[cl_row row_type=”container-fluid” fullheight=”0″ custom_width_bool=”0″ columns_gap=”0″ equal_height=”0″ video_loop=”0″ row_disabled=”0″ css_style=”{‘padding-top’:’0px’,’padding-bottom’:’0px’}_-_json” parallax=”0″ arrow_top=”0″ arrow_bottom=”0″ close_section=”0″ device_visibility=”{‘0′:’none_’}_-_json” css_style_991_row_bool=”0″ css_style_767_row_bool=”0″ background_image=”{‘id’:’Array’,’mime’:”,’url’:”}_-_json”][cl_column fullheight_col=”0″ inline_elements=”0″ flex_elements=”0″ col_sticky=”0″ services_list=”0″ col_disabled=”0″ css_style=”{‘padding-top’:’0px’,’padding-bottom’:’0px’}_-_json” border_rounded=”0″ device_visibility=”{‘0′:’none_’}_-_json” css_style_991_col_bool=”0″ css_style_767_col_bool=”0″ background_image=”{‘id’:’Array’,’mime’:”,’url’:”}_-_json”][cl_page_header title=”FAQ” css_style=”” height=”200″ text_color=”light-text” parallax=”0″ add_border_top=”0″ add_border_bottom=”0″ background_image=”{‘id’:’Array’,’mime’:”,’url’:”}_-_json” background_color=”#181818″][/cl_page_header][/cl_column][/cl_row][cl_row row_type=”container-fluid” fullheight=”0″ custom_width_bool=”0″ columns_gap=”0″ equal_height=”0″ video_loop=”0″ row_disabled=”0″ css_style=”{‘padding-top’:’0px’,’padding-bottom’:’0px’}_-_json” parallax=”0″ arrow_top=”0″ arrow_bottom=”0″ close_section=”0″ device_visibility=”{‘0′:’none_’}_-_json” css_style_991_row_bool=”0″ css_style_767_row_bool=”0″ background_image=”{‘id’:”,’mime’:”,’url’:”}_-_json”][cl_column width=”1/3″ fullheight_col=”0″ inline_elements=”0″ flex_elements=”0″ col_sticky=”1″ services_list=”0″ col_disabled=”0″ css_style=”{‘padding-top’:’30px’,’padding-bottom’:’300px’,’padding-left’:’20px’}_-_json” border_rounded=”0″ device_visibility=”{‘0′:’none_’}_-_json” css_style_991_col_bool=”0″ css_style_767_col_bool=”0″ background_color=”#fab915″ background_image=”{‘id’:’Array’,’mime’:”,’url’:”}_-_json”][cl_button btn_title=”General” overwrite_style=”1″ with_icon=”0″ link=”#general” css_style=”{‘margin-top’:’10px’}_-_json” button_font_color=”#000000″ button_bg_color=”#fab915″][cl_button btn_title=”Legal” overwrite_style=”1″ with_icon=”0″ link=”#legal” css_style=”{‘margin-top’:’10px’}_-_json” button_font_color=”#000000″ button_bg_color=”#fab915″][cl_button btn_title=”Transaction” overwrite_style=”1″ with_icon=”0″ link=”#transaction” css_style=”{‘margin-top’:’10px’}_-_json” button_font_color=”#000000″ button_bg_color=”#fab915″][cl_button btn_title=”Mining” overwrite_style=”1″ with_icon=”0″ link=”#mining” css_style=”{‘margin-top’:’10px’}_-_json” button_font_color=”#000000″ button_bg_color=”#fab915″][cl_button btn_title=”Security” overwrite_style=”1″ with_icon=”0″ link=”#security” css_style=”{‘margin-top’:’10px’}_-_json” button_font_color=”#000000″ button_bg_color=”#fab915″][/cl_column][cl_column width=”2/3″ fullheight_col=”0″ inline_elements=”0″ flex_elements=”0″ col_sticky=”0″ services_list=”0″ col_disabled=”0″ css_style=”{‘padding-top’:’40px’,’padding-bottom’:’25px’,’padding-left’:’30px’,’padding-right’:’50px’}_-_json” border_rounded=”0″ device_visibility=”{‘0′:’none_’}_-_json” css_style_991_col_bool=”0″ css_style_767_col_bool=”0″ background_image=”{‘id’:’Array’,’mime’:”,’url’:”}_-_json”][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”30″ parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]

General

[/cl_custom_heading][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]

What are Cryptocurrencies?

