ℹ️ Skipped - page is already crawled
| Filter | Status | Condition | Details |
|---|---|---|---|
| HTTP status | PASS | download_http_code = 200 | HTTP 200 |
| Age cutoff | PASS | download_stamp > now() - 6 MONTH | 0 months ago (distributed domain, exempt) |
| History drop | PASS | isNull(history_drop_reason) | No drop reason |
| Spam/ban | PASS | fh_dont_index != 1 AND ml_spam_score = 0 | ml_spam_score=0 |
| Canonical | PASS | meta_canonical IS NULL OR = '' OR = src_unparsed | Not set |
| Property | Value |
|---|---|
| URL | https://en.wikipedia.org/wiki/Cryptocurrency |
| Last Crawled | 2026-04-06 23:04:05 (4 hours ago) |
| First Indexed | 2013-08-08 19:36:01 (12 years ago) |
| HTTP Status Code | 200 |
| Meta Title | Cryptocurrency - Wikipedia |
| Meta Description | null |
| Meta Canonical | null |
| Boilerpipe Text | A logo for
bitcoin
, the first
decentralized
cryptocurrency
A
cryptocurrency
(colloquially
crypto
) is a
digital currency
designed to work through a
computer network
that is not reliant on any central authority, such as a
government
or
bank
, to uphold or maintain it.
[
1
]
However, a type of cryptocurrency called a
stablecoin
may rely upon government action or legislation to require that a stable value be upheld and maintained.
[
2
]
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
.
[
3
]
: 18
Individual coin ownership records are stored in a digital
ledger
or
blockchain
, which is a computerized
database
that uses a consensus mechanism to secure
transaction
records, control the creation of additional coins, and verify the transfer of coin ownership.
[
4
]
[
5
]
[
6
]
The two most common consensus mechanisms are
proof of work
and
proof of stake
.
[
7
]
Despite the name, which 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 jurisdictions, including classification as
commodities
,
securities
, and currencies. Cryptocurrencies are generally viewed as a distinct asset class in practice.
[
8
]
[
9
]
[
10
]
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.
[
11
]
As of April 2025, the cryptocurrency market capitalization was estimated at US$2.8 trillion.
[
12
]
History
In 1983, American
cryptographer
David Chaum
conceived of a type of cryptographic
electronic money
called
ecash
.
[
13
]
[
14
]
Later, in 1995, he implemented it through
Digicash
,
[
15
]
an early form of cryptographic electronic payments. Digicash required user software in order to withdraw notes from a bank and designate specific encrypted keys before they could be sent to a recipient. This allowed the digital currency to be untraceable by a third party.
In 1996, the
National Security Agency
published a paper entitled
How to Make a Mint: The Cryptography of Anonymous Electronic Cash
, describing a cryptocurrency system. The paper was first published in an
MIT
mailing list (October 1996) and later (April 1997) in
The American Law Review
.
[
16
]
In 1998,
Wei Dai
described "b-money," an anonymous, distributed electronic cash system.
[
17
]
Shortly thereafter,
Nick Szabo
described
bit gold
.
[
18
]
Like bitcoin and other cryptocurrencies that would follow it, bit gold (not to be confused with the later gold-based exchange BitGold) was described as an electronic currency system that required users to complete a
proof of work
function with solutions being cryptographically put together and published.
In January 2009, bitcoin was created by
pseudonymous
developer
Satoshi Nakamoto
. It used
SHA-256
, a cryptographic hash function, in its
proof-of-work
scheme.
[
19
]
[
20
]
In April 2011,
Namecoin
was created as an attempt at forming a decentralized
DNS
. In October 2011,
Litecoin
was released, which used
scrypt
as its hash function instead of SHA-256.
Peercoin
, created in August 2012, used a hybrid of proof-of-work and
proof-of-stake
.
[
21
]
Cryptocurrency has undergone several periods of growth and retraction, including several
bubbles
and market crashes, such as in 2011, 2013–2014/15, 2017–2018, and 2021–2023.
[
22
]
[
23
]
In August 2014, the UK announced its
Treasury
had commissioned a study of cryptocurrencies and what role, if any, they could play in the UK economy. The study was also to report on whether regulation should be considered.
[
24
]
Its final report was published in 2018,
[
25
]
and it issued a consultation on cryptoassets and
stablecoins
in January 2021.
[
26
]
In June 2021,
El Salvador
became the first country to accept bitcoin as
legal tender
, after the
Legislative Assembly
had voted 62–22 to pass a bill submitted by President
Nayib Bukele
classifying the cryptocurrency as such.
[
27
]
In August 2021,
Cuba
followed with Resolution 215 to recognize and regulate cryptocurrencies such as bitcoin.
[
28
]
In September 2021, the
government of China
, the single largest market for cryptocurrency, declared all cryptocurrency transactions illegal. This completed a crackdown on cryptocurrency that had previously banned the operation of intermediaries and miners within China.
[
29
]
In September 2022, the world's second largest cryptocurrency at that time,
Ethereum
, transitioned its
consensus mechanism
from
proof-of-work
(PoW) to
proof-of-stake
(PoS) in an upgrade process known as "the Merge". According to the Ethereum Founder, the upgrade would cut both Ethereum's energy use and carbon-dioxide emissions by 99.9%.
[
30
]
On 11 November 2022,
FTX Trading Ltd.
, a
cryptocurrency exchange
, which also operated a crypto
hedge fund
, and had been valued at $18 billion,
[
31
]
filed
for
bankruptcy
.
[
32
]
The financial impact of the collapse extended beyond the immediate FTX customer base, as reported,
[
33
]
while, at a
Reuters
conference, financial industry executives said that "regulators must step in to protect crypto investors."
[
34
]
Technology analyst Avivah Litan commented on the cryptocurrency ecosystem that "everything...needs to improve dramatically in terms of user experience, controls, safety, customer service."
[
35
]
An October 2024 survey from the
Pew Research Center
found that 63% of adults in the U.S. "have little to no confidence that current ways to invest in, trade or use cryptocurrencies are reliable and safe." The survey also reported that 17% of U.S. adults had directly interacted with cryptocurrency, which was statistically unchanged from 2021.
[
36
]
[
37
]
Formal definition
According to Jan Lansky, a cryptocurrency is a system that meets six conditions:
[
38
]
The system does not require a central authority; its state is maintained through distributed consensus.
The system keeps an overview of cryptocurrency units and their ownership.
The system defines whether new cryptocurrency units can be created. If new cryptocurrency units can be created, the system defines the circumstances of their origin and how to determine the ownership of these new units.
Ownership of cryptocurrency units can be proved exclusively cryptographically.
The system allows transactions to be performed in which ownership of the cryptographic units is changed. A transaction statement can only be issued by an entity proving the current ownership of these units.
If two different instructions for changing the ownership of the same cryptographic units are simultaneously entered, the system performs at most one of them.
The word "cryptocurrency", in its modern sense, was added to the
Oxford English Dictionary
in September 2018, with its earliest usage noted as being on
Twitter
in September 2009;
[
39
]
its
diminutive
,
crypto
, was entered in 2022.
[
40
]
In March 2018
cryptocurrency
was added to the
Merriam-Webster Dictionary
.
[
41
]
Altcoins
After the early innovation of bitcoin in 2008 and the early
network effect
gained by bitcoin, tokens, cryptocurrencies, and other digital assets that were not bitcoin became collectively known during the 2010s as alternative cryptocurrencies,
[
42
]
[
43
]
[
44
]
or "
altcoins
".
[
45
]
Sometimes the term "alt coins" was used,
[
46
]
[
47
]
or disparagingly, "
shitcoins
".
[
48
]
Paul Vigna of
The Wall Street Journal
described altcoins in 2020 as "alternative versions of Bitcoin"
[
49
]
given its role as the model protocol for cryptocurrency designers. A
Polytechnic University of Catalonia
thesis in 2021 used a broader description, including not only alternative versions of bitcoin but every cryptocurrency other than bitcoin. As of early 2020, there were more than 5,000 cryptocurrencies.
The logo of Ethereum, the second largest cryptocurrency
Altcoins often have underlying differences when compared to bitcoin. For example,
Litecoin
aims to process a block every 2.5 minutes, rather than bitcoin's 10 minutes which allows Litecoin to confirm transactions faster than bitcoin.
[
21
]
Another example is
Ethereum
, which has
smart contract
functionality that allows decentralized applications to be run on its blockchain.
[
50
]
Ethereum was the most used blockchain in 2020, according to Bloomberg News.
[
51
]
In 2016, it had the largest "following" of any altcoin, according to the
New York Times
.
[
52
]
Significant market price rallies across multiple altcoin markets are often referred to as an "altseason".
[
53
]
[
54
]
Stablecoins
Stablecoins
are cryptocurrencies designed to maintain a stable level of
purchasing power
.
