Cryptocurrency (also referred to as virtual currency and digital currency) - a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In simple terms, cryptocurrency is electronic money that is not issued or backed by a government or central bank. Units of cryptocurrency are often referred to as “cryptocoin”.

Bitcoin - the most popular cryptocurrency on the virtual currency market. Bitcoins have an equivalent value in other currencies, such as the U.S. Dollar, and can be exchanged for U.S. dollars.

Alt-coin - Any cryptocurrency alternative to Bitcoin.

Initial Coin Offerings (ICOs) - Similar in theory to an Initial Public Offering (IPO) of a stock, an ICO occurs when a new cryptocoin is created and goes on sale to the public.

Public Key - A published key, or an encrypted sequence of 64 letters and numbers, that can be used to send a secure message (or cryptocurrency) to a receiver. The public and private key are both needed to unlock or transfer the cryptocurrency from one user to another.

Private Key - A secret key, or sequence of 64 letters and numbers, that is used to decrypt messages encrypted by a public key. The public and private key are both needed to unlock or transfer the cryptocurrency from one user to another.

Cryptocurrency Wallet (also referred to as a digital wallet) - a software program that stores private and public cryptocurrency keys. Cryptocurrency wallets also enable users to send and receive virtual currency.

Blockchain - An online ledger containing records of every cryptocurrency transaction. The blockchain is public and decentralized, and is maintained by a peer-to-peer network of computers.

¿Qué son las criptomonedas?

Las criptomonedas son dinero electrónico que no está respaldado por ningún gobierno o banco central. Las criptomonedas, también denominadas monedas virtuales o monedas digitales, son completamente digitales y no tienen una forma física. El bitcoin es la forma de criptomoneda más común que los consumidores quizás conozcan.

Si las criptomonedas no tienen una forma física, ¿qué prueba tengo de que he comprado algunas?

En lugar de una forma de moneda tangible, como un billete de dólar o las monedas, las criptomonedas están compuestas por una clave pública y una clave privada. Cada una de estas claves consiste en un código de 64 caracteres alfanuméricos que, cuando se combinan, representan un monto de criptomoneda. La clave pública figura en las transacciones de compras, o las cadenas de bloques, y la clave privada se almacena en una cartera de criptomonedas y se debe mantener en secreto.

Si pierdo las claves privadas de mis criptomonedas, ¿puedo obtener un reintegro?

Si pierde sus claves privadas, habrá perdido todo el acceso a sus fondos. No hay compañías ni agencias gubernamentales que puedan proporcionarle un reembolso. Si guarda sus claves privadas usted mismo, se recomienda que conserve copias de respaldo en una unidad USB, un disco duro externo o incluso en papel.

¿Por qué la gente compra criptomonedas?

La gente compra criptomonedas por diferentes motivos. Algunos beneficios de las criptomonedas incluyen:

• Immediate payment - Cryptocurrency transactions move funds from one person to another instantly. There are no third-party approvals or delays that can occur in traditional asset transfers through banks or brokerage agents.

• Lower or Non-existent Fees - There are usually no transaction fees for cryptocurrency exchanges because all transactions are completed through peer to peer computer systems. External agencies are not required to make a transfer which reduces transaction fees.

• Easier International Trade - While cryptocurrencies are largely unrecognized as legal tender on national levels, companies of all sizes across the world are doing business with cryptocurrency. Cryptocurrencies are currently not subject to the exchange rates, interest rates, or other levies imposed by a specific country. This saves businesses and individuals time and money when transferring money from one country to another.

• Individual Ownership - In traditional financial systems, funds are given to a third party like a bank or credit union for secure handling. This process usually includes a Terms of Service policy and fees. With cryptocurrency, the consumer is the sole owner of the encryption keys and maintains the funds themselves. While there are risks to having sole ownership of your funds, many users enjoy the ability to eliminate the involvement of a third party in their finances.

• Identity Theft Protection - When using credit or debit cards, even for a small amount, access to your full credit line is given to the merchant during the transaction. Credit cards operate on a “pull” basis, where the store initiates the payment and pulls the designated amount from your account. Cryptocurrency uses a “push” process that allows the cryptocurrency holder to send an exact amount to the recipient with no further information. Be aware that while cryptocurrency may have less risk of identity theft, there are still scams and theft that can occur.

