In an Online Cash Storage System, a Trusted Third Party

question 60

True/False

In an online cash storage system, a trusted third party, such as an online bank, coordinates all transfers of digital cash and holds the consumers' cash accounts.

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Definitions:

Ledger

A comprehensive collection of a company’s financial accounts, recording all transactions and financial activities.

Supplies

Assets consumed or used in the operating activities of a business, often categorized as either office supplies or operational supplies.

Cash

Cash refers to money in the physical form of currency, such as banknotes and coins, which is used to conduct transactions.