coin rises dramatically, such a line on a candlestick chart soars up to the sky</strong>. And that's, essentially, where the name comes from. As funny as it sounds, people associate this phenomenon with a dildo.</p>\n<p>If you're curious to see how a dildo looks on a crypto chart, you can take a look at individual price charts of crypto assets on exchanges like <a href=https://www.bitdegree.org/"/crypto/goon/binance/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Binance</strong></a> or <a href=https://www.bitdegree.org/"/crypto/goon/bybit/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>Bybit</strong></a>. Or, you could also check out our <a href=https://www.bitdegree.org/"https://www.bitdegree.org/cryptocurrency-prices/bitcoin-btc-price/">BitDegree crypto tracker</strong></a>.</p>","level":"easy","meta_title":"What is Dildo? Definition & Meaning | Crypto Wiki","meta_description":"Dildo meaning: Dildo - a vertical green or red line on a graph that represents crypto price movements.","meta_keywords":null,"language":"en","created_at":"2022-03-08T06:54:49.000000Z","updated_at":"2023-05-08T06:05:12.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-dildo"},"prevSection":{"id":276,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Digital Currency?","slug":"what-is-digital-currency","section":"D","keyword":"Digital Currency","status":"published","definition":"is simply a digital type of currency that can perform all of the functions of fiat money.","content":"<p>Individuals can use digital currency to pay for products and services.</p>\n<p>In addition, there are several benefits of digital currency such as<strong> lower transaction fees, faster speeds, the potential for decentralization, and better transparency</strong>.</p>\n<p>Nevertheless, central banks believe in the blockchain technology, and now are creating their own digital currencies <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-central-bank-digital-currency/">(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"},"currentChapter":"D","currentSection":"what-is-digital-identity","chapterTitle":"D","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-digital-identity","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
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Crypto Terms: Letter D

What is Digital Identity?

Digital Identity MEANING:
Digital Identity - is the data used to identify a person to a computer or network.
Medium
2 minutes

Let's find out Digital Identity meaning, definition in crypto, what is Digital Identity, and all other detailed facts.

Several types of digital identities are already in everyday use, and it is essentially the data used to identify a person to a computer or network. The most obvious example is government recognition, which is utilized for several purposes, including financial access, corporate registration, and, of course, surveillance.

Traditional identity networks tend to have several issues such as vulnerability to fraud, high risk of attack, and even inaccessibility.

There has always been a problem in cyberspace with knowing precisely with whom they are engaging. Furthermore, static identifiers like passwords and emails have no method of determining identification because the data may be readily stolen or utilized by several people pretending to be one.

An identity may be verified and authenticated with up to 95% accuracy. This is done by using digital identification based on dynamic entity connections acquired from behavioral history across numerous websites and mobile apps. Clients often use identification systems to transact online, log in to digital services, and prove their identity to organizations such as workers.

Blockchain technology can manage to solve many of the issues. In regards to that, extensive experiments are being performed at the moment into the utilization of blockchain for digital identity applications, and some of these are already in use on an extensive basis.

For instance, various national authorities are moving their whole identity designs onto the blockchain.

Also, blockchain technology is far more reliable than current digital identification solutions. While it is now incredibly simple to fake an identity online, blockchain-based identification systems provide ultimate trust in an identity's legitimacy due to the irreversible structure of blockchain-based documentation.

Blockchain-based digital identities are thought to be particularly valuable for the 11 billion individuals worldwide who lack evidence of identification due to inconvenience and difficulty.

As a result of a lack of identification, these people are unable to access services such as banking. However, the tremendous rise in popularity of mobile applications provides an opportunity for the creation of more straightforward and free blockchain-based identity solutions.
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