We are officially dropping the word "currency" from any of our publications or promotion.
DigiByte is a decentralized crypto payment network based upon Litecoin & Bitcoin that works similar to PayPal & Western Union. DigiByte is fast, secure & world-wide!
Hi, of course it is just a matter of vocabulary, but if you dig a bit, the system is different from Paypal or any fund transfer system.
Let me explain my thoughts:
When you use paypal, what you do is just transfer real money (us$) to abank account and pay with it.
Technically, it is just a bank, and you pay with dollars ( or euros or whatever).
If you want to pay using DGB, technically, you have to buy "credits" (ie DGBs), then spend it, then the seller could use those "credits" or exchange them for dollars. At a moment , (high) value has been created and the user pays it.
The truth is when you put dollars on paypal, the only thing you "buy" is the service of the bank when you pay, but you still are the owner of your dollars. The only way paypal makes money is transaction fees.No value has been created in the transaction (only fees for service are paid)
With DGBs, when you "buy" DGBs for the first time, you pay the original owner of the DGBs (or the lastest specukator to own it), and you no longer own your dollars, but just "credit" whose value in dollars can go up or down.
This is sure, even if you try to change the naming, the potential users will quickly point that out and ask you "why would people make money when I, as a user buy DGBs first ? ( because this is true, and that is probably why we are here, we have nothing else to gain, fees are not for us, and people using DGB won't generate any additionnal money to anyone, this is a one-shot deal).
So you have to prepare to answer this question, and in my opinion, here is the way to explain:
Each DGB can be seen as a credit that is highly secure and allows fast transactions, consider each "credit" as a container for your money.
To allow that level of security, each credit is unique and has originally been processed by high end computing systems, this costs time and money, and that is what you pay for.
Obviously it is always a matter of vocabulary, because ppll won't own their original $ anyway, but at least you can try to justify the value of what you sell them.
About law aspects, i don't know how it works in usa( i'm in France), but maybe you could check how it works for "virtual currencies" in mmorpg games or so, is it illegal ? i gues no, finally DGBs are not so different, is it just the game that is way bigger.
PS: suggestion: call the coins "Digibyte credits" or "Digicredits by Digibyte system"
