(CBDCs). These currencies would be based on a centralized ledger managed by the central bank in question. This would enable the possibility for the central bank to manage monetary supply, in the same manner it does in the conventional economy.</p>\n<p><strong>DigiCash,</strong> the first digital currency prototype, was created in the late 1980s. They were plagued by an unsolvable problem known as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-double-spending/">double-spending. As a result, it was difficult to assure that each unit of cash was spent just once during every transaction.</p>\n<p><a href=https://www.bitdegree.org/"/crypto/buy-bitcoin-btc/">Bitcoin <strong>managed to solve the issue of double-spending by utilizing blockchain technology to develop an immutable record for every transaction.</strong> Therefore, it was the very first digital currency to function as a factor of exchange, a store of worth, and an accounting unit.</p>\n<p>Nowadays, digital currencies are very essential for the evolution of finance. The number of cryptocurrencies in the market had significantly increased, and new protocols are being showcased to solve issues such as the absence of scalability linked to Bitcoin.</p>\n<p><strong>In addition, Facebook's Diem <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-stablecoin/">stablecoin, which was once known as Libra, has been one of the biggest large and contentious digital currency initiatives.</strong> It was subjected to severe regulatory oversight, and coordinated opposition from central banks prompted Facebook to tone down its objectives.</p>","level":"easy","meta_title":"What is Digital Currency? Definition & Meaning | Crypto Wiki","meta_description":"Digital Currency meaning: Digital Currency - is simply a digital type of currency that can perform all of the functions of fiat money.","meta_keywords":null,"language":"en","created_at":"2022-03-07T14:59:29.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-digital-currency"},"prevSection":{"id":274,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Digital Barter Economy?","slug":"what-is-digital-barter-economy","section":"D","keyword":"Digital Barter Economy","status":"published","definition":"is the exchange of products and services directly.","content":"<p><strong>One of the most known examples is when influencers exchange their advertisement for a free product of that kind.</strong></p>\n<p><em>Early civilizations used common agreed-upon products, such as animal skins or salt, as a form of money that people could use to exchange goods and services.</em></p>\n<p>The digital barter economy is quite adaptable, hence it is theoretically achievable to pay for that advertisement with a revenue share token or a tokenized fragment of a famous painting.</p>\n<p>Furthermore, it functions as a means of trade, similar to <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fiat/">fiat currency,</strong> and is one of the oldest and most organic kinds of economic activity in the history of mankind. Even though this works fine in a small context with physical proximity, it does not operate on a broader scale due to evident distance concerns and an absence of conventional units of measurement.</p>\n<p><strong>Blockchain enables the possibility for people to digitize physical products and services with <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-token/">tokens, and it solves the issue of physical proximity in that manner. </strong>Speaking of the example mentioned above, individuals can pay their advertisement token with the product token from anywhere around the world.</p>\n<p>Both tokens are virtual, serve as templates for the actual asset, and can be redeemed for goods or services. In addition to digitizing actual products, blockchain strengthens digital trade by allowing users to swap tokens they already have for the token they desire.</p>\n<p>Digital barter uses blockchain techniques to deliver the fundamentals of the old physical barter economy into the 21st century, giving answers to the physical and conventional unit hurdles that prevent trading at volume.</p>\n<p><strong>Moreover, an additional upgrade is that digital barter economies can have products that are not physical (a patent of intellectual property), or large products that can&rsquo;t be used as means of payment in their physical form.&nbsp;</strong></p>\n<p>When digital assets are generated on the blockchain, they can basically be fractured digitally, which would be impossible in the real world due to the destruction and devaluation of the underlying physical commodity.</p>","level":"medium","meta_title":"What is Digital Barter Economy? Definition & Meaning | Crypto Wiki","meta_description":"Digital Barter Economy meaning: Digital Barter Economy - is the exchange of products and services directly.","meta_keywords":null,"language":"en","created_at":"2022-03-07T14:41:27.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-digital-barter-economy"},"currentChapter":"D","currentSection":"what-is-digital-commodity","chapterTitle":"D","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-digital-commodity","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">