[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]Cryptocurrencies are a consensus network that enables a new payment system and completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Cryptocurrencies are pretty much like cash for the Internet. Cryptocurrencies can also be seen as the most prominent triple entry bookkeeping system in existence.[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]Who created Cryptocurrencies?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]Cryptocurrencies were first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Cryptocurrencies specification and proof of concept were published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself. The community has since grown exponentially with many developers working on Cryptocurrencies.[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]Who controls the Cryptocurrencies network?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]Nobody owns the Cryptocurrencies network much like no one owns the technology behind email. Cryptocurrencies are controlled by all Cryptocurrencies users around the world. While developers are improving the software, they can’t force a change in the Cryptocurrencies protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Cryptocurrencies can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]How do Cryptocurrencies work?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]From a user perspective, Cryptocurrencies are nothing more than a mobile app or computer program that provides a personal Cryptocurrencies wallet and allows a user to send and receive Cryptocurrencies with them. This is how Cryptocurrencies works for most users.

Behind the scenes, the Cryptocurrencies network is sharing a public ledger called the “blockchain”. This ledger contains every transaction ever processed, allowing a user’s computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending Cryptocurrencies from their own Cryptocurrencies addresses. In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in Cryptocurrencies for this service. This is often called “mining”. To learn more about Cryptocurrencies, you can consult the dedicated page and the original paper.
[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]Are Cryptocurrencies really used by people?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]Yes. There are a growing number of businesses and individuals using Cryptocurrencies. This includes brick-and-mortar businesses like restaurants, apartments, and law firms, as well as popular online services such as Namecheap and Overstock.com. While Cryptocurrencies remains a relatively new phenomenon, it is growing fast. As of May 2018, the total value of all existing Cryptocurrencies exceeded 100 billion US dollars, with millions of dollars worth of Cryptocurrencies exchanged daily.
[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]How does one acquire Cryptocurrencies?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]

  • As payment for goods or services.
  • Purchase Cryptocurrencies at a Cryptocurrencies exchange.
  • Exchange Cryptocurrencies with someone near you.
  • Earn Cryptocurrencies through competitive mining.

While it may be possible to find individuals who wish to sell Cryptocurrencies in exchange for a credit card or PayPal payment, most exchanges do not allow funding via these payment methods. This is due to cases where someone buys Cryptocurrencies with PayPal and then reverses their half of the transaction. This is commonly referred to as a chargeback.[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]How difficult is it to make a Cryptocurrencies payment?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]Cryptocurrencies payments are easier to make than debit or credit card purchases and can be received without a merchant account. Payments are made from a wallet application, either on your computer or smartphone, by entering the recipient’s address, the payment amount, and pressing send. To make it easier to enter a recipient’s address, many wallets can obtain the address by scanning a QR code or touching two phones together with NFC technology.[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]What are the advantages of Cryptocurrencies?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]

  • Payment freedom – It is possible to send and receive Cryptocurrencies anywhere in the world at any time. No bank holidays. No borders. No bureaucracy. Cryptocurrencies allow its users to be in full control of their money.
  • Choose your own fees – There is no fee to receive Cryptocurrencies, and many wallets let you control how large a fee to pay when spending. Higher fees can encourage faster confirmation of your transactions. Fees are unrelated to the amount transferred, so it’s possible to send 100,000 Cryptocurrencies for the same fee it costs to send 1 Cryptocurrencies. Additionally, merchant processors exist to assist merchants in processing transactions, converting Cryptocurrencies to fiat currency, and depositing funds directly into merchants’ bank accounts daily. As these services are based on Cryptocurrencies, they can be offered for much lower fees than with PayPal or credit card networks.
  • Fewer risks for merchants – Cryptocurrencies transactions are secure, irreversible, and do not contain customers’ sensitive or personal information. This protects merchants from losses caused by fraud or fraudulent chargebacks, and there is no need for PCI compliance. Merchants can easily expand to new markets where either credit cards are not available or fraud rates are unacceptably high. The net results are lower fees, larger markets, and fewer administrative costs.
  • Security and control – Cryptocurrencies users are in full control of their transactions; it is impossible for merchants to force unwanted or unnoticed charges as can happen with other payment methods. Cryptocurrencies payments can be made without personal information tied to the transaction. This offers strong protection against identity theft. Cryptocurrencies users can also protect their money with backup and encryption.
  • Transparent and neutral – All information concerning the Cryptocurrencies money supply itself is readily available on the blockchain for anybody to verify and use in real-time. No individual or organization can control or manipulate the Cryptocurrencies protocol because it is cryptographically secure. This allows the core of Cryptocurrencies to be trusted for being completely neutral, transparent, and predictable.

