There has lot of talk about Bitcoin in recent years. The company PSI Pay, one of the UK’s leading regulated FinTech companies has recently come to the forefront as they try to explain the difference between bitcoin and e-money. Bitcoin has continued to grow in popularity and as a result people have become more interested in understanding just what these currencies are all about. Over the years Bitcoin has often been confused with e-money, however there is a distinct difference between the two.
According to PSI- e-money is an electronic storage of conventional money. This format of money is is backed by fiat currency. They are usually regulated by a central bank. Users usually have to use a service like ecoPayz where they create an account. Most e-money transactions are done through the use of an app.
Bitcoin is a little different. Bitcoin is dependent on peer-to-peer exchanges. Unlike e-money there is no central authority. These transactions are regulated a collective network of computers. The value of this currency will go up and down based on demand and trust in the market. Bitcoin is not printed like other forms of money. Furthermore, the total of Bitcoin is limited to ensure there is no inflation.
PSI-Pay itself is known globally for its work. The company is respected across the globe for having a secure, online digital account. PSI takes pride for being known as a company that has a rapid, secure and safe method for both businesses and individuals to make a variety transactions world wide. The company is regulated by the 2011 by the EU electronic money regulations 2011. Furthermore PSI-Pay is Principle Member of MasterCard which gives customers access to both virtual and physical card programs. PSI-Pay’s self-card and account issuing abilities are used by both corporations and individuals.