial market in Egypt is wide-spread .
o Incomprehensible for most Egyptian people

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7.Why al-Azhar&Dar al-Iftaa Al-Missriyyah
forbidding bitcoin ?
al-Azhar& Dar al-Iftaa reasons :
o These virtual units are not covered by tangible assets,
o and do not need to be issued any conditions or controls,
o have no financial dependence in any centralized economic
system,
o and are not subject to the powers of regulators and financial
bodies, because they depend on the international trading of
the Internet " Internet "No control and no censorship.
Dar al-Iftaa Al-Missriyyah forbidding another "Financial
Modern Transactions" such as :
• FOREX
And accept another's such as :
• Credit Card
• Investment Finance Contracts

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8.My Viewpoint
Before, written this research I had thought about the bitcoin and
digital currency it will be a new future in economy, but I think
now that Won't happen because these reasons :
1. Its not anew science .
2. Its Wasting energy such as Electricity .
3. If it developed and be legal and centralized I think the price
will be very Cheap .
About practices in Egypt
o I agree with al-Azhar& Dar al-Iftaa about forbidding
practices it but At the individual only, not for all .
o I think business men should have financial freedom for
trading any thing around seas .
Thank you for read