Cryptocurrency

What is a 'Cryptocurrency'

A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.

BREAKING DOWN 'Cryptocurrency'

The anonymous nature of cryptocurrency transactions makes them well-suited for a host of nefarious activities, such as money laundering and tax evasion.

The first cryptocurrency to capture the public imagination was Bitcoin, which was launched in 2009 by an individual or group known under the pseudonym Satoshi Nakamoto. As of September 2015, there were over 14.6 million bitcoins in circulation with a total market value of $3.4 billion. Bitcoin's success has spawned a number of competing cryptocurrencies, such as Litecoin, Namecoin and PPCoin.

Cryptocurrency Benefits and Drawbacks

Cryptocurrencies make it easier to transfer funds between two parties in a transaction; these transfers are facilitated through the use of public and private keys for security purposes. These fund transfers are done with minimal processing fees, allowing users to avoid the steep fees charged by most banks and financial institutions for wire transfers.

Central to the genius of Bitcoin is the block chain it uses to store an online ledger of all the transactions that have ever been conducted using bitcoins, providing a data structure for this ledger that is exposed to a limited threat from hackers and can be copied across all computers running Bitcoin software. Many experts see this block chain as having important uses in technologies, such as online voting and crowdfunding, and major financial institutions such as JP Morgan Chase see potential in cryptocurrencies to lower transaction costs by making payment processing more efficient.

However, because cryptocurrencies are virtual and do not have a central repository, a digital cryptocurrency balance can be wiped out by a computer crash if a backup copy of the holdings does not exist. Since prices are based on supply and demand, the rate at which a cryptocurrency can be exchanged for another currency can fluctuate widely.

Cryptocurrencies are not immune to the threat of hacking. In Bitcoin's short history, the company has been subject to over 40 thefts, including a few that exceeded $1 million in value. Still, many observers look at cryptocurrencies as hope that a currency can exist that preserves value, facilitates exchange, is more transportable than hard metals, and is outside the influence of central banks and governments.

COINPAYMENTS SUPPORT

CoinPayments Help-Support

Have you had a payment time out even though you sent the Bitcoin or a Bitcoin deposit still pending even after a long time? Check the Blockchain Status to see if it could be affecting your transaction.

What We Can't Help You With

1-Questions about how Bitcoin or other cryptocurrencies work.

2-How to purchase Bitcoins with your credit card or bank account - there are many exchanges and methods available for this and we are unable to recommend particular ones.

3-Forgotten Passwords - Use the forgotten password form. Remember: If you have already been locked out resetting your password doesn't reset the lockout; you still have to wait for it to time out.

4-Problems with 3rd party services/merchants.

5-Refunds for completed transactions - all transactions are final and cannot be refunded.

6-How to buy/sell coins.

7-Account Deletions - CoinPayments accounts cannot be deleted, however you can discontinue using them at any time with no notice to us.

What We Can Help You With

1-Our system will automatically email you to claim funds from underpaid/overpaid transactions to the email address used during checkout. Don't forget to check your Spam folder. If you have not received a claim email after 8 hours you can post a support ticket for assistance.

2-Questions about our merchant tools or API integration questions.

3-2FA Reset Requests - Note: If you are using Google Authenticator you probably saw on the page that it told you to write down the code, using that code you can relink your device yourself without waiting for a 2FA reset.

4-Bug Reports / Issues with CoinPayments.net

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