• Investments - Similar to stocks on the stock market, many people purchase cryptocurrency for the investment prospect, anticipating that the value of the cryptocurrency will rise and eventually be worth more than the purchase price.

¿Las criptomonedas tienen una buena posición como moneda de curso legal?

Ninguna entidad o persona está obligada a aceptar criptomonedas como pago. Si bien la cantidad de tiendas y comercios en línea que aceptan monedas virtuales como pago está en aumento, las criptomonedas no son tan aceptadas como las monedas tradicionales.

¿Las criptomonedas son gravables?

El Servicio de Rentas Internas considera las criptomonedas como activos, no como monedas. Si gasta o vende su moneda virtual, debe llevar un registro de sus ganancias gravables, y posiblemente sus pérdidas, para presentarlas con su declaración de impuestos. El Servicio de Rentas Internas ha publicado una guía importante relacionada con las monedas virtuales, que se puede consultar en  https://www.irs.gov/businesses/small-businesses-self-employed/virtual-currencies.

¿Las transacciones en criptomonedas son anónimas?

No, las transacciones en criptomonedas no son anónimas. Si bien es posible que no deba proporcionar su nombre o dirección para una transacción en criptomoneda, la información sobre cada transacción en criptomonedas se comparte públicamente y se almacena para siempre. Es posible que los hackers utilicen la información de su transacción en criptomoneda para averiguar su dirección IP y estimar su ubicación y qué monto en criptomonedas posee.

¿El gobierno asegura las cuentas en criptomonedas?

No. La Corporación Federal de Seguro de Depósitos (FDIC) o el Fondo Nacional de Seguro de Depósitos de Cooperativas de Ahorro y Crédito protegen a los consumidores si determinados bancos o uniones de créditos fallan. Sin embargo, esto no aplica a las cuentas en criptomonedas. Si una empresa de cambio de criptomonedas o una cartera de criptomonedas fracasa, el gobierno no cubrirá sus pérdidas.

¿Cuáles son los riesgos de comprar criptomonedas?

Existen varios riesgos asociados con las criptomonedas que los consumidores deben tener en cuenta antes de comprar.

• Hackers - Owning cryptocurrency puts you at greater risk of being targeted by hackers. Hackers have been able to breach advanced security systems to access personal information based on public cryptocurrency records. For example, hackers may be able to find IP addresses, or physical computer locations, associated with cryptocurrency transactions. Any computer that stores private keys is a target for hackers.

• Fewer Legal Protections - If you trust a company or another person to hold your cryptocurrency and something goes wrong, the company may not offer you the same protections and assistance you receive from banks and other government-backed financial institutions.

• Cost - Since the rate of cryptocurrency is unpredictable, consumers may end up spending more using cryptocurrency than regular cash or credit cards.

• Scams - Scammers have started taking advantage of consumers in the cryptocurrency market by creating fake opportunities. Many of these scams encourage consumers to invest in a brand-new cryptocurrency coin through an Initial Coin Offering and consumers find out later that the cryptocurrency coin does not really exist. La Comisión de Bolsa y Valores de EE. UU. creó un sitio web a modo de ejemplo,  Howeycoins, para demostrar con qué facilidad se puede simular un cambio de criptomonedas.

¿Con quién puedo comunicarme si tengo un problema con una criptomoneda o con una empresa de cambio de criptomonedas?

Los consumidores pueden enviar sus quejas a la Oficina para la Protección Financiera del Consumidor en  www.consumerfinance.gov/complaint.

Otros Recursos sobre Criptomonedas

• Consumer Financial Protection Bureau – Report financial product or service complaints at www.consumerfinance.gov/complaint.
• Consumer Financial Protection Bureau’s Consumer Advisory on Cryptocurrency – Provides information on risks associated with virtual currencies and shares consumer tips and information
  https://files.consumerfinance.gov/f/201408_cfpb_consumer-advisory_virtual-currencies.pdf
• U.S. Commodities Futures Trading Commission – Bitcoin and other virtual currency information and resources www.cftc.gov/bitcoin
• U.S. Securities and Exchange Commission – Information and resources for individual investors regarding cryptocurrency https://www.investor.gov/howeycoins
• North American Securities Administrators Association – Investor Advisory on initial coin offerings (ICOs) https://www.nasaa.org/44836/informed-investor-advisory-initial-coin-offerings/

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