[
55
]
Notably, these designs are not foolproof, as a number of stablecoins have crashed or lost their
peg
. For example, on 11 May 2022,
Terra
's stablecoin UST fell from $1 to 26 cents.
[
56
]
[
57
]
The subsequent failure of
Terraform Labs
resulted in the loss of nearly $40B invested in the Terra and Luna coins.
[
58
]
In September 2022, South Korean prosecutors requested the issuance of an
Interpol Red Notice
against the company's founder,
Do Kwon
.
[
59
]
In Hong Kong, the expected regulatory framework for stablecoins in 2023/24 is being shaped and includes a few considerations.
[
60
]
Memecoins
Memecoins
are a category of cryptocurrencies that originated from
Internet memes
or jokes. The most notable example is
Dogecoin
, a memecoin featuring the
Shiba Inu
dog from the
Doge
meme.
[
61
]
Memecoins are known for extreme volatility; for example, the record-high value for a Dogecoin was 73 cents, but that had plunged to 13 cents by mid-2024.
[
61
]
Scams are prolific among memecoins.
[
61
]
Physical crypto
Physical bitcoin
Physical cryptocurrency coins have been made as promotional items and some have become collectibles.
[
62
]
Some of these have a private key embedded in them to access crypto worth a few dollars. There have also been attempts to issue bitcoin "bank notes".
[
63
]
The term "physical bitcoin" is used in the finance industry when investment funds that hold crypto purchased from crypto exchanges put their crypto holdings in a specialised bank called a "custodian".
[
64
]
These physical representations of cryptocurrency do not hold any value by themselves; these are only utilized for collectable purposes. For example, the first incarnation of the bitcoin Casascius, coins made of silver, brass or aluminum sometimes with gold plating, or Titan Bitcoin, which in silver or gold versions are sought after by
numismatists
.
[
65
]
Architecture
Cryptocurrency is produced by an entire cryptocurrency system collectively, at a rate that is defined when the system is created and that is publicly stated. In centralized banking and economic systems such as the US
Federal Reserve System
, corporate boards or governments control the supply of currency.
[
citation needed
]
In the case of cryptocurrency, companies or governments cannot produce new units and have not so far provided backing for other firms, banks, or corporate entities that hold asset value measured in it. The underlying technical system upon which cryptocurrencies are based was created by
Satoshi Nakamoto
.
[
66
]
Within a
proof-of-work
system such as bitcoin, the safety, integrity, and balance of
ledgers
are maintained by a community of mutually distrustful parties referred to as
miners
. Miners use their computers to help validate and timestamp transactions, adding them to the ledger in accordance with a particular timestamping scheme.
[
19
]
In a
proof-of-stake
blockchain, transactions are validated by holders of the associated cryptocurrency, sometimes grouped together in stake pools.
Most cryptocurrencies are designed to gradually decrease the production of that currency, placing a cap on the total amount of that currency that will ever be in circulation.
[
67
]
Compared with ordinary currencies held by financial institutions or kept as
cash
on hand, cryptocurrencies can be more difficult for
seizure
by law enforcement.
[
4
]
Blockchain
The validity of each cryptocurrency's coins is provided by a
blockchain
. A blockchain is a continuously growing list of
records
, called
blocks
, which are linked and secured using cryptography.
[
66
]
[
68
]
Each block typically contains a
hash
pointer as a link to a previous block,
[
68
]
a
timestamp
, and transaction data.
[
69
]
By design, blockchains are inherently resistant to modification of the data. A blockchain is "an open,
distributed ledger
that can record transactions between two parties efficiently and in a verifiable and permanent way".
[
70
]
For use as a distributed ledger, a blockchain is typically managed by a
peer-to-peer
network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
Blockchains are
secure by design
and are an example of a distributed computing system with high
Byzantine fault tolerance
.
Decentralized
consensus has therefore been achieved with a blockchain.
[
71
]
Nodes
A "node" is a computer that connects to a cryptocurrency network. The node supports the cryptocurrency's network through either relaying transactions, validation, or hosting a copy of the blockchain. In terms of relaying transactions, each network computer (node) has a copy of the blockchain of the cryptocurrency it supports. When a transaction is made, the node creating the transaction broadcasts details of the transaction using encryption to other nodes throughout the node network so that the transaction (and every other transaction) is known.
Node owners are either volunteers, those hosted by the organization or body developing the technology, or those incentivised by rewards from the node network.
[
72
]
Timestamping
Cryptocurrencies use various timestamping schemes to "prove" the validity of transactions added to the blockchain ledger without the need for a trusted third party.
The first timestamping scheme invented was the
proof-of-work
scheme. The most widely used proof-of-work schemes are based on SHA-256 and
scrypt
.
[
21
]
Some other hashing algorithms that are used for proof-of-work include
CryptoNote
,
Blake
,
SHA-3
, and
X11
.
Another method is called the
proof-of-stake
scheme. Proof-of-stake is a method of securing a cryptocurrency network and achieving distributed consensus through requesting users to show ownership of a certain amount of currency. It is different from proof-of-work systems that run difficult hashing algorithms to validate electronic transactions. The scheme is largely dependent on the coin, and there is currently no standard form of it. Some cryptocurrencies use a combined proof-of-work and proof-of-stake scheme.
[
21
]
Mining
A hashcoin
mine
On a blockchain,
mining
is the validation of transactions. For this effort, successful miners obtain new cryptocurrency as a reward. The reward decreases
transaction fees
by creating a complementary incentive to contribute to the processing power of the network. The rate of generating hashes, which validate any transaction, has been increased by the use of specialized hardware such as
FPGAs
and
ASICs
running complex hashing algorithms like SHA-256 and
scrypt
.
[
73
]
This arms race for cheaper-yet-efficient machines has existed since bitcoin was introduced in 2009.
[
73
]
Mining is measured by
hash rate
, typically in TH/s.
[
74
]
A 2023
IMF
working paper found that crypto mining could generate 450 million tons of CO
2
emissions by 2027, accounting for 0.7 percent of global emissions, or 1.2 percent of the world total.
[
75
]
With more people entering the world of virtual currency, generating hashes for validation has become more complex over time, forcing miners to invest increasingly large sums of money to improve computing performance. Consequently, the reward for finding a hash has diminished and often does not justify the investment in equipment and cooling facilities (to mitigate the heat the equipment produces) and the electricity required to run them.
[
76
]
Popular regions for mining include those with inexpensive electricity, a cold climate, and jurisdictions with clear and conducive regulations. By July 2019, bitcoin's electricity consumption was estimated to be approximately 7 gigawatts, around 0.2% of the global total, or equivalent to the energy consumed nationally by Switzerland.
[
77
]
Some
miners pool resources
, sharing their
processing power
over a network to split the reward equally, according to the amount of work they contributed to the probability of finding a
block
. A "share" is awarded to members of the mining pool who present a valid partial proof-of-work.
As of February 2018
, the Chinese government has halted trading of virtual currency, banned initial coin offerings, and shut down mining. Many Chinese miners have since relocated to Canada
[
78
]
and Texas.
[
79
]
One company is operating data centers for mining operations at Canadian oil and gas field sites due to low gas prices.
[
80
]
In June 2018,
Hydro Quebec
proposed to the provincial government to allocate 500 megawatts of power to crypto companies for mining.
[
81
]
According to a February 2018 report from
Fortune
, Iceland has become a haven for cryptocurrency miners in part because of its cheap electricity.
[
82
]
In March 2018, the city of
Plattsburgh, New York
put an 18-month
moratorium
on all cryptocurrency mining in an effort to preserve natural resources and the "character and direction" of the city.
[
83
]
In 2021,
Kazakhstan
became the second-biggest crypto-currency mining country, producing 18.1% of the global
exahash
rate. The country built a compound containing 50,000 computers near
Ekibastuz
.
[
84
]
GPU price rise
An increase in cryptocurrency mining increased the demand for
graphics cards
(GPU) in 2017.
[
85
]
The computing power of GPUs makes them well-suited to generating hashes. Popular favorites of cryptocurrency miners, such as Nvidia's
GTX 1060
and
GTX 1070
graphics cards, as well as AMD's RX 570 and RX 580 GPUs, doubled or tripled in price – or simply went out of stock.
[
86
]
A GTX 1070 Ti, which was released at a price of $450, sold for as much as $1,100. Another popular card, the GTX 1060 (6 GB model), released at an
MSRP
of $250, sold for almost $500. RX 570 and RX 580 cards from
AMD
were out of stock for almost a year. Miners regularly buy up the entire stock of new GPUs as soon as they are available.
[
87
]
Nvidia
has asked retailers to do what they can when it comes to selling GPUs to gamers instead of miners. Boris Böhles, PR manager for Nvidia in the German region, said: "Gamers come first for Nvidia."