 

[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]What are the disadvantages of Cryptocurrencies?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]

  • Degree of acceptance – Many people are still unaware of Cryptocurrencies. Every day, more businesses accept Cryptocurrencies because they want the advantages of doing so, but the list remains small and still needs to grow in order to benefit from network effects.
  • Volatility – The total value of Cryptocurrencies in circulation and the number of businesses using Cryptocurrencies are still very small compared to what they could be. Therefore, relatively small events, trades, or business activities can significantly affect the price. In theory, this volatility will decrease as Cryptocurrencies markets and the technology matures. Never before has the world seen a start-up currency, so it is truly difficult (and exciting) to imagine how it will play out.
  • Ongoing development – Cryptocurrencies software is still in beta with many incomplete features in active development. New tools, features, and services are being developed to make Cryptocurrencies more secure and accessible to the masses. Some of these are still not ready for everyone. Most Cryptocurrencies businesses are new and still offer no insurance. In general, Cryptocurrencies are still in the process of maturing.

 

[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]Why do people trust Cryptocurrencies?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]Much of the trust in Cryptocurrencies comes from the fact that it requires no trust at all. Cryptocurrencies are fully open-source and decentralized. This means that anyone has access to the entire source code at any time. Any developer in the world can, therefore, verify exactly how Cryptocurrencies work. All transactions and Cryptocurrencies issued into existence can be transparently consulted in real-time by anyone. All payments can be made without reliance on a third-party and the whole system is protected by heavily peer-reviewed cryptographic algorithms like those used for online banking. No organization or individual can control Cryptocurrencies, and the network remains secure even if not all of its users can be trusted.[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]Can I make money with Cryptocurrencies?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]You should never expect to get rich with Cryptocurrencies or any emerging technology. It is always important to be wary of anything that sounds too good to be true or disobeys basic economic rules.

Cryptocurrencies are a growing space of innovation and there are business opportunities that also include risks. There is no guarantee that Cryptocurrencies will continue to grow even though it has developed at a very fast rate so far. Investing time and resources on anything related to Cryptocurrencies requires entrepreneurship. There are various ways to make money with Cryptocurrencies such as mining, speculation, or running new businesses. All of these methods are competitive and there is no guarantee of profit. It is up to each individual to make a proper evaluation of the costs and the risks involved in any such project.[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]Are Cryptocurrencies fully virtual and immaterial?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]Cryptocurrencies are as virtual as the credit cards and online banking networks people use every day. Cryptocurrencies can be used to pay online and in physical stores just like any other form of money. Cryptocurrencies can also be exchanged in physical form such as the Denarium coins, but paying with a mobile phone usually remains more convenient. Cryptocurrencies balances are stored in a large distributed network, and they cannot be fraudulently altered by anybody. In other words, Cryptocurrencies users have exclusive control over their funds, and Cryptocurrencies cannot vanish just because they are virtual.
[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]Are Cryptocurrencies anonymous?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]Cryptocurrencies are designed to allow its users to send and receive payments with an acceptable level of privacy as well as any other form of money. However, Cryptocurrencies are not anonymous and cannot offer the same level of privacy as cash. The use of Cryptocurrencies leaves extensive public records. Various mechanisms exist to protect users’ privacy, and more are in development. However, there is still work to be done before these features are used correctly by most Cryptocurrencies users.

