Is Crypto Mining Equivalent to Counterfeiting?

The head of VTB, Russia’s second-largest bank Andrey Kostin has compared cryptocurrency mining with counterfeiting. He said, “I am not a big fan of the crypto ruble. To me, this is a kind of counterfeiting. A person who is mining [cryptocurrencies] is similar to someone who is printing money. During the initial euphoria, everyone thought that everything can be paid in crypto.”

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Is Crypto Mining Equivalent to Counterfeiting?

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
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