How is cryp­tocur­rency dif­fer­ent from nor­mal money?

How It Works - - TECHNOLOGY -

nor­mal

The econ­omy of the coun­try that is­sues the cur­rency, as well as prod­ucts and ser­vices

A cen­tral bank (such as the Bank of Eng­land)

Up to sev­eral days

Up to two or three per cent of the to­tal trans­fer

A charge­back can be made if a pay­ment is dis­puted

Yes, cash is printed and banks can choose to print more if they want more in cir­cu­la­tion

Cryp­tocur­rency

A con­sen­sus of all users, as well as prod­ucts and ser­vices

Math­e­mat­ics and com­put­ers around the world

A mat­ter of min­utes

Less than 1p

Once the trans­ac­tion is com­plete you can’t edit or re­verse it. Ev­ery part of it is recorded se­curely

No, it is a dig­i­tal cur­rency and there is only a lim­ited amount of it – no more will be made

“The blockchain is shared be­tween mul­ti­ple users across the world”

Blockchain has the po­ten­tial to change how busi­nesses work and how we live

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