Some concerns have been raised that private transactions could be used for illegal purposes with Cryptocurrencies. However, it is worth noting that Cryptocurrencies will undoubtedly be subjected to similar regulations that are already in place inside existing financial systems. Cryptocurrencies cannot be more anonymous than cash and it is not likely to prevent criminal investigations from being conducted. Additionally, Cryptocurrencies are also designed to prevent a large range of financial crimes.[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]What happens when Cryptocurrencies are lost?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]When a user loses his wallet, it has the effect of removing money out of circulation. Lost Cryptocurrencies still remain in the blockchain just like any other Cryptocurrencies. However, lost Cryptocurrencies remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer Cryptocurrencies are available, the ones that are left will be in higher demand and increase in value to compensate.[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]Can the Cryptocurrencies scale to become a major payment network?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]The Cryptocurrencies network can already process a much higher number of transactions per second than it does today. It is, however, not entirely ready to scale to the level of major credit card networks. Work is underway to lift current limitations, and future requirements are well known. Since inception, every aspect of the Cryptocurrencies network has been in a continuous process of maturation, optimization, and specialization, and it should be expected to remain that way for some years to come. As traffic grows, more Cryptocurrencies users may use lightweight clients, and full network nodes may become a more specialized service. For more details, see the Scalability page on the Wiki.[/cl_text][cl_divider width_full=”1″ css_style=”{‘margin-top’:’30px’}_-_json” color=”#000000″][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”30″ parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’50px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]

[/cl_custom_heading][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]Are Cryptocurrencies Legal?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]To the best of our knowledge, Cryptocurrencies have not been made illegal by legislation in most jurisdictions. However, some jurisdictions (such as Argentina and Russia) severely restrict or ban foreign currencies. Other jurisdictions (such as Thailand) may limit the licensing of certain entities such as Cryptocurrencies exchanges.

Regulators from various jurisdictions are taking steps to provide individuals and businesses with rules on how to integrate this new technology with the formal, regulated financial system. For example, the Financial Crimes Enforcement Network (FinCEN), a bureau in the United States Treasury Department, issued non-binding guidance on how it characterizes certain activities involving virtual currencies.[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]Are Cryptocurrencies useful for illegal activities?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]Cryptocurrencies are money, and money has always been used both for legal and illegal purposes. Cash, credit cards, and current banking systems widely surpass Cryptocurrencies in terms of their use to finance crime. Cryptocurrencies can bring significant innovation in payment systems and the benefits of such innovation are often considered to be far beyond their potential drawbacks.

Cryptocurrencies are designed to be a huge step forward in making money more secure and could also act as a significant protection against many forms of financial crime. For instance, Cryptocurrencies are completely impossible to counterfeit. Users are in full control of their payments and cannot receive unapproved charges such as with credit card fraud. Cryptocurrency’s transactions are irreversible and immune to fraudulent chargebacks. Cryptocurrencies allow money to be secured against theft and loss using very strong and useful mechanisms such as backups, encryption, and multiple signatures.

Some concerns have been raised that Cryptocurrencies could be more attractive to criminals because it can be used to make private and irreversible payments. However, these features already exist with cash and wire transfer, which are widely used and well-established. The use of Cryptocurrencies will undoubtedly be subjected to similar regulations that are already in place inside existing financial systems, and Cryptocurrencies are not likely to prevent criminal investigations from being conducted. In general, it is common for important breakthroughs to be perceived as being controversial before their benefits are well understood. The Internet is a good example among many others to illustrate this.[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]Can Cryptocurrencies be regulated?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]The Cryptocurrencies protocol itself cannot be modified without the cooperation of nearly all its users, who choose what software they use. Attempting to assign special rights to a local authority in the rules of the global Cryptocurrencies network is not a practical possibility. Any rich organization could choose to invest in mining hardware to control half of the computing power of the network and become able to block or reverse recent transactions. However, there is no guarantee that they could retain this power since this requires investing as much as all other miners in the world.

It is however possible to regulate the use of Cryptocurrencies in a similar way to any other instrument. Just like the dollar, Cryptocurrencies can be used for a wide variety of purposes, some of which can be considered legitimate or not as per each jurisdiction’s laws. In this regard, Cryptocurrencies are no different than any other tool or resource and can be subjected to different regulations in each country. Cryptocurrencies use could also be made difficult by restrictive regulations, in which case it is hard to determine what percentage of users would keep using the technology. A government that chooses to ban Cryptocurrencies would prevent domestic businesses and markets from developing, shifting innovation to other countries. The challenge for regulators, as always, is to develop efficient solutions while not impairing the growth of new emerging markets and businesses.[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]What about Cryptocurrencies and taxes?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]Cryptocurrencies are not a fiat currency with legal tender status in any jurisdiction, but often tax liability accrues regardless of the medium used. There is a wide variety of legislation in many different jurisdictions that could cause income, sales, payroll, capital gains, or some other form of tax liability to arise with Cryptocurrencies.[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]What about Cryptocurrencies and consumer protection?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]Cryptocurrencies are freeing people to transact on their own terms. Each user can send and receive payments in a similar way to cash but they can also take part in more complex contracts. Multiple signatures allow a transaction to be accepted by the network only if a certain number of a defined group of persons agree to sign the transaction. This allows innovative dispute mediation services to be developed in the future. Such services could allow a third party to approve or reject a transaction in case of disagreement between the other parties without having control over their money. As opposed to cash and other payment methods, Cryptocurrencies always leave public proof that a transaction did take place, which can potentially be used in a recourse against businesses with fraudulent practices.

