An introduction to Counos

Every country has its own currency and it is considered one of the most outstanding features in conducting financial affairs. Most European countries use Euro, Russian Ruble and the US Dollar and they are used in banks or foreign exchanges. All financial transfers or investments are on the shoulder of the banks around the world.

“Digital currency” is defined as any kind of money with the capability of transmission over the internet; PayPal, WebMoney, Bitcoin, and Counos are some cases in point.

Moreover, it is divided into two centralized and decentralized categories, the former operates under the supervision of a specific intermediate company or institution like PayPal, and the latter is called “Cryptocurrency”.

But, which differences do they have?

In the field of decentralized virtual money, transactions are conducted through a distributed database called “Blockchain”, without any ownership by a company. On the other hand, in centralized virtual currency, due to the support of traditional currencies, they have the same value as tangible money. For instance, PayPal is a type of tangible money, so you can receive 1000 PayPal units with a charge of 1000 dollars and simultaneously receive 1000 dollars of redeemable sale time. Centralized currencies are issued by a particular company; in other words, its wallet is only accessible on one or more specific sites; however, using them entails registration beforehand.