What Is a Digital Shekel?
A digital shekel is an electronic version of the Israeli New Shekel, which is the official currency of Israel. The digital shekel was first introduced in 2017 as a way to encourage more people to use and invest in cryptocurrency. It has since grown into one of the most popular cryptocurrencies used throughout Israel and other parts of the world.
How Does It Work?
The digital shekel works just like any other type of cryptocurrency; it uses blockchain technology for secure transactions between two parties without needing to go through traditional financial institutions or third-party intermediaries such as banks or credit card companies. All transactions are recorded on an open public ledger known as the “blockchain” that anyone can access online at anytime, allowing users complete transparency when transferring funds from one individual to another. Furthermore, all transactions with this form of currency are completely anonymous, meaning no personal information needs to be exchanged during transfers making it much safer than using traditional methods like bank transfers or cash payments where someone could steal your identity if they got access to your banking details or physical money exchange locations were you may be physically robbed by criminals who know you have large amounts of money on you (in case).
What Are Its Advantages Over Traditional Currency?
Digital currencies offer many advantages over traditional forms such as fiat due their decentralized nature: faster transaction times because there’s no need for middlemen and less expensive fees compared those charged by conventional payment providers; greater security thanks its encryption protocols that guarantee fund safety while also preventing frauds like double spending ; increased privacy levels ensuring anonymity across all operations performed within these networks , eliminating any chance that somebody else could misuse your sensitive data . Additionally , unlike regular paper bills coins cannot easily be counterfeited nor devalued due inflationary policies implemented governments around globe therefore providing better long term value preservation capabilities investors seeking store wealth digitally .
