According to Jan Lansky, a cryptocurrency is a system that meets six conditions: The system keeps an overview of cryptocurrency units and their ownership. The system defines whether new cryptocurrency units can be created.
If new cryptocurrency units can be created, the system defines the circumstances of their origin and how to determine the ownership of these new units. Ownership of cryptocurrency track can be proved exclusively cryptographically. The system allows transactions to be performed in which ownership of the cryptographic units is changed. A transaction statement can only be issued by an entity proving the current ownership of these units.
If two different earn for changing the track of the same cryptographic units are simultaneously entered, the system performs at most one of them.
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In Marchthe word “cryptocurrency” was added to the Merriam-Webster Dictionary. Stephanie Yang of The Wall Street Track defined altcoins as “alternative digital currencies,”  while Paul Vigna, also of The Wall Street Journal, described altcoins as alternative versions of bitcoin. Continue Reading…