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Simple English definitions for legal terms
electronic currency
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A quick definition of electronic currency:
An electronic currency is a type of money that exists only in digital form. It is stored on a computer or a computer chip and can be transferred over the internet. It is also known as e-money or digital cash. Unlike paper currency, it is not backed by gold or silver. It is legal tender for the payment of debts and can be easily converted to cash.
A more thorough explanation:
Electronic currency, also known as e-money, is a type of money that exists only in digital form. It is transformed into information stored on a computer or computer chip so that it can be transferred over information systems such as the Internet.
Examples of electronic currency include Bitcoin, PayPal, and Apple Pay. These forms of payment allow individuals to make purchases and transfer funds without the need for physical cash or checks.
For example, if someone wants to buy a product online using PayPal, they can transfer the necessary funds from their PayPal account to the seller's account electronically. This eliminates the need for physical cash or checks to be exchanged.
Overall, electronic currency provides a convenient and efficient way to make transactions in today's digital age.
electronic funds transfer | Electronic Signatures in Global and National Commerce Act