PSI-Pay Explains Why You Should Not Confuse Bitcoin and E-Money Given That They Are Two Separate Things
What is PSI-Pay?
PSI-Pay is what some might call an alternative banking solution. It is regulated under the FCA. It can provide customers with real-time banking solutions. You can deposit and withdraw funds from any network. Anyone who is a Mastercard member can take advantage of what PSI-Pay offers.
Those who wish to learn more about this company can click their official page here. www.psi-pay.com. You can also send PSI-Pay an email with this address email@example.com.
What is E-Money?
You need to understand what e-money is before you can understand the difference. E-money is what you call electronic money stored in a conventional facility. You can hook the money up to a conventional, central bank and do your banking.
Now, most customers use the e-money through electronic channels. You can, however, use a pre-paid card or credit card and link it to your channel. You need to create an account through an electronic service in order to do business.
EcoPayz and Paypal are two examples of e-money channels.
What Is the Difference Between Bitcoin and E-Money, PSI-Pay Explains It All
The main difference, between the two, is the currency exchange. Bitcoin is a cryptocurrency. It relies on peer-to-peer interactions. In other words, there is no central authority, or unit acting as the go-between. There is one with e-money. E-money is also a fiat currency and Bitcoin is not.
The other difference is that Bitcoin is not a digital currency stored in an e-wallet. It can be stored anywhere on the market. With an e-wallet, you generally get your services for free because you are linked to a traditional bank. Bitcoin does not operate like that.
One Final Difference
E-money is more regulated than others because it goes through traditional channels. Bitcoin is not nearly as regulated as it should be. The reason is that it new on the market. Policy makers are still trying to figure out how to uphold proper regulations with cryptocurrency, specifically, Bitcoin.
The Ongoing Debate Between the Two
Some say that it can operate without a central authority, unlike its counterpart. On the other hand, some people do not see is a legitimate figurehead in the world of money, unlike its counterpart. The debate rages on, and where that road leads us is anybody’s guess.