[
88
]
Mining accelerator chips
Numerous companies developed dedicated crypto-mining accelerator chips, capable of price-performance far higher than that of CPU or
GPU mining
. At one point,
Intel
marketed its own brand of crypto accelerator chip, named
Blockscale
.
[
89
]
Wallets
An example paper printable Bitcoin wallet consisting of one Bitcoin address for receiving, and the corresponding private key for spending
A
cryptocurrency wallet
is a means of storing the
public and private "keys"
(address) or seed, which can be used to receive or spend the cryptocurrency.
[
90
]
With the private key, it is possible to write in the public ledger, effectively spending the associated cryptocurrency. With the public key, it is possible for others to send currency to the wallet.
There exist multiple methods of storing keys or seed in a wallet. These methods range from using paper wallets (which are public, private, or seed keys written on paper), to using hardware wallets (which are hardware to store your wallet information), to a digital wallet (which is a computer with software hosting your wallet information), to hosting your wallet using an exchange where cryptocurrency is traded, or by storing your wallet information on a digital medium such as plaintext.
[
91
]
Privacy
Bitcoin is
pseudonymous
, rather than
anonymous
; the cryptocurrency in a wallet is not tied to a person but rather to one or more specific keys (or "addresses").
[
92
]
Thereby, bitcoin owners are not immediately identifiable, but all transactions are publicly available in the blockchain.
[
93
]
Still,
cryptocurrency exchanges
are often required by law to collect the personal information of their users.
[
94
]
Some cryptocurrencies, such as
Monero
,
Zerocoin
,
Zerocash
, and
CryptoNote
, implement additional measures to increase privacy, such as by using
zero-knowledge proofs
.
[
95
]
[
96
]
A recent 2020 study presented different attacks on privacy in cryptocurrencies. The attacks demonstrated how the anonymity techniques are not sufficient safeguards. In order to improve privacy, researchers suggested several different ideas, including new cryptographic schemes and mechanisms for hiding the
IP address
of the source.
[
97
]
Economics
Cryptocurrencies are used primarily outside banking and governmental institutions and are exchanged over the Internet.
Block rewards
Proof-of-work cryptocurrencies, such as bitcoin, offer block rewards incentives for miners. There has been an implicit belief that whether miners are paid by block rewards or transaction fees does not affect the security of the blockchain, but a study suggests that this may not be the case under certain circumstances.
[
98
]
The rewards paid to miners increase the supply of the cryptocurrency. By making sure that verifying transactions is a costly business, the integrity of the network can be preserved as long as benevolent nodes control a majority of computing power. The verification algorithm requires a lot of processing power, and thus electricity, in order to make verification costly enough to accurately validate the public blockchain. Miners have to factor in the costs associated with expensive equipment necessary to stand a chance of solving a hash problem, and consider the significant amount of electrical power in search of the solution. Generally, the block rewards outweigh electricity and equipment costs, but this may not always be the case.
[
99
]
The current value, not the long-term value, of the cryptocurrency supports the reward scheme to incentivize miners to engage in costly mining activities.
[
100
]
In 2018, bitcoin's design caused a 1.4% welfare loss compared to an efficient cash system, while a cash system with 2% money growth has a minor 0.003% welfare cost. The main source for this inefficiency is the large mining cost, which is estimated to be US$360 million per year. This translates into users being willing to accept a cash system with an inflation rate of 230% before being better off using bitcoin as a means of payment. However, the efficiency of the bitcoin system can be significantly improved by optimizing the rate of coin creation and minimizing transaction fees. Another potential improvement is to eliminate inefficient mining activities by changing the consensus protocol altogether.
[
101
]
Transaction fees
Transaction fees (sometimes also referred to as
miner fees
or
gas fees
) for cryptocurrency depend mainly on the
supply
of network capacity at the time, versus the
demand
from the currency holder for a faster transaction.
[
102
]
The ability for the holder to be allowed to set the fee manually often depends on the wallet software used, and central
exchanges for cryptocurrency
(CEX) usually do not allow the customer to set a custom transaction fee for the transaction.
[
citation needed
]
Their wallet software, such as
Coinbase
Wallet, however, might support adjusting the fee.
[
103
]
Select cryptocurrency exchanges have offered to let the user choose between different presets of transaction fee values during the currency conversion. One of those exchanges, namely
LiteBit
, previously headquartered in the Netherlands, was forced to cease all operations in August 2023, "due to market changes and regulatory pressure".
[
104
]
The "recommended fee" suggested by the network will often depend on the time of day (due to depending on network load).
For
Ethereum
, transaction fees differ by computational complexity, bandwidth use, and storage needs, while bitcoin transaction fees differ by transaction size and whether the transaction uses
SegWit
. In February 2023, the median transaction fee for Ether corresponded to $2.2845,
[
105
]
while for bitcoin it corresponded to $0.659.
[
106
]
Some cryptocurrencies have no transaction fees, the most well-known example being
Nano (XNO)
, and instead rely on
client-side
proof-of-work as the transaction prioritization and anti-spam mechanism.
[
107
]
[
108
]
[
109
]
Exchanges
Cryptocurrency exchanges
allow customers to trade cryptocurrencies
[
110
]
for other assets, such as conventional
fiat money
, or to trade between different digital currencies.
Crypto marketplaces do not guarantee that an investor is completing a purchase or trade at the optimal price. As a result, as of 2020, it was possible to
arbitrage
to find the difference in price across several markets.
[
111
]
Atomic swaps
Atomic swaps are a mechanism where one cryptocurrency can be exchanged directly for another cryptocurrency without the need for a trusted third party, such as an exchange.
[
112
]
ATMs
A
Bitcoin ATM
Jordan Kelley, founder of
Robocoin
, launched the first
bitcoin ATM
in the United States in February 2014. The kiosk installed in Austin, Texas, is similar to bank ATMs but has scanners to read government-issued identification such as a driver's license, or a passport to confirm users' identities.
[
113
]
Initial coin offerings
An
initial coin offering
(ICO) is a controversial means of raising funds for a new cryptocurrency venture. An ICO may be used by startups with the intention of avoiding regulation. However, securities regulators in many jurisdictions, including in the U.S. and Canada, have indicated that if a coin or token is an "investment contract" (e.g., under the Howey test, i.e., an investment of money with a reasonable expectation of profit based significantly on the entrepreneurial or managerial efforts of others), it is a security and is subject to securities regulation. In an ICO campaign, a percentage of the cryptocurrency (usually in the form of "tokens") is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, often bitcoin or Ether.
[
114
]
[
115
]
[
116
]
According to
PricewaterhouseCoopers
, four of the 10 biggest proposed initial coin offerings have used
Switzerland
as a base, where they are frequently registered as non-profit foundations. The Swiss regulatory agency
FINMA
stated that it would take a "balanced approach" to ICO projects and would allow "legitimate innovators to navigate the regulatory landscape and so launch their projects in a way consistent with national laws protecting investors and the integrity of the financial system." In response to numerous requests by industry representatives, a legislative ICO working group began to issue legal guidelines in 2018, which are intended to remove uncertainty from cryptocurrency offerings and to establish sustainable business practices.
[
117
]
Price trends
The
market capitalization
of a cryptocurrency is calculated by multiplying the price by the number of coins in circulation. The total cryptocurrency market cap has historically been dominated by bitcoin accounting for at least 50% of the market cap value where altcoins have increased and decreased in market cap value in relation to bitcoin. Bitcoin's value is largely determined by speculation among other technological limiting factors known as blockchain rewards coded into the architecture technology of bitcoin itself.
[
118
]
The cryptocurrency market cap follows a trend known as the "halving", which is when the block rewards received from bitcoin are halved due to technological mandated limited factors instilled into bitcoin which in turn limits the supply of bitcoin. As the date reaches near of a halving (twice thus far historically) the cryptocurrency market cap increases, followed by a downtrend.
[
118
]
By June 2021, cryptocurrency had begun to be offered by some wealth managers in the US for
401(k)s
.
[
119
]
[
120
]
[
121
]
Volatility
Cryptocurrency prices are much more volatile than established financial assets such as
stocks
. For example, over one week in May 2022, bitcoin lost 20% of its value and Ethereum lost 26%, while
Solana
and
Cardano
lost 41% and 35% respectively. The falls were attributed to warnings about inflation. By comparison, in the same week, the
Nasdaq
tech stock index fell 7.6 per cent and the
FTSE 100
was 3.6 per cent down.
[
122
]
In the longer term, of the
10 leading cryptocurrencies
identified by the total value of coins in circulation in January 2018, only four (bitcoin, Ethereum, Cardano and
Ripple
(XRP)) were still in that position in early 2022.
[
123
]
The total value of all cryptocurrencies was $2 trillion at the end of 2021, but had halved nine months later.
[
124
]
[
125
]
The
Wall Street Journal
has commented that the crypto sector has become "intertwined" with the rest of the capital markets and "sensitive to the same forces that drive tech stocks and other risk assets," such as inflation forecasts.
