PSI-Pay has been in the news lately. It is mainly due to their global effect on market currencies and e-money. They have been in business since 2007 and are still going strong. They offer their clients a no-hassle routine to do their banking. It does not matter whether you are are withdrawing or depositing money, PSI-Pay offers a risk-free way to manage your account without needing the middleman.
We sat down to talk with PSI-Pay recently and here is what they had to say.
1) What is e-money, exactly? How does it relate to my traditional banking?
“That is a great question! E-money is electronic money, more or less. It is a type of currency called “Fiat.” You create an account with us and do your banking. Our clients use it mainly for their online stuff, but they can transfer funds back and forth into their traditional bank account. Do you use Paypal? It is similar to that, maybe a little more upscale.”
2)I have heard a lot about Bitcoin. What is that? Is it safe to use?
“Well, it is a form of cryptocurrency. The only authentication process it goes through right now is a bunch of computers. Bitcoin is not printed using Fiat money. There is only, maybe, 21 million units printed. They do that because of inflation. Is it safe? It is as safe as any other cryptocurrency, I guess. I suggest you do your research on it before you start buying up Bitcoin left and right. Make sure that you are buying it through a legit company or person. The reason is that it is not as regulated right now, as it should be.”
3)Is there a difference between the two? Some say they are pretty much the same thing
There is a difference between the two. The main difference is that e-money is more regulated. It works with a traditional banking unit. In other words, we have a central figure looking at what happens. Bitcoin does not have that. Unfortunately, that makes the transactions riskier, especially when you do not know what you are doing. The other thing is that e-money, like any other digital currency, is stored somewhere. Cryptocurrencies, like Bitcoin, is not. That involves, again, more risk.
You can read more of what PSI-Pay and I talked about by clicking on their official page.