WHAT ARE THE CRYPTOCURRENCIES? - A SUMMARY

WHAT ARE THE CRYPTOCURRENCIES? - A SUMMARY

• A cryptocurrency is a digital money-asset that functions as a trading instrument, such as any currency.

 

WHAT ARE THE CRYPTOCURRENCIES? - A SUMMARY

• The Cryptocurrency is based on the principles of cryptography, a method that does not allow third parties to access information. The Cryptocurrency leverages blockchain technology to gain decentralization, transparency and immutability.

 

WHAT ARE THE CRYPTOCURRENCIES? - A SUMMARY

• Their production, storage and handling, as well as all transactions made with them, are made exclusively electronically. The cryptocurrency trading system:

 

WHAT ARE THE CRYPTOCURRENCIES? - A SUMMARY

• • • does not require the existence of a central managing authority,
    • defines the units of measurement of the cryptocurrencies,
    • demonstrates ownership of digital currencies through cryptography; and
    • allows transactions in which ownership of currencies has changed.

 

WHAT ARE THE CRYPTOCURRENCIES? - A SUMMARY

• The transaction can be completed by an entity that proves the current ownership of digital currencies.tt

 

WHAT ARE THE CRYPTOCURRENCIES? - A SUMMARY

• Due to the lack of a central governing authority, there can be no abolition of cryptocurrency. A digital currency ceases to exist when its users lose confidence in it.

 

WHAT ARE THE CRYPTOCURRENCIES? - A SUMMARY

• Cryptocurrencies are generally characterized as decentralized because they are not issued by central banks and have no material substance.

 

• It is readily convertible into legal currency (currency), this can be done on online exchange platforms – Virtual – Digital Currency Exchange, but its exchange rate is neither subject to the monetary policy of states, nor controlled by a central body.

 

• A key feature of cryptocurrencies is the increased anonymity it provides and is therefore often used by cybercriminals as a means of committing crimes..

 

• Τα κρυπτονομίσματα μπορούν να αποστέλλονται απευθείας μεταξύ δύο μερών μέσω της χρήσης ιδιωτικών και δημόσιων κλειδιών. Αυτές οι μεταφορές μπορούν να γίνουν με ελάχιστα τέλη επεξεργασίας, επιτρέποντας στους χρήστες να αποφύγουν τις χρεώσεις που συνήθως χρεώνουν τα παραδοσιακά χρηματοπιστωτικά ιδρύματα. 

 

• Προστασία από Double Spending Attack: Ο ιδιοκτήτης των κρυπτονομισμάτων δεν μπορεί να χρησιμοποιήσει τα ίδια νομίσματα για να πραγματοποιήσει δύο συναλλαγές. Εάν τα ψηφιακά νομίσματα έχουν σταλθεί σε έναν παραλήπτη, η προσπάθεια αποστολής τους από τον αρχικό λογαριασμό σε άλλον παραλήπτη απορρίπτεται αυτόματα ως άκυρη συναλλαγή. (Jonathan Chiu, 2017).