Cryptocurrencies And Blockchain Law In Luxembourg: How To Make Safe Investments
Cryptocurrencies and Blockchain Law in Luxembourg: how is global trade changing?
Cryptocurrencies and Blockchain technology have brought many changes in Luxembourg. In what follows you will find a brief overview of how they changed global trade.
One of the secrets behind Bitcoin's success is Blockchain, a public ledger which contains verified and permanent records of transactions among different users in a network.
All transaction data are stored in encryption blocks. The blocks are linked together in a hierarchical order. In this way a chain of data blocks is created, allowing to trace and verify all transactions. Indeed, Blockchain's main purpose is to certify economic transactions among people. So it is a sort of shared ledger, keeping records of cryptocurrency payments and certifying stock and securities exchanges.
In brief, Blockchain technology has the following features:
unchangeable ledger; traceable transactions; high safety level, based on cryptographic methods. Before being written in the system, every transaction must be verified by and synchronized with each node of the Blockchain network, so that it becomes both transparent and secure. Cryptocurrencies can be defined as the representation of a "hidden" currency, or in other terms of a currency which are only visible and usable by people knowing a particular computer code. Thus cryptocurrencies are virtual currencies, in as much as they are electronically generated and exchanged.
Bitcoin is the most popular cryptocurrency.
It can be exchanged in peer-to-peer mode, that is by means of two devices and without intermediaries, in order to purchase goods or services, just like any other normal legal tender.
Because of our everyday needs, digital payment systems are ever more ubiquitous. The risk is represented by the disruption of traditional financial services in order to make room for new forms of virtual money exchange. But after all, this is progress.
Cryptocurrencies and Blockchain Law in Luxembourg: Blockchain law increases security...
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