Bitcoin and E-money may have similarities on the surface but they are really two different beasts. Since it’s launch in 2009, Bitcoin is a finite store of wealth that emulates the same scarcity as gold. This has enabled people to make online payments with a middleman and it is currently receiving the most amount of media attention in comparison to other currencies.
On the other hand, E-money from PSI Pay is a system of electronic payments that are not based on blockchain technology. It is often confused to be in the same league as Bitcoin, but as PSI-Pay explains, it is not entirely the case.
Think of E-money being backed by the USD and other traditional currencies. These currencies are regulated by central banks, governments, and international trade agreements. An electronic money system will simply be a means to transfer money digitally across the globe without losing its inherent value or legal status.
When people want to trade Bitcoin, they will often trade their fiat money through a broker or exchange in order to get it into their account. It is not uncommon for these transactions to be borderline illegal in some places and it is not protected by any regulatory agencies.
Since there is no central authority over Bitcoin, the future and stability of the currency are very hard to predict. It may be possible that trading will be banned in most countries due to its potential for money laundering. At the moment, it has an imbalanced public trust and most governments consider it to be an asset rather than a real currency. Because of this, banks are not willing to store Bitcoin or be heavily involved with Bitcoin businesses.
With E-money wallets, it is easy to link credit cards and bank accounts to make transactions. Transfers are often less of a hassle, lower in fees and are made much more quickly than a blockchain transaction. Because of this, electronic money from PSI Pay has a bigger presence on the internet.
More About PSI Pay
PSI Pay is the company behind the ecoPayz system, which is a digital wallet for global money transactions. The company is authorized under the FCA so that companies will have legal protection and oversight with their digital wallets. They also issue debit cards for added convenience.
Since 2015, the company has been reporting increased customer growth and record profits. In just 2015 alone, revenue was up by 45% from the previous year.