In expansive open systems, digital money circulates among users before being used with merchants, in much the same manner as traditional cash
Users have their own special computer equipment allowing them to transfer digital money from one userÅfs card to another
This Ågpeer-to-peerÅh transfer does not clear the traditional payment system (in contrast to peer-to-peer transfers involving paper checks)
The only points of contact between traditional payment systems and digital money is the initial purchase of digital money from the issuer with the use of traditional money and redemption of digital money by merchants
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