Digital currency impossible to reverse a transaction, justified or not. It is very similar to cash. Advantages of this system include it being cheaper to operate, and transactions are instantaneous. Western Union, KlickEx and Bitcoin are examples of this type of currency. Soft electronic currencies are the opposite of hard electronic currencies. Payments can be reversed. Usually, when a payment is reversed there is a "clearing time." This can take 72 hours or more. Examples of soft currencies are PayPal and any type of credit card. A hard currency can be "softened" with a third party service. Many existing digital currencies have
Digital gold currency Currency Association (GDCA), which was founded in 2002, is a non-profit association of online currency operators, exchangers, merchants and users. The GDCA is an example of the DGC industry's attempt at self-regulation. On their website they claim their goal is to "further the interests of the industry as a whole and help with fighting fraud and other illegal activities, arbitrate disputes and act as escrow agent when and where required." Of the once DGC providers, Pecunix (gone, see below), Liberty Reserve (shut down for money laundering in 2013), and eight others became members of the association. It costs one gram