The cryptocurrencies can be held through online accounts.
- A new cryptocurrency account does not contain cryptocurrencies.
ENVIRONMENT FOR USE OF CRYPTOCURRENCIES
- Each account consists of a private key and an address, which functions as a bank account number.
ENVIRONMENT FOR USE OF CRYPTOCURRENCIES
- The private key acts as a PIN (secret Persoal Identification Number) and is used to control ownership of the account.
ENVIRONMENT FOR USE OF CRYPTOCURRENCIES
The crypto accounts are divided into Hot και Cold Wallets.
ENVIRONMENT FOR USE OF CRYPTOCURRENCIES
- Hot Wallets are devices connected to the Internet and exposed to the risk of hacking.
- Cold Wallets are either documents or software and are not connected to the internet.
ENVIRONMENT FOR USE OF CRYPTOCURRENCIES
It is suggested that one account be used for a single transaction.
Therefore, a person holds tens or hundreds of thousands of accounts in his life. One person can even hold one million accounts for a single cryptocurrency.
The amount of cryptocurrencies a person can own is only limited by their availability. (Lansky, 2018)