cryptocurrency

Cryptocurrency is a type of digital currency that uses cryptography for security and anti-counterfeiting measures. Public and private keys are often used to transfer cryptocurrency between individuals. As a counter-culture movement that is often connected to cypherpunks, cryptocurrency is essentially a fiat currency. This means users must reach a consensus about cryptocurrency's value and use it as an exchange medium. However, because it is not tied to a particular country, its value is not controlled by a central bank. With bitcoin, the leading functioning example of cryptocurrency, value is determined by market supply and demand, meaning that it behaves much like precious metals, like silver and gold. Cryptocurrency transactions are anonymous, untraceable and have created a niche for illegal transactions, like drug trafficking. Because the currency has no central repository, law enforcement and payment processors have no jurisdiction over bitcoin accounts. For c...