15 Electronic Money
Money has a long and storied history as a medium of exchange and a mechanism for measuring and storing wealth. Nations control the minting of coins, the printing of paper currency, and the quantity of money in circulation, trying hard through physical means to avoid counterfeit bills and coins. Nowadays, almost all but the smallest payments are made using credit cards, checks, and electronic funds transfers. Large cash transactions (suitcases full of money) are usually used only for illicit or illegal transactions.
Forms of electronic money have been common for many years. The Internet is used to manage bank accounts, make purchases with credit cards, do wire transfers, and pay bills.
New protocols for dealing with money, ...
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