Cryptocurrency

Cryptocurrency is a type of digital currency whose emission and accounting are based on cryptographic methods, such as proof-of-work and asymmetric encryption, and whose operation is decentralized within a distributed computer network.

With cryptocurrencies, it is impossible to cancel or return funds sent to the recipient, however, there are possibilities for transactions involving an intermediary, when the consent of all three or arbitrary two parties is required to complete or cancel a transaction, funds cannot be forcibly frozen or seized without access to the owner’s private key, but participants transactions may voluntarily temporarily mutually block their funds as collateral.

As a rule, there is an upper limit on the total volume of emissions. However, some cryptocurrencies do not have a fixed upper limit on the total volume of emission and it is possible to issue both at the expense of existing savings and de-emission by mandatory destruction of a small fixed amount in each transaction.

All currently existing cryptocurrencies are used pseudonymously - all transactions are public, but by default there is no link to a specific person, however, the user’s identity can be established if the necessary additional information is known.