[
126
]
Databases
There are also
centralized
databases, outside of blockchains, that store crypto market data. Compared to the blockchain, databases perform fast as there is no verification process. Four of the most popular cryptocurrency market databases are
CoinMarketCap
, CoinGecko, BraveNewCoin, and Cryptocompare.
[
127
]
Social and political aspects
According to Alan Feuer of
The New York Times
,
libertarians
and
anarcho-capitalists
were attracted to the philosophical idea behind bitcoin. Early bitcoin supporter
Roger Ver
said: "At first, almost everyone who got involved did so for philosophical reasons. We saw bitcoin as a great idea, as a way to separate money from the state."
[
128
]
Economist
Paul Krugman
argues that cryptocurrencies like bitcoin are "something of a cult" based in "paranoid fantasies" of government power.
[
129
]
David Golumbia
says that the ideas influencing bitcoin advocates emerge from right-wing extremist movements such as the
Liberty Lobby
and the
John Birch Society
and their anti-Central Bank rhetoric, or, more recently,
Ron Paul
and
Tea Party
-style libertarianism.
[
130
]
Steve Bannon
, who owns a "good stake" in bitcoin, sees cryptocurrency as a form of disruptive populism, taking control back from central authorities.
[
131
]
Bitcoin's founder,
Satoshi Nakamoto
, supported the idea that cryptocurrencies go well with libertarianism. "It's very attractive to the libertarian viewpoint if we can explain it properly," Nakamoto said in 2008.
[
132
]
According to the
European Central Bank
, the decentralization of money offered by bitcoin has its theoretical roots in the
Austrian school of economics
, especially with
Friedrich von Hayek
in his book
Denationalisation of Money: The Argument Refined
,
[
133
]
in which Hayek advocates a complete
free market
in the production, distribution and management of money to end the monopoly of
central banks
.
[
134
]
[
135
]
Usage
International transfers
Monthly cryptocurrency transfers under $10,000 to and from Africa reached $316 million in June 2020, according to Chainalysis data. Reuters reported that bitcoin and other cryptocurrencies are unregulated in many countries and their legal status is unclear, meaning there is no safety net and little recourse for lost funds.
[
136
]
Some migrants in the United Arab Emirates used cryptocurrencies to send remittances home, claiming lower fees compared with traditional remittance services.
[
137
]
Institutional balance-sheet holdings
In 2025, some publicly traded companies announced plans to raise capital to buy and hold bitcoin and other cryptocurrencies as treasury assets.
[
138
]
Reuters reported that the inherent volatility of crypto tokens makes them a poor fit for boards with a low risk appetite, potentially limiting their appeal beyond core industry players.
[
139
]
Regulation
The rise in the popularity of cryptocurrencies and their adoption by financial institutions has led some governments to assess whether regulation is needed to protect users. The
Financial Action Task Force
(FATF) has defined cryptocurrency-related services as "virtual asset service providers" (VASPs) and recommended that they be regulated with the same
money laundering
(
AML
) and
know your customer
(KYC) requirements as financial institutions.
[
140
]
In May 2020, the Joint Working Group on interVASP Messaging Standards published "IVMS 101", a universal common language for communication of required originator and beneficiary information between VASPs. The FATF and financial regulators were informed as the data model was developed.
[
141
]
In June 2020, FATF updated its guidance to include the "Travel Rule" for cryptocurrencies, a measure which mandates that VASPs obtain, hold, and exchange information about the originators and beneficiaries of virtual asset transfers.
[
142
]
Subsequent standardized protocol specifications recommended using
JSON
for relaying data between VASPs and identity services. As of December 2020, the IVMS 101 data model has yet to be finalized and ratified by the three global standard setting bodies that created it.
[
143
]
The European Commission published a digital finance strategy in September 2020. This included a draft regulation on Markets in Crypto-Assets (MiCA), which aimed to provide a comprehensive regulatory framework for digital assets in the EU.
[
144
]
[
145
]
In June 2021, the
Basel Committee on Banking Supervision
proposed that banks that held cryptocurrency assets must set aside capital to cover all potential losses. For instance, if a bank were to hold bitcoin worth $2 billion, it would be required to set aside enough capital to cover the entire $2 billion. This is a more extreme standard than banks are usually held to when it comes to other assets. However, this is a proposal and not a regulation.
The IMF has sought seeking a coordinated, consistent and comprehensive approach to supervising cryptocurrencies.
Tobias Adrian
, the IMF's financial counsellor and head of its monetary and capital markets department said in a January 2022 interview that "Agreeing global regulations is never quick. But if we start now, we can achieve the goal of maintaining financial stability while also enjoying the benefits which the underlying technological innovations bring,"
[
146
]
In May 2024, 15 years after the advent of the first blockchain, bitcoin, the
US Congress
advanced a bill to the full
House of Representatives
to provide regulatory clarity for digital assets. The
Financial Innovation and Technology for the 21st Century Act
, which defines responsibilities between various US agencies, notably between the
Commodity Futures Trading Commission
(CFTC) for decentralized blockchains and the
Securities and Exchange Commission
(SEC) for blockchains that are functional but not decentralized.
Stablecoins
are excluded from both CFTC and SEC regulation in this bill, "except for fraud and certain activities by registered firms."
[
147
]
China
In September 2017, China banned
ICOs
to cause
abnormal return
from cryptocurrency decreasing during announcement window. The liquidity changes by banning ICOs in China was temporarily negative while the liquidity effect became positive after news.
[
148
]
On 18 May 2021, China banned financial institutions and payment companies from being able to provide cryptocurrency transaction related services.
[
149
]
This led to a sharp fall in the price of the biggest
proof of work
cryptocurrencies. For instance,
bitcoin
fell 31%,
Ethereum
fell 44%,
Binance Coin
fell 32% and
Dogecoin
fell 30%.
[
150
]
Proof of work mining was the next focus, with regulators in popular mining regions citing the use of electricity generated from highly polluting sources such as coal to create bitcoin and Ethereum.
[
151
]
In September 2021, the Chinese government declared all cryptocurrency transactions of any kind illegal, completing its crackdown on cryptocurrency.
[
29
]
Cook Islands
In April 2024,
TVNZ
's
1News
reported that the
Cook Islands
government was proposing legislation that would allow "recovery agents" to use various means including hacking to investigate or find cryptocurrency that may have been used for illegal means or is the "proceeds of crime." The Tainted Cryptocurrency Recovery Bill was drafted by two lawyers hired by US-based debt collection company Drumcliffe. The proposed legislation was criticised by Cook Islands Crown Law's deputy solicitor general David Greig, who described it as "flawed" and said that some provisions were "clearly unconstitutional". The Cook Islands Financial Services Development Authority described Drumcliffe's involvement as a conflict of interest.
[
152
]
Similar criticism was echoed by
Auckland University of Technology
cryptocurrency specialist and senior lecturer Jeff Nijsse and
University of Otago
political scientist
Professor
Robert Patman
, who described it as government overreach and described it as inconsistent with international law. Since the Cook Islands is an
associated state
that is part of the
Realm of New Zealand
, Patman said that the law would have "implications for New Zealand's governance arrangements." A spokesperson for
New Zealand Foreign Minister
Winston Peters
confirmed that New Zealand officials were discussing the legislation with their Cook Islands counterparts.
Cook Islands Prime Minister
Mark Brown
defended the legislation as part of the territory's fight against international cybercrime.
[
152
]
El Salvador
This section needs to be
updated
.
Please help update this article to reflect recent events or newly available information.
(
November 2025
)
On 9 June 2021,
El Salvador
announced that it will adopt
bitcoin
as legal tender, becoming the first country to do so.
[
153
]
EU
The EU defines crypto assets as "a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology."
[
154
]
The EU regulation Markets in Crypto-Assets (MiCA) covering asset-referenced tokens (ARTs) and electronic money tokens (EMTs) (also known as stablecoins) came into force on 30 June 2024. As of 17 January 2025, the
European Securities and Markets Authority
(ESMA) issued guidance to crypto-asset service providers (CASPs) allowing them to maintain crypto-asset services for non-compliant ARTs and EMTs until the end of March 2025.
[
155
]
[
156
]
The rest of MiCA came into force as of 30 December 2024, covering crypto-assets other than ART and EMT and CASPs. MiCA excludes crypto-assets if they qualify as financial instruments according to ESMA guidelines published on 17 December 2024 as well as crypto-assets that are unique and not fungible with other crypto-assets.
[
157
]
[
158
]
India
At present, India neither prohibits nor allows investment in the cryptocurrency market. In 2020, the Supreme Court of India had lifted the ban on cryptocurrency, which was imposed by the Reserve Bank of India.
