Bitcoin has been fluctuating since it appeared on the scene in 2009. Initially, only financial experts have been able to track and understand its flow, however as more people are becoming familiar with this currency they are investing and following it to see what happens next. Still, the bitcoin is not a simple currency to follow and often gets confused with e-money. Even though they are both a form of virtual currency, e-money more popular and they both use separate institutions and business practices to conduct their operations.
How Does E-Money Work?
Electronic money is really a storage of conventional money supported by fiat currency. It is regulated by a central bank. Its users are required to create accounts through the ecoPayz system. EcoPayz is a secure online digital account owned by PSI-Pay Ltd. The money is primarily used for online purposes, however, it is linked to conventional currency. The main use of it is to make transactions electronically use an app. It is also useful if a prepaid card is linked to it to exchange funds for physical money.
How Does Bitcoin Work?
Bitcoin is a cryptocurrency that needs peer-to-peer exchanges in order to function. There is no central bank governing it. Its transactions are verified by a host of computers. Its value fluctuates according to demand and public’s trust. Cryptocurrency is an alternative to fiat currency and is not printed like fiat money. Bitcoin is also limited to 21 million to prevent cryptocurrency from being affected by inflation.
The Different Wallets
Bitcoin needs a system like a forex exchange. Coinbase is a popular system that works for trading various cryptocurrencies and can also store cryptocurrency. Getting this digital currency wallet is usually free. once you have the wallet you use your normal credit or debit card to make Bitcoin purchases.
Ewallets are also usually free. They work more like the wallet in your pocket. You load money through your bank account or credit card to keep a wallet stored online.
EWallets allow you to transfer funds between accounts quickly and securely. The platform the eWallet uses PSI-Pay’s ecoPayz system, and it allows you to withdraw money from the ATM. This is only possible because e-money is supported by fiat money.
About PSI-Pay Ltd
PSI-Pay is a global company that offers a rapid, secure, and private channel for global payment transactions. This channel can be used by businesses as well as individuals. PSI-Pay Ltd is governed by the FCA under the EU electronic money regulations in 2011. PSI-Pay Ltd offers virtual and physical card programs through MasterCard for companies and individuals globally. These programs range from the corporate expense management to remote staff payment programs that use a PSI card and account facilities.