Wednesday word: digital cashMarch 13, 2013
Julian Gaspar defines digital cash as “an electronic payment system that represents currency in an electronic format that moves outside the normal network of money”.*
Because it operates outside the conventional currency system, digital cash may allow for greater freedom in transactions. Critics point out that transactions in such systems are anonymous, difficult to trace, and can be used for criminal activity.
* Gaspar, Julian, Introduction to Business (Boston: Houghton Mifflin Company, 2006).