[
159
]
[
160
]
[
161
]
[
162
]
Since then, an investment in cryptocurrency is considered legitimate, though there is still ambiguity about the issues regarding the extent and payment of tax on the income accrued thereupon and also its regulatory regime. But it is being contemplated that the Indian Parliament will soon pass a specific law to either ban or regulate the cryptocurrency market in India.
[
163
]
Expressing his public policy opinion on the Indian cryptocurrency market to a well-known online publication, a leading
public policy
lawyer and Vice President of
SAARCLAW
(South Asian Association for Regional Co-operation in Law)
Hemant Batra
has said that the "cryptocurrency market has now become very big with involvement of billions of dollars in the market hence, it is now unattainable and irreconcilable for the government to completely ban all sorts of cryptocurrency and its trading and investment".
[
164
]
He mooted regulating the cryptocurrency market rather than completely banning it. He favoured following
IMF
and
FATF
guidelines in this regard.
Singapore
South Africa
South Africa, which has seen a large number of scams related to cryptocurrency, is said to be putting a regulatory timeline in place that will produce a regulatory framework.
[
165
]
The largest scam occurred in April 2021, where the two founders of an African-based cryptocurrency exchange called Africrypt, Raees Cajee and Ameer Cajee, disappeared with $3.8 billion worth of
bitcoin
.
[
166
]
Additionally,
Mirror Trading International
disappeared with $170 million worth of cryptocurrency in January 2021.
[
166
]
South Korea
In March 2021, South Korea implemented new legislation to strengthen their oversight of digital assets. This legislation requires all digital asset managers, providers and exchanges to be registered with the Korea Financial Intelligence Unit in order to operate in South Korea.
[
167
]
Registering with this unit requires that all exchanges are certified by the Information Security Management System and that they ensure all customers have real name bank accounts. It also requires that the CEO and board members of the exchanges have not been convicted of any crimes and that the exchange holds sufficient levels of deposit insurance to cover losses arising from hacks.
[
167
]
Switzerland
Switzerland was one of the first countries to implement the FATF's Travel Rule. FINMA, the Swiss regulator, issued its own guidance to VASPs in 2019. The guidance followed the FATF's Recommendation 16, with stricter requirements. According to FINMA's
[
168
]
requirements, VASPs need to verify the identity of the beneficiary of the transfer.
Turkey
In April 2021, the
Central Bank of the Republic of Turkey
banned the use of cryptocurrencies and
cryptoassets
for making purchases on the grounds that the use of cryptocurrencies for such payments poses significant transaction risks.
[
169
]
United Kingdom
In the United Kingdom, as of 10 January 2021, all cryptocurrency firms, such as exchanges, advisors and professionals that have either a presence, market product or provide services within the UK market must register with the
Financial Conduct Authority
. On 27 June 2021, the financial watchdog demanded that
Binance
cease all regulated activities in the UK.
[
170
]
In November 2024, the incoming Labour government confirmed that it will proceed with the regulation of cryptoassets and new UK requirements are expected to come into force in 2026.
[
171
]
United States
In 2021, 17 US states passed laws and resolutions concerning cryptocurrency regulation.
[
172
]
This led the Securities and Exchange Commission to start considering what steps to take. On 8 July 2021,
Senator Elizabeth Warren
, part of the
Senate Banking Committee
, wrote to the chairman of the SEC and demanded answers on cryptocurrency regulation due to the increase in cryptocurrency exchange use and the danger this posed to consumers. On 5 August 2021, the chairman,
Gary Gensler
, responded to Warren's letter and called for legislation focused on "crypto trading, lending and DeFi platforms," because of how vulnerable investors could be when they traded on crypto trading platforms without a broker. He also argued that many tokens in the crypto market may be unregistered securities without required disclosures or market oversight. Additionally, Gensler did not hold back in his criticism of stablecoins. These tokens, which are pegged to the value of fiat currencies, may allow individuals to bypass important public policy goals related to traditional banking and financial systems, such as anti-money laundering, tax compliance, and sanctions.
[
173
]
On 19 October 2021, the first bitcoin-linked exchange-traded fund (ETF) from
ProShares
started trading on the NYSE under the ticker "BITO."
ProShares
CEO Michael L. Sapir said the ETF would expose bitcoin to a wider range of investors without the hassle of setting up accounts with cryptocurrency providers. Ian Balina, the CEO of Token Metrics, stated that SEC approval of the ETF was a significant endorsement for the crypto industry because many regulators globally were not in favor of crypto, and retail investors were hesitant to accept crypto. This event would eventually open more opportunities for new capital and new people in this space.
[
174
]
The
Department of the Treasury
, on 20 May 2021, announced that it would require any transfer worth $10,000 or more to be reported to the
Internal Revenue Service
since cryptocurrency already posed a problem where illegal activity like tax evasion was facilitated broadly. This release from the IRS was a part of efforts to promote better compliance and consider more severe penalties for tax evaders.
[
175
]
On 17 February 2022, the
Department of Justice
named Eun Young Choi as the first director of a National Cryptocurrency Enforcement Team to help identify and deal with misuse of cryptocurrencies and other digital assets.
[
176
]
The Biden administration faced a dilemma as it tried to develop regulations for the cryptocurrency industry. On one hand, officials were hesitant to restrict a growing industry. On the other hand, they were committed to preventing illegal cryptocurrency transactions. To reconcile these conflicting goals, on 9 March 2022, Biden issued an executive order.
[
177
]
Followed this, on 16 September 2022, the Comprehensive Framework for Responsible Development of Digital Assets document was released
[
178
]
to support development of cryptocurrencies and restrict their illegal use. The executive order included all digital assets, but cryptocurrencies posed both the greatest security risks and potential economic benefits. Though this might not address all of the challenges in crypto industry, it was a significant milestone in the US cryptocurrency regulation history.
[
179
]
In February 2023, the SEC ruled that cryptocurrency exchange
Kraken
's estimated $42 billion in staked assets globally operated as an illegal securities seller. The company agreed to a $30 million settlement with the SEC and to cease selling its staking service in the US. The case would impact other major crypto exchanges operating staking programs.
[
180
]
On 23 March 2023, the SEC issued an alert to investors stating that firms offering crypto asset securities might not be complying with US laws. The SEC argued that unregistered offerings of crypto asset securities might not include important information.
[
181
]
On 23 January 2025, President Donald Trump signed
Executive Order 14178
,
Strengthening American Leadership in Digital Financial Technology
[
182
]
revoking
Executive Order 14067
of 9 March 2022,
Ensuring Responsible Development of Digital Assets
and the Department of the Treasury's
Framework for International Engagement on Digital Assets
of 7 July 2022.
In addition the order prohibits the establishment, issuance or promotion of
Central bank digital currency
and establishes a group tasked with proposing a federal regulatory framework for digital assets within 180 days.
[
183
]
Legality
The
legal status of cryptocurrencies
varies substantially from country to country and is still undefined or changing in many of them. At least one study has shown that broad generalizations about the use of bitcoin in illicit finance are significantly overstated and that blockchain analysis is an effective crime fighting and intelligence gathering tool.
[
184
]
While some countries have explicitly allowed their use and trade,
[
185
]
others have banned or restricted it.
According to the
Library of Congress
in 2021, an "absolute ban" on trading or using cryptocurrencies applies in 9 countries:
Algeria, Bangladesh, Bolivia, China, Egypt, Iraq, Morocco, Nepal, and the United Arab Emirates. An "implicit ban" applies in another 39 countries or regions, which include: Bahrain, Benin, Burkina Faso, Burundi, Cameroon, Chad, Côte d'Ivoire, the Dominican Republic, Ecuador, Gabon, Georgia, Guyana, Indonesia, Iran, Jordan, Kazakhstan, Kuwait, Lebanon, Lesotho, Macau, Maldives, Mali, Moldova, Namibia, Niger, Nigeria, Oman, Pakistan, Palau, Republic of Congo, Saudi Arabia, Senegal, Tajikistan, Tanzania, Togo, Turkey, Turkmenistan, Qatar and Vietnam.
[
186
]
In the United States and Canada, state and provincial securities regulators, coordinated through the
North American Securities Administrators Association
, are investigating "Bitcoin scams" and
ICOs
in 40 jurisdictions.
[
187
]
Various government agencies, departments, and courts have classified bitcoin differently.
China Central Bank
banned the handling of bitcoins by financial institutions in
China
in early 2014.
In Russia, though owning cryptocurrency is legal, its residents are only allowed to purchase goods from other residents using the
Russian ruble
while nonresidents are allowed to use foreign currency.
[
188
]
Regulations and bans that apply to bitcoin probably extend to similar cryptocurrency systems.
[
189
]
In August 2018, the
Bank of Thailand
announced its plans to create its own cryptocurrency, the Central Bank Digital Currency (CBDC).
