digital coins


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digital coins

An earlier form of electronic travelers check. Called "e-money" and "e-cash," the concept is that digital coins are downloaded from a participating bank into the user's computer, or an account is set up within the bank. Either the coins or the transactions that debit the account are transmitted to the merchant for payment, and all transactions are encrypted.

Many believed that digital coins would fuel a new online information industry that would allow customers to pay in smaller increments, such as five cents a lookup or 10 cents per download; even a fraction of a cent for more trivial transactions. However, the digital coin concept never took off. See First Virtual, Open Market and smart card.
References in periodicals archive ?
Coin Wallet: A logical entity that 'stores' digital coins in a secure manner.
Partner Stores: The entities which participate as members of the MCM service, whereby agree to accept digital coins as real currency.
For merchants, accepting digital coins is a way to make purchases easier for international customers.
ActiveCore views an ATM machine that is equipped with both the CyBux(TM) and ePocket payment solution software products as another powerful channel that will provide people with the ability to move money from accounts to stored value cards or digital coins and vice versa without the need for any knowledge of computers, PDA's or cell phones.

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