It is also worth noting that while merchants usually depend on their public reputation to remain in business and pay their employees, they don’t have access to the same level of information when dealing with new consumers. The way Cryptocurrencies works allows both individuals and businesses to be protected against fraudulent chargebacks while giving the choice to the consumer to ask for more protection when they are not willing to trust a particular merchant.[/cl_text][cl_divider width_full=”1″ css_style=”{‘margin-top’:’30px’}_-_json” color=”#000000″][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”30″ parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’50px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]

Transaction

[/cl_custom_heading][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]Why do I have to wait for confirmation?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]Receiving notification of a payment is almost instant with Cryptocurrencies. However, there is a delay before the network begins to confirm your transaction by including it in a block. A confirmation means that there is a consensus on the network that the Cryptocurrencies you received haven’t been sent to anyone else and are considered your property. Once your transaction has been included in one block, it will continue to be buried under every block after it, which will exponentially consolidate this consensus and decrease the risk of a reversed transaction. Each confirmation takes between a few seconds and 90 minutes, with 10 minutes being the average. If the transaction pays too low a fee or is otherwise atypical, getting the first confirmation can take much longer. Every user is free to determine at what point they consider a transaction sufficiently confirmed, but 6 confirmations is often considered to be as safe as waiting 6 months on a credit card transaction.
[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]How much will the transaction fee be?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]Transactions can be processed without fees, but trying to send free transactions can require waiting days or weeks. Although fees may increase over time, normal fees currently only cost a tiny amount. By default, all Cryptocurrencies wallets listed on Cryptocurrencies.org add what they think is an appropriate fee to your transactions; most of those wallets will also give you a chance to review the fee before sending the transaction.

Transaction fees are used as a protection against users sending transactions to overload the network and as a way to pay miners for their work helping to secure the network. The precise manner in which fees work is still being developed and will change over time. Because the fee is not related to the number of Cryptocurrencies being sent, it may seem extremely low or unfairly high. Instead, the fee is relative to the number of bytes in the transaction, so using multiple or spending multiple previously-received amounts may cost more than simpler transactions. If your activity follows the pattern of conventional transactions, you won’t have to pay unusually high fees.[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]What if I receive a Cryptocurrencies when my computer is powered off?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]This works fine. The Cryptocurrencies will appear next time you start your wallet application. Cryptocurrencies are not actually received by the software on your computer, they are appended to a public ledger that is shared between all the devices on the network. If you are sent Cryptocurrencies when your wallet client program is not running and you later launch it, it will download blocks and catch up with any transactions it did not already know about, and the Cryptocurrencies will eventually appear as if they were just received in real-time. Your wallet is only needed when you wish to spend Cryptocurrencies.
[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]What does “synchronizing” mean and why does it take so long?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]Long synchronization time is only required with full node clients like Cryptocurrencies Core. Technically speaking, synchronizing is the process of downloading and verifying all previous Cryptocurrencies transactions on the network. For some Cryptocurrencies clients to calculate the spendable balance of your Cryptocurrencies wallet and make new transactions, it needs to be aware of all previous transactions. This step can be resource-intensive and requires sufficient bandwidth and storage to accommodate the full size of the blockchain. For Cryptocurrencies to remain secure, enough people should keep using full node clients because they perform the task of validating and relaying transactions.[/cl_text][cl_divider width_full=”1″ css_style=”{‘margin-top’:’30px’}_-_json” color=”#000000″][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”30″ parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’50px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]

