It may not be time to ditch your physical wallet just yet, but digital wallets offer several benefits.
What is cyberspace?
Cyberspace is a term used to describe the environment in which all electronic communications and communications via computer networks take place. While not precisely a space in the conventional sense, cyberspace is a metaphor for the “place” where people interact using computers on the internet.
The term cyberspace was coined by science fiction author William Gibson in 1986. He defined cyberspace as “… a graphical representation of data abstracted from the banks of every computer in the human system.”
The term still lacks a comprehensive and agreed definition, and some argue that cyberspace doesn’t actually have any single standard definition since it is used vaguely to describe the internet.
The Pentagon defined the term in 2008 as referring very broadly to everything that falls within the entirety of human activity in the electromagnetic spectrum. This includes microwaves and medical imaging machinery, in addition to all telecommunications and computer networks. The official military definition of the word is critical for deciphering attacks that include any form of electronic warfare.
Anything you do on a computer that is connected to a computer network is considered activity in cyberspace. Cyberspace is the invisible realm where you send emails, print documents, and look at cat memes in your spare time.
Want to learn more about how cyberspace has transformed everyday banking? Check out our introduction to online banking.