For no reason the inventor of the Cryptocurrency system is unknown. The legal status of cryptocurrencies varies substantially from country to country and is still undefined or changing in many of them. At least one study has shown that broad generalizations about the use of bitcoin in illicit finance are significantly overstated and that blockchain analysis is an effective crime fighting and intelligence gathering tool.
The criminal enterprise Silk Road, which operated on Tor, utilized cryptocurrency for payments, some of which the US federal government has seized through research on the blockchain and forfeiture.
While some countries have explicitly allowed their use and trade, others have banned or restricted it. According to the Library of Congress, an “absolute ban” on trading or using cryptocurrencies applies in eight countries: Algeria, Bolivia, Egypt, Iraq, Morocco, Nepal, Pakistan, and the United Arab Emirates.
An “implicit ban” applies in 15 countries, which include Bahrain, Bangladesh, China, Colombia, Dominican Republic, Indonesia, Iran, Kuwait, Lesotho, Lithuania, Macau, Oman, Qatar, Saudi Arabia and Taiwan.
Here is my personal opinion on Cryptocurrency and how to understand it. Check it out and if you do not agree with my opinion ignore it or comment objectively without insistence to convince me. We are all free. Cryptocurrency is a Mafia pyramid scheme. It is a modern high-level fraud to steal real hard earned wealth from the poor by the wealthy to make the poor poorer. It looks like barter pyramid system of transactions
In my opinion, all cryptocurrencies are made from fake trust. Knowing this secret made the mafia kill John McAfee. Owning coins does not make them real because from their initial creation are fake
Many people find it difficult to understand Cryptocurrency because the fraud system uses complicated computer jargons. Actually, it is very simple to explain Cryptocurrency just by replacing each jargon with its true simple meaning. Here we go and you replace each jargon with it equivalent and read the article again. You will find it very easy to comprehend. My Cryptocurrency Jargons replacements:
1- Cryptocurrency/ token/ coin name= any particular registered fraud business with server and client computers; Cryptocurrency/coin system= a software that record actions between owner and clients and store data 3- Blockchain= a growing list of records, called blocks kept in physical database of the server of any fraud business; 4- Nodes= the terminal computer of clients; 5- Mining= using and developing system software of fraud business to get and record rewards of coins for clients;
6- Block rewards= coins rewarded as incentives for miners/clients for their work; 7- Cryptocurrency exchanges= for clients to trade coins for other assets, such as money or other coins; 8- Atomic swaps= agreements between fraud businesses to exchange coins; 9- Initial coin offerings= to initially operate as startup fraud business without registering with authorities and paying them; 10- Cryptocurrency wallet= an individual account for each client stored in the server of the fraud business;
11- Distributed ledger= database recorded in secondary sub-servers of some clients like peer-to- peer networks, unlike the central Blockchain server; 12- Consensus Mechanism= the Hashcash system for files checking; 13- Blockchain platform= the computer language used in writing a database/ Blockchain (like: Ethereum; Waves; NEM; IBM and others); 14- API= application programming interface a software intermediary that allows two applications to deliver a user response to a system and sends the system’s response back to a user; 15- Timestamping= is a small hash data stored in each block to determine the exact moment in which the block has been mined and validated by the blockchain network; 16- Transaction= is a transfer of Bitcoin value that is broadcast to the network and collected into blocks; 17- Block= batches of valid transactions that are hashed and encoded