HOW DO CRYPTOCURRENCIES WORKπ»π»...?
Cryptocurrencies have several differentiating characteristics compared to traditional systems:
They are not regulated or controlled by any institution and they do not require intermediaries in transactions.
A decentralized database, blockchain or shared accounting record is used to control these transactions.
In line with regulation, cryptocurrencies are not considered a means of payment, they do not have the backing of a central bank or other public authorities and they are not covered by customer protection mechanisms such as the Deposit Guarantee Fund or the Fund Investor Guarantee.
Regarding the operation of these digital currencies, it is very important to remember that once the transaction with cryptocurrencies is carried out, that is, when the digital asset is bought or sold, it is not possible to cancel the operation because the blockchain is a record that does not allow deleting data.
To "reverse" a transaction it is necessary to execute the opposite operation.
Since these coins are not physically available, you have to resort to a cryptocurrency digital purse or wallet service, which is not regulated, to store them.
