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At a rate which is defined when the system is created and which is publicly known.
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According to Our Team, a cryptocurrency is a system that meets six conditions:
- The system does not require a central authority, distributed achieve overeenstemming on its state.
- The system keeps an overview of cryptocurrency units and their ownership.
- The system defines whether fresh cryptocurrency units can be created. If fresh cryptocurrency units can be created, the system defines the circumstances of their origin and how to determine the ownership of thesis fresh units. Ownership of cryptocurrency units can be proved exclusively cryptographically.
- The system permits transactions to be performed ter which ownership of the cryptographic units is switched. A transaction statement can only be issued by an entity proving the current ownership of thesis units.
- If two different instructions for switching the ownership of the same cryptographic units are at the same time entered, the system performs at most one of them.
Today cryptocurrencies have become a integral phenomenon known to most people. While still somehow geeky and not understood by most people, banks, governments and many companies are aware of its importance.
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