What is Cryptocurrency, Криптовалюта?
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The most famous cryptocurrency was developed in
2009 by developer Satoshi Nakamoto. The payments
in the system are recorded in a public ledger
using its own unit of account, which is also
called cryptocurrency. Payments work
peer-to-peer without a central repository or
single administrator, which has led the US
Treasury to call cryptocurrency, Криптовалюта a decentralized
virtual currency. Although its status as a
currency is disputed, media reports often refer
as a cryptocurrency or digital
currency.Cryptocurrency are created as a reward
for payment processing work in which users offer
their computing power to verify and record
payments into the public ledger. Called mining,
individuals or companies engage in this activity
in exchange for transaction fees and newly
created cryptocurrencies. Besides mining,
cryptocurrencies can be obtained in exchange for
fiat money, products, and services. Users can
send and receive cryptocurrencies electronically
for an optional transaction fee using wallet
software on a personal computer, mobile device,
or a web application.Cryptocurrency as a form of
payment for products and services has seen
growth,and merchants have an incentive to accept
the digital currency because fees are lower than
the 2-3% typically imposed by credit card
processors. The European Banking Authority has
warned that cryptocurrency lacks consumer
protections. Unlike credit cards, any fees are
paid by the purchaser not the vendor.
Cryptocurrencies can be stolen and chargebacks
are impossible. Commercial use of cryptocurrency, Криптовалюта
is currently small compared to its use by
speculators, which has fueled price volatility.