Mining

[/cl_custom_heading][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]What is Cryptocurrencies mining?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]Mining is the process of spending computing power to process transactions, secure the network, and keep everyone in the system synchronized together. It can be perceived like the Cryptocurrencies data center except that it has been designed to be fully decentralized with miners operating in all countries and no individual having control over the network. This process is referred to as “mining” as an analogy to gold mining because it is also a temporary mechanism used to issue new Cryptocurrencies. Unlike gold mining, however, Cryptocurrencies mining provides a reward in exchange for useful services required to operate a secure payment network. Mining will still be required after the last Cryptocurrencies are issued.[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]How does Cryptocurrencies mining work?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]Anybody can become a Cryptocurrencies miner by running software with specialized hardware. Mining software listens for transactions broadcast through the peer-to-peer network and performs appropriate tasks to process and confirm these transactions. Cryptocurrencies miners perform this work because they can earn transaction fees paid by users for faster transaction processing, and newly created Cryptocurrencies issued into existence according to a fixed formula.

For new transactions to be confirmed, they need to be included in a block along with a mathematical proof of work. Such proofs are very hard to generate because there is no way to create them other than by trying billions of calculations per second. This requires miners to perform these calculations before their blocks are accepted by the network and before they are rewarded. As more people start to mine, the difficulty of finding valid blocks is automatically increased by the network to ensure that the average time to find a block remains equal to 10 minutes. As a result, mining is a very competitive business where no individual miner can control what is included in the blockchain.

The proof of work is also designed to depend on the previous block to force a chronological order in the blockchain. This makes it exponentially difficult to reverse previous transactions because this requires the recalculation of the proofs of work of all the subsequent blocks. When two blocks are found at the same time, miners work on the first block they receive and switch to the longest chain of blocks as soon as the next block is found. This allows mining to secure and maintain a global consensus based on processing power.

Cryptocurrencies miners are neither able to cheat by increasing their own reward nor process fraudulent transactions that could corrupt the Cryptocurrencies network because all Cryptocurrencies nodes would reject any block that contains invalid data as per the rules of the Cryptocurrencies protocol. Consequently, the network remains secure even if not all Cryptocurrencies miners can be trusted.[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]Aren’t Cryptocurrencies mining a waste of energy?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]Spending energy to secure and operate a payment system is hardly a waste. Like any other payment service, the use of Cryptocurrencies entails processing costs. Services necessary for the operation of currently widespread monetary systems, such as banks, credit cards, and armored vehicles, also use a lot of energy. Although unlike Cryptocurrencies, their total energy consumption is not transparent and cannot be as easily measured.

Cryptocurrencies mining has been designed to become more optimized over time with specialized hardware consuming less energy, and the operating costs of mining should continue to be proportional to demand. When Cryptocurrencies mining becomes too competitive and less profitable, some miners choose to stop their activities. Furthermore, all energy expended mining is eventually transformed into heat, and the most profitable miners will be those who have put this heat to good use. An optimally efficient mining network is one that isn’t actually consuming any extra energy. While this is ideal, the economics of mining are such that miners individually strive toward it.
[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]How does mining help secure Cryptocurrencies?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]Mining creates the equivalent of a competitive lottery that makes it very difficult for anyone to consecutively add new blocks of transactions into the blockchain. This protects the neutrality of the network by preventing any individual from gaining the power to block certain transactions. This also prevents any individual from replacing parts of the blockchain to roll back their own spends, which could be used to defraud other users. Mining makes it exponentially more difficult to reverse a past transaction by requiring the rewriting of all blocks following this transaction.[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]What do I need to start mining?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]In the early days of Cryptocurrencies, anyone could find a new block using their computer’s CPU. As more and more people started mining, the difficulty of finding new blocks increased greatly to the point where the only cost-effective method of mining today is using specialized hardware. You can visit CryptocurrenciesMining.com for more information.[/cl_text][cl_divider width_full=”1″ css_style=”{‘margin-top’:’30px’}_-_json” color=”#000000″][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”30″ parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’50px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]

Security

[/cl_custom_heading][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]Are Cryptocurrencies secure?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]The Cryptocurrencies technology – the protocol and the cryptography – has a strong security track record, and the Cryptocurrencies network is probably the biggest distributed computing project in the world. Cryptocurrencies’ most common vulnerability is in user error. Cryptocurrencies wallet files that store the necessary private keys can be accidentally deleted, lost, or stolen. This is pretty similar to physical cash stored in a digital form. Fortunately, users can employ sound security practices to protect their money or use service providers that offer good levels of security and insurance against theft or loss.[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]Hasn’t Cryptocurrencies been hacked in the past?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]The rules of the protocol and the cryptography used for Cryptocurrencies are still working years after its inception, which is a good indication that the concept is well designed. However, security flaws have been found and fixed over time in various software implementations. Like any other form of software, the security of Cryptocurrencies software depends on the speed with which problems are found and fixed. The more such issues are discovered, the more Cryptocurrencies are gaining maturity.

