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Cryptocurrency

Not to be confused with Virtual currency.

A logo for Bitcoin, the first decentralized cryptocurrency
The genesis block of Bitcoin's blockchain, with a note containing The Times newspaper headline. This note has been interpreted as a comment on the instability caused by fractional-reserve banking.[1]: 18 

A cryptocurrency, crypto-currency, or crypto[a] is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.[2]

Individual coin ownership records are stored in a digital ledger, which is a computerized database using strong cryptography to secure transaction records, control the creation of additional coins, and verify the transfer of coin ownership.[3][4][5] Despite the term that has come to describe many of the fungible blockchain tokens that have been created, cryptocurrencies are not considered to be currencies in the traditional sense, and varying legal treatments have been applied to them in various jurisdicitons, including classification as commodities, securities, and currencies, cryptocurrencies are generally viewed as a distinct asset class in practice.[6][7][8] Some crypto schemes use validators to maintain the cryptocurrency. In a proof-of-stake model, owners put up their tokens as collateral. In return, they get authority over the token in proportion to the amount they stake. Generally, these token stakers get additional ownership in the token over time via network fees, newly minted tokens, or other such reward mechanisms.[9]

Cryptocurrency does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to a central bank digital currency (CBDC).[10] When a cryptocurrency is minted, created prior to issuance, or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.[11]

The first cryptocurrency was Bitcoin, which was first released as open-source software in 2009. As of June 2023, there were more than 25,000 other cryptocurrencies in the marketplace, of which more than 40 had a market capitalization exceeding $1 billion.[12]

  1. ^ Pagliery, Jose (2014). Bitcoin: And the Future of Money. Triumph Books. ISBN 978-1629370361. Archived from the original on 21 January 2018. Retrieved 20 January 2018.
  2. ^ Milutinović, Monia (2018). "Cryptocurrency". Ekonomika. 64 (1): 105–122. doi:10.5937/ekonomika1801105M. ISSN 0350-137X. Archived from the original on 16 April 2022. Retrieved 18 April 2022.
  3. ^ Andy Greenberg (20 April 2011). "Crypto Currency". Forbes. Archived from the original on 31 August 2014. Retrieved 8 August 2014.
  4. ^ Polansek, Tom (2 May 2016). "CME, ICE prepare pricing data that could boost bitcoin". Reuters. Archived from the original on 23 April 2022. Retrieved 3 May 2016.
  5. ^ Pernice, Ingolf G. A.; Scott, Brett (20 May 2021). "Cryptocurrency". Internet Policy Review. 10 (2). doi:10.14763/2021.2.1561. ISSN 2197-6775. Archived from the original on 23 October 2021. Retrieved 23 October 2021.
  6. ^ "Bitcoin not a currency says Japan government". BBC News. 7 March 2014. Archived from the original on 25 January 2022. Retrieved 25 January 2022.
  7. ^ "Is it a currency? A commodity? Bitcoin has an identity crisis". Reuters. 3 March 2020. Archived from the original on 25 January 2022. Retrieved 25 January 2022.
  8. ^ Brown, Aaron (7 November 2017). "Are Cryptocurrencies an Asset Class? Yes and No". www.bloomberg.com. Archived from the original on 1 April 2022. Retrieved 25 January 2022.
  9. ^ Bezek, Ian (14 July 2021). "What Is Proof-of-Stake, and Why Is Ethereum Adopting It?". Archived from the original on 5 August 2021. Retrieved 5 August 2021.
  10. ^ Allison, Ian (8 September 2015). "If Banks Want Benefits of Blockchains, They Must Go Permissionless". International Business Times. Archived from the original on 12 September 2015. Retrieved 15 September 2015.
  11. ^ Matteo D'Agnolo. "All you need to know about Bitcoin". timesofindia-economictimes. Archived from the original on 26 October 2015.
  12. ^ "Cryptocurrencies: What Are They?". Schwab Brokerage. Archived from the original on 14 September 2023. Retrieved 14 September 2023. However, as of June 2023, there were more than 25,000 digital currencies in the marketplace, of which more than 40 had a market capitalization exceeding $1 billion


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