[
190
]
Advertising bans
Cryptocurrency advertisements have been banned on the following platforms:
Baidu
Bing
[
191
]
—Ended June 2022
[
192
]
Facebook
[
193
]
—Ended December 2021
[
194
]
Google
[
193
]
—Ended August 2021
[
195
]
Line
LinkedIn
[
196
]
MailChimp
[
197
]
Snapchat
Tencent
Twitter
[
193
]
Weibo
Yandex
[
196
]
U.S. tax status
In March 2014, the United States
Internal Revenue Service
(IRS) ruled that bitcoin will be treated as property for tax purposes. Therefore, virtual currencies are considered commodities subject to capital gains tax.
[
198
]
Legal concerns relating to an unregulated global economy
As the popularity and demand for cryptocurrencies has increased,
[
199
]
so have concerns that they offer an unregulated person-to-person global economy that may become a threat to society. Concerns abound that they may become tools for anonymous web criminals.
[
200
]
Cryptocurrency networks display a lack of regulation that has been criticized as enabling criminals who seek to evade taxes and
launder money
. Money laundering issues
are also present in regular bank transfers
, however with bank-to-bank wire transfers for instance, the account holder must
provide a proven identity
.
Transactions that occur through the use and exchange of these cryptocurrencies are independent from formal banking systems, and therefore can make tax evasion simpler for individuals. Since charting taxable income is based upon what a recipient reports to the revenue service, it becomes extremely difficult to account for transactions made using cryptocurrencies, a mode of exchange that is complex and difficult to track.
[
200
]
Systems of anonymity that most cryptocurrencies offer can also serve as a means to launder money. Rather than laundering money through an intricate network of financial actors and
offshore bank accounts
, laundering money through cryptocurrencies can be achieved through anonymous transactions.
[
200
]
Cryptocurrency makes legal enforcement against extremist groups more complicated, which consequently strengthens them.
[
201
]
White supremacist
Richard Spencer
declared bitcoin the "currency of the
alt-right
".
[
202
]
Loss, theft, and fraud
In February 2014, the world's largest bitcoin exchange,
Mt. Gox
, declared
bankruptcy
. Likely due to theft, the company claimed that it had lost nearly 750,000 bitcoins belonging to their clients. This added up to approximately 7% of all bitcoins in existence, worth a total of $473 million. Mt. Gox blamed hackers, who had exploited the
transaction malleability problems
in the network. The price of a bitcoin fell from a high of about $1,160 in December to under $400 in February.
[
203
]
On 21 November 2017,
Tether
announced that it had been hacked, losing $31 million in USDT from its core treasury wallet.
[
204
]
On 7 December 2017, Slovenian cryptocurrency exchange
Nicehash
reported that hackers had stolen over $70 million using a hijacked company computer.
[
205
]
On 19 December 2017, Yapian, the owner of South Korean exchange Youbit, filed for bankruptcy after suffering two hacks that year.
[
206
]
[
207
]
Customers were still granted access to 75% of their assets.
In May 2018,
Bitcoin Gold
had its transactions hijacked and abused by unknown hackers.
[
208
]
Exchanges lost an estimated $18m and bitcoin Gold was delisted from Bittrex after it refused to pay its share of the damages.
On 13 September 2018, Homero Josh Garza was sentenced to 21 months of imprisonment, followed by three years of supervised release.
[
209
]
Garza had founded the cryptocurrency startups GAW Miners and ZenMiner in 2014, acknowledged in a
plea agreement
that the companies were part of a
pyramid scheme
, and pleaded guilty to
wire fraud
in 2015. The SEC separately brought a civil enforcement action in the US against Garza, who was eventually ordered to pay a judgment of $9.1 million plus $700,000 in interest. The SEC's complaint stated that Garza, through his companies, had fraudulently sold "investment contracts representing shares in the profits they claimed would be generated" from mining.
[
210
]
In January 2018, Japanese exchange
Coincheck
reported that hackers had stolen cryptocurrency worth $530 million.
[
211
]
In June 2018, South Korean exchange Coinrail was hacked, losing over $37 million in crypto.
[
212
]
The hack worsened a cryptocurrency selloff by an additional $42 billion.
[
213
]
On 9 July 2018, the exchange Bancor, whose code and fundraising had been subjects of controversy, had $23.5 million in crypto stolen.
[
214
]
A 2020 EU report found that users had lost crypto-assets worth hundreds of millions of US dollars in security breaches at exchanges and storage providers. Between 2011 and 2019, reported breaches ranged from four to twelve a year. In 2019, more than a billion dollars' worth of cryptoassets was reported stolen. Stolen assets "typically find their way to illegal markets and are used to fund further criminal activity".
[
215
]
According to a 2020 report produced by the
United States Attorney General
's Cyber-Digital Task Force, three categories make up the majority of illicit cryptocurrency uses: "(1) financial transactions associated with the commission of crimes; (2)
money laundering
and the
shielding of legitimate activity from tax
, reporting, or other legal requirements; or (3) crimes, such as theft, directly implicating the cryptocurrency marketplace itself." The report concluded that "for cryptocurrency to realize its truly transformative potential, it is imperative that these risks be addressed" and that "the government has legal and regulatory tools available at its disposal to confront the threats posed by cryptocurrency's illicit uses".
[
216
]
[
217
]
According to the UK 2020 national risk assessment—a comprehensive assessment of money laundering and terrorist financing risk in the UK—the risk of using cryptoassets such as bitcoin for money laundering and terrorism financing is assessed as "medium" (from "low" in the previous 2017 report).
[
218
]
Legal scholars suggested that the money laundering opportunities may be more perceived than real.
[
219
]
Blockchain analysis
company Chainalysis concluded that illicit activities like
cybercrime
,
money laundering
and
terrorism financing
made up only 0.15% of all crypto transactions conducted in 2021, representing a total of $14 billion.
[
220
]
[
221
]
[
222
]
In December 2021, Monkey Kingdom, a NFT project based in Hong Kong, lost US$1.3 million worth of cryptocurrencies via a phishing link used by the hacker.
[
223
]
On 2 November 2023,
Sam Bankman-Fried
was pronounced guilty on seven counts of fraud related to
FTX
.
[
224
]
Federal criminal court sentencing experts speculated on the potential amount of prison time likely to be meted out.
[
225
]
[
226
]
[
227
]
On 28 March 2024, the court sentenced Bankman-Fried to 25 years in prison.
[
228
]
Money laundering
According to blockchain data company
Chainalysis
, criminals laundered $8.6 billion worth of cryptocurrency in 2021, up 30% from the previous year.
[
229
]
The data suggests that rather than managing numerous illicit havens, cybercriminals make use of a small group of purpose-built centralized exchanges for sending and receiving illicit cryptocurrency. In 2021, those exchanges received 47% of funds sent by crime-linked addresses.
[
230
]
Almost $2.2 billion worth of cryptocurrencies was embezzled from
decentralized finance
protocols in 2021, which represents 72% of all cryptocurrency theft in 2021.
[
citation needed
]
According to
Bloomberg
and the
New York Times
, Federation Tower, a complex in the heart of Moscow, is home to many cryptocurrency businesses under suspicion of facilitating extensive money laundering, including accepting illicit cryptocurrency funds obtained through scams,
darknet markets
, and
ransomware
.
[
231
]
Notable businesses include
Garantex
,
[
232
]
Eggchange, Cashbank, Buy-Bitcoin, Tetchange, Bitzlato, and Suex, which was sanctioned by the U.S. in 2021. Bitzlato founder and owner Anatoly Legkodymov was arrested following money-laundering charges by the United States Department of Justice.
[
233
]
Dark money has also been flowing into Russia through a dark web marketplace called Hydra, which is powered by cryptocurrency, and enjoyed more than $1 billion in sales in 2020, according to Chainalysis.
[
234
]
The platform demands that sellers liquidate cryptocurrency only through certain regional exchanges, which has made it difficult for investigators to trace the money.
[
citation needed
]
Almost 74% of ransomware revenue in 2021 — over $400 million worth of cryptocurrency — went to software strains likely affiliated with Russia, where oversight is notoriously limited.
[
231
]
However, Russians are also leaders in the benign adoption of cryptocurrencies, as the ruble is unreliable, and
President Putin
favours the idea of "overcoming the excessive domination of the limited number of reserve currencies."
[
235
]
In 2022, RenBridge—an unregulated alternative to exchanges for transferring value between blockchains—was found to be responsible for the laundering of at least $540 million since 2020. It is especially popular with people attempting to launder money from theft. This includes a cyberattack on Japanese crypto exchange Liquid that has been linked to
North Korea
.
[
236
]
Darknet markets
Properties of cryptocurrencies gave them popularity in applications such as a safe haven in banking crises and means of payment, which also led to the cryptocurrency use in controversial settings in the form of
online black markets
, such as
Silk Road
.