There are often misconceptions about thefts and security breaches that happened on diverse exchanges and businesses. Although these events are unfortunate, none of them involve Cryptocurrencies itself being hacked, nor imply inherent flaws in Cryptocurrencies; just like a bank robbery doesn’t mean that the dollar is compromised. However, it is accurate to say that a complete set of good practices and intuitive security solutions is needed to give users better protection of their money and to reduce the general risk of theft and loss. Over the course of the last few years, such security features have quickly developed, such as wallet encryption, offline wallets, hardware wallets, and multi-signature transactions.[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]Could users collude against Cryptocurrencies?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]It is not possible to change the Cryptocurrencies protocol easily. Any Cryptocurrencies client that doesn’t comply with the same rules cannot enforce their own rules on other users. As per the current specification, double spending is not possible on the same blockchain, and neither is spending Cryptocurrencies without a valid signature. Therefore, it is not possible to generate uncontrolled amounts of Cryptocurrencies out of thin air, spend other users’ funds, corrupt the network, or anything similar.

However, powerful miners could arbitrarily choose to block or reverse recent transactions. A majority of users can also put pressure on some changes to be adopted. Because Cryptocurrencies only works correctly with a complete consensus between all users, changing the protocol can be very difficult and requires an overwhelming majority of users to adopt the changes in such a way that remaining users have nearly no choice but to follow. As a general rule, it is hard to imagine why any Cryptocurrencies user would choose to adopt any change that could compromise their own money.[/cl_text][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”24″ text_font_weight=”600″ text_transform=”none” parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]Are Cryptocurrencies vulnerable to quantum computing?[/cl_custom_heading][cl_text custom_typography=”1″ text_font_family=”” text_font_size=”18″ text_line_height=”26″ css_style=”{‘margin-top’:’20px’}_-_json” custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″]Yes, most systems relying on cryptography in general are, including traditional banking systems. However, quantum computers don’t yet exist and probably won’t for a while. In the event that quantum computing could be an imminent threat to Cryptocurrencies, the protocol could be upgraded to use post-quantum algorithms. Given the importance that this update would have, it can be safely expected that it would be highly reviewed by developers and adopted by all Cryptocurrencies users.
[/cl_text][/cl_column][/cl_row][cl_row fullheight=”0″ custom_width_bool=”0″ equal_height=”0″ video_loop=”0″ row_disabled=”1″ css_style=”{‘padding-top’:’25px’,’padding-bottom’:’25px’}_-_json” parallax=”0″ arrow_top=”0″ arrow_bottom=”0″ close_section=”0″ device_visibility=”{‘0′:’none_’}_-_json” css_style_991_row_bool=”0″ css_style_767_row_bool=”0″ background_image=”{‘id’:”,’mime’:”,’url’:”}_-_json”][cl_column width=”2/3″ css_style=”{‘padding-top’:’10px’,’padding-bottom’:’10px’}_-_json” css_style_991=”{‘padding-top’:”,’padding-bottom’:”}_-_json” css_style_767=”{‘padding-top’:”,’padding-bottom’:”}_-_json”][cl_custom_heading typography=”custom_font” text_font_family=”” text_font_size=”30″ parallel_divider=”0″ heading_with_icon=”0″ css_style=”{‘margin-top’:’20px’}_-_json” add_background_color=”0″ custom_responsive_992_bool=”0″ custom_responsive_768_bool=”0″ text_color=”#000000″]Economy[/cl_custom_heading][/cl_column][cl_column width=”1/3″ css_style=”{‘padding-top’:’10px’,’padding-bottom’:’10px’}_-_json” css_style_991=”{‘padding-top’:”,’padding-bottom’:”}_-_json” css_style_767=”{‘padding-top’:”,’padding-bottom’:”}_-_json”][/cl_column][/cl_row]

Financial services are provided under the jurisdiction of Aurix. Aurix license: “Ministry of Economic Affairs and Communications (MEAC) Virtual Currency Service License # FVT000244» dated 15.10.2020 issued by the Ministry of Economy and Communications Estonia.

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