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LSDefine
Simple English definitions for legal terms
electronic cash
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A quick definition of electronic cash:
Electronic cash, also known as e-money, is a type of money that exists only in digital form. It is stored on a computer or a chip and can be transferred over the internet. It is like having real money, but instead of paper bills and coins, it is all on a computer. It is a convenient way to pay for things online without having to use physical money.
A more thorough explanation:
Electronic cash, also known as e-money, is a type of money that is stored on a computer or computer chip and can be transferred over the internet. It is a digital form of currency that can be used to make purchases online or through electronic devices.
- Bitcoin
- PayPal
- Apple Pay
These examples illustrate electronic cash because they are all forms of digital currency that can be used to make purchases without the need for physical cash or credit cards. They are stored on a computer or mobile device and can be transferred electronically.