[
200
]
The original Silk Road was shut down in October 2013 and there have been two more versions in use since then. In the year following the initial shutdown of Silk Road, the number of prominent dark markets increased from four to twelve, while the amount of drug listings increased from 18,000 to 32,000.
[
200
]
Darknet markets present challenges in regard to their legality. Cryptocurrency used in dark markets are not clearly or legally classified in almost all parts of the world. In the US, bitcoins are regarded as "virtual assets".
[
citation needed
]
This type of ambiguous classification puts pressure on law enforcement agencies around the world to adapt to the shifting drug trade of dark markets.
[
237
]
[
unreliable source?
]
Wash trades
Various studies have found that crypto-trading is rife with
wash trading
, a process, illegal in some jurisdictions, involving buyers and sellers being the same person or group, and which may be used to manipulate the price of a cryptocurrency or inflate volume artificially. Exchanges with higher volumes can demand higher premiums from token issuers.
[
238
]
A study from 2019 concluded that up to 80% of trades on unregulated cryptocurrency exchanges could be wash trades.
[
238
]
A 2019 report by Bitwise Asset Management claimed that 95% of all bitcoin trading volume reported on major website CoinMarketCap had been artificially generated, and of 81 exchanges studied, only 10 provided legitimate volume figures.
[
239
]
As a tool to evade sanctions
In 2022, cryptocurrencies attracted attention when Western nations imposed severe economic sanctions on Russia in the aftermath of
its invasion of Ukraine
in February. However, American sources warned in March that some crypto-transactions could potentially be used to evade economic sanctions against Russia and Belarus.
[
240
]
In April 2022, the computer programmer
Virgil Griffith
received a five-year prison sentence in the US for attending a Pyongyang cryptocurrency conference, where he gave a presentation on blockchains which might be used for sanctions evasion.
[
241
]
Impacts and analysis
External videos
Cryptocurrencies: looking beyond the hype
,
Hyun Song Shin
,
Bank for International Settlements
, 2:48
[
242
]
The
Bank for International Settlements
summarized several criticisms of cryptocurrencies in Chapter V of their 2018 annual report. The criticisms include the lack of stability in their price, the high energy consumption, high and variable transactions costs, the poor security and fraud at cryptocurrency exchanges, vulnerability to debasement (from forking), and the influence of miners.
[
242
]
[
243
]
[
244
]
Speculation, fraud, and adoption
Cryptocurrencies have been compared to
Ponzi schemes
,
pyramid schemes
[
245
]
and
economic bubbles
,
[
246
]
such as
housing market bubbles
.
[
247
]
Howard Marks
of
Oaktree Capital Management
stated in 2017 that digital currencies were "nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it", and compared them to the
tulip mania
(1637),
South Sea Bubble
(1720), and
dot-com bubble
(1999), which all experienced profound price booms and busts.
[
248
]
Regulators in several countries have warned against cryptocurrency and some have taken measures to dissuade users.
[
249
]
However, research in 2021 by the UK's financial regulator suggests such warnings either went unheard, or were ignored. Fewer than one in 10 potential cryptocurrency buyers were aware of consumer warnings on the
Financial Conduct Authority
(FCA) website, and 12% of crypto users were not aware that their holdings were not protected by
statutory compensation
.
[
250
]
[
251
]
Of 1,000 respondents between the ages of eighteen and forty, 70% wrongly assumed cryptocurrencies were regulated, 75% of younger crypto investors claimed to be driven by competition with friends and family, and 58% said that social media enticed them to make high risk investments.
[
252
]
The FCA recommends making use of its warning list, which flags unauthorized financial firms.
[
253
]
Many banks do not offer virtual currency services themselves and can refuse to do business with virtual currency companies.
[
254
]
In 2014, Gareth Murphy, a senior banking officer, suggested that the widespread adoption of cryptocurrencies may lead to too much money being
obfuscated
, blinding economists who would use such information to better steer the economy.
[
255
]
While traditional financial products have strong consumer protections in place, there is no intermediary with the power to limit consumer losses if bitcoins are lost or stolen. One of the features cryptocurrency lacks in comparison to credit cards, for example, is consumer protection against fraud, such as
chargebacks
.
[
citation needed
]
The French regulator
Autorité des marchés financiers
(AMF) lists 16 websites of companies that solicit investment in cryptocurrency without being authorized to do so in France.
[
256
]
An October 2021 paper by the
National Bureau of Economic Research
found that bitcoin suffers from systemic risk as the top 10,000 addresses control about one-third of all bitcoin in circulation.
[
257
]
It is even worse for miners, with 0.01% controlling 50% of the capacity. According to researcher Flipside Crypto, less than 2% of anonymous accounts control 95% of all available bitcoin supply.
[
258
]
This is considered risky as a great deal of the market is in the hands of a few entities.
[
citation needed
]
A paper by John Griffin, a finance professor at the
University of Texas
, and Amin Shams, a graduate student, found that in 2017 the price of bitcoin had been substantially inflated using another cryptocurrency, Tether.
[
259
]
Roger Lowenstein
, author of "
Bank of America: The Epic Struggle to Create the Federal Reserve,
" said in a 2022 New York Times story that
FTX
currency exchange will face over $8 billion in claims.
[
260
]
Non-fungible tokens
Non-fungible tokens
(NFTs) are digital assets that represent art, collectibles, gaming, etc. Like crypto, their data is stored on the blockchain. NFTs are bought and traded using cryptocurrency. The Ethereum blockchain was the first place where NFTs were implemented, but now many other blockchains have created their own versions of NFTs.
Banks
According to Vanessa Grellet, renowned panelist in blockchain conferences,
[
261
]
there was an increasing interest from traditional
stock exchanges
in crypto-assets at the end of the 2010s, while crypto-exchanges such as
Coinbase
were gradually entering the traditional
financial markets
. This convergence marked a significant trend where conventional financial actors were adopting blockchain technology to enhance operational efficiency, while the crypto world introduced innovations like
Security Token Offering
(STO), enabling new ways of
fundraising
. Tokenization, turning assets such as
real estate
,
investment funds
, and
private equity
into blockchain-based tokens, had the potential to make traditionally illiquid assets more accessible to investors. Despite the regulatory risks associated with such developments, major financial institutions, including
JPMorgan Chase
, were actively working on blockchain initiatives, exemplified by the creation of Quorum, a private blockchain platform.
[
262
]
As the first big Wall Street bank to embrace cryptocurrencies,
Morgan Stanley
announced on 17 March 2021 that they will be offering access to bitcoin funds for their wealthy clients through three funds which enable bitcoin ownership for investors with an aggressive risk tolerance.
[
263
]
BNY Mellon on 11 February 2021 announced that it would begin offering cryptocurrency services to its clients.
[
264
]
On 20 April 2021,
[
265
]
Venmo
added support to its platform to enable customers to buy, hold and sell cryptocurrencies.
[
266
]
In October 2021, financial services company
Mastercard
announced it is working with digital asset manager
Bakkt
on a platform that would allow any bank or merchant on the Mastercard network to offer cryptocurrency services.
[
267
]
Environmental effects
Mining for
proof-of-work
(PoW) cryptocurrencies requires enormous amounts of electricity and consequently comes with a large
carbon footprint
due to causing
greenhouse gas emissions
.
[
268
]
Proof-of-work blockchains such as bitcoin,
Ethereum
,
Litecoin
, and
Monero
were estimated to have added between 3 million and 15 million tons of
carbon dioxide (CO
2
) to the atmosphere
in the period from 1 January 2016 to 30 June 2017.
[
269
]
By November 2018, bitcoin was estimated to have an annual
energy consumption
of 45.8TWh, generating 22.0 to 22.9 million tons of CO
2
, rivalling nations like
Jordan
and
Sri Lanka
.
[
270
]
By the end of 2021, bitcoin was estimated to produce 65.4 million tons of CO
2
, as much as
Greece
,
[
271
]
and consume between 91 and 177 terawatt-hours annually.
[
272
]
[
273
]
Critics have also identified a large
electronic waste
problem in disposing of
mining rigs
.
[
274
]
Mining hardware is improving at a fast rate, quickly resulting in older generations of hardware.
[
275
]
Bitcoin is the least energy-efficient cryptocurrency, using 707.6 kilowatt-hours of electricity per transaction.
[
276
]
Before June 2021, China was the primary location for bitcoin mining. However, due to concerns over power usage and other factors, China forced out bitcoin operations, at least temporarily. As a result, the United States promptly emerged as the top global leader in the industry. An example of a gross amount of electronic waste associated with bitcoin mining operations in the US is a facility located in Dalton, Georgia which is consuming nearly the same amount of electricity as the combined power usage of 97,000 households in its vicinity. Another example is that Riot Platforms operates a bitcoin mining facility in Rockdale, Texas, which consumes approximately as much electricity as the nearby 300,000 households. This makes it the most energy-intensive bitcoin mining operation in the United States.
[
277
]
The world's second-largest cryptocurrency, Ethereum, uses 62.56 kilowatt-hours of electricity per transaction.
[
278
]
XRP
is the world's most energy efficient cryptocurrency, using 0.0079 kilowatt-hours of electricity per transaction.
[
279
]
Although the biggest PoW blockchains consume energy on the scale of medium-sized countries, the annual power demand from
proof-of-stake
(PoS) blockchains is on a scale equivalent to a housing estate.
The Times
identified six "environmentally friendly" cryptocurrencies: Bitgreen,
Cardano
,
Chia
,
IOTA
,
Nano
, and Solarcoin.
[
280
]
Academics and researchers have used various methods for estimating the energy use and energy efficiency of blockchains. A study of the six largest PoS networks in May 2021 concluded:
Cardano
has the lowest electricity use per node;
Polkadot
has the lowest electricity use overall; and
Solana
has the lowest electricity use per transaction.
In terms of annual consumption (kWh/year), the figures were: Polkadot (70,237),
Tezos
(113,249),
Avalanche
(489,311),
Algorand
(512,671), Cardano (598,755) and Solana (1,967,930). This equates to Polkadot consuming 7 times the electricity of an average U.S. home, Cardano 57 homes and Solana 200 times as much. The research concluded that PoS networks consumed 0.001% the electricity of the bitcoin network.
[
281
]
University College London researchers reached a similar conclusion.
[
282
]
Variable renewable energy
power stations could invest in bitcoin mining to reduce
curtailment
,
hedge
electricity price risk
, stabilize the grid, increase the
profitability of renewable energy
power stations and therefore accelerate
transition to sustainable energy
.
[
283
]
[
284
]
[
285
]
[
286
]
[
287
]
Technological limitations
There are also purely technical elements in play. For example, technological advancement in cryptocurrencies such as bitcoin result in high up-front costs to miners in the form of specialized
hardware
and
software
.
[
288
]
Cryptocurrency transactions are normally irreversible after a number of blocks confirm the transaction. Additionally, cryptocurrency private keys can be permanently lost from local storage due to malware, data loss, or simply carelessness. This precludes the cryptocurrency from any usage whatsoever, permanently, thus removing it from the market.
[
289
]
Academic studies
In September 2015, the establishment of the
peer-reviewed
academic journal
Ledger
(
ISSN
2379-5980
) was announced. It covers studies of cryptocurrencies and related technologies, and is published by the
University of Pittsburgh
.
[
290
]
The journal encourages authors to
digitally sign
a
file hash
of submitted papers, which will then be
timestamped
into the bitcoin
blockchain
. Authors are also asked to include a personal bitcoin address in the first page of their papers.
[
291
]
[
292
]
Aid agencies
A number of
aid agencies
have started accepting donations in cryptocurrencies, including
UNICEF
.
[
293
]
Christopher Fabian, principal adviser at UNICEF Innovation, said the children's fund would uphold donor protocols, meaning that people making donations online would have to pass checks before they were allowed to deposit funds.
[
294
]
[
295
]
However, in 2021, there was a backlash against donations in bitcoin because of the environmental emissions it caused. Some agencies stopped accepting bitcoin and others turned to "greener" cryptocurrencies.
[
296
]
The
U.S. arm of Greenpeace
stopped accepting bitcoin donations after seven years. It said: "As the amount of energy needed to run bitcoin became clearer, this policy became no longer tenable."
[
297
]
In 2022, the
Ukrainian government
raised over
US$
10,000,000 worth of aid through cryptocurrency following the
2022 Russian invasion of Ukraine
.
[
298
]
Criticism
Bitcoin
was characterized as a
speculative bubble
in 2014–2018 by eight
winners of the Nobel Memorial Prize in Economic Sciences
:
Angus Deaton
,
[
299
]
Oliver Hart
,
[
299
]
James Heckman
,
[
299
]
Paul Krugman
,
[
300
]
Thomas Sargent
,
[
299
]
Robert J. Shiller
,
[
301
]
Joseph Stiglitz
,
[
302
]
and
Richard Thaler
;
[
303
]
and in 2013–2018 by central bank officials including
Agustín Carstens
(Mexico),
[
304
]
Vítor Constâncio
(Portugal),
[
305
]
Alan Greenspan
(US),
[
306
]
and
Nout Wellink
(Netherlands).
[
307
]
Investors
Warren Buffett
and
George Soros
have respectively characterized it in 2014–2018 as a "mirage"
[
308
]
and a "bubble".
[
309
]
Business executives
Jack Ma
and
JP Morgan Chase
CEO
Jamie Dimon
have called it in 2017–2018 a "bubble"
[
310
]
and a "fraud",
[
311
]
respectively, although Jamie Dimon later said in 2018 that he regretted stating bitcoin was a fraud.
[
312
]
BlackRock
CEO
Laurence D. Fink
in 2017 called bitcoin an "index of
money laundering
".
[
313
]
In June 2022, business magnate
Bill Gates
said that cryptocurrencies are "100% based on
greater fool theory
".
[
314
]
Legal scholars criticize the lack of regulation, which hinders conflict resolution when crypto assets are at the center of a legal dispute, for example a divorce or an inheritance. In Switzerland, jurists generally deny that cryptocurrencies are objects that fall under
property law
, as cryptocurrencies do not belong to any class of legally defined objects (
Typenzwang
, the legal
numerus clausus
). Therefore, it is debated whether anybody could even be sued for
embezzlement
of cryptocurrency if they had access to someone's wallet. However, in the
law of obligations
and
contract law
, any kind of object would be legally valid, but the object would have to be tied to an identified
counterparty
. However, inasmuch the more popular cryptocurrencies can be freely and quickly exchanged into legal tender, they are financial assets and have to be taxed and accounted for as such.
[
315
]
[
316
]
Losses associated with cryptocurrency investments have been linked to suicides.
[
317
]
[
318
]
In 2018, an increase in crypto-related suicides was noticed after the cryptocurrency market crashed in August.
[
citation needed
]
The situation was particularly critical in Korea as crypto traders were on "suicide watch".
[
citation needed
]
The May 2022 collapse of the Luna currency operated by
Terra
also led to reports of suicidal investors in crypto-related subreddits.
[
319
]
See also
2018 crypto crash
– Speculative bubble involving cryptocurrency prices
Blockchain-based remittances company
– Money transfer by a foreign worker to their home country
Cryptocurrency bubble
– Speculative bubble involving cryptocurrency prices
Cryptocurrency exchange
– Trading exchange for crypto- and digital currencies
Cryptographic protocol
– Aspect of cryptography
Cryptojacking
– Hijacking computers to mine currency
Ponzi scheme
– Type of financial fraud
List of cryptocurrencies
Virtual currency law in the United States
– Federal financial regulations
References
^
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
.
^
Hartill, Robin. "
Why you might one day use stablecoins in place of credit cards or bank accounts
",
Yahoo Finance
(26 July 2025).
^
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
.
^
a
b
Andy Greenberg (20 April 2011).
"Crypto Currency"
.
Forbes
.
Archived
from the original on 31 August 2014
. Retrieved
8 August
2014
.
^
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
.
^
Pernice, Ingolf G. A.; Scott, Brett (20 May 2021).
"Cryptocurrency"
.
Internet Policy Review
.
10
(2).
doi
:
10.14763/2021.2.1561
.
hdl
:
10419/235962
.
ISSN
2197-6775
.
Archived
from the original on 23 October 2021
. Retrieved
23 October
2021
.
^
Nicolini, Gianni; Intini, Silvia (16 August 2023).
The Cryptocurrency Phenomenon
. Abingdon, Oxon New York, NY: Taylor & Francis. p. 53.
ISBN
978-1-000-92384-1
.
^
"Bitcoin not a currency says Japan government"
.
BBC News
. 7 March 2014.
Archived
from the original on 25 January 2022
. Retrieved
25 January
2022
.
^
"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
.
^
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
.
^
"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
^
"Cryptocurrency prices today by market cap"
.
www.forbes.com
. Retrieved
18 April
2025
.
^
Chaum, David
(2013) [1983].
"Blind Signatures for Untraceable Payments"
(PDF)
. In David Chaum (ed.).
Advances in Cryptology: Proceedings of Crypto 82
. Springer.
ISBN
978-1475706048
. Archived from
the original
(PDF)
on 18 December 2014
. Retrieved
26 October
2014
– via www.hit.bme.hu.
^
Chaum, David
; Fiat, Amos; Naor, Moni (1990).
"Untraceable Electronic Cash"
(PDF)
. In Shafi Goldwasser (ed.).
Advances in Cryptology - CRYPTO '88: Proceedings
. Springer.
ISBN
978-0387971964
. Archived from
the original
(PDF)
on 3 September 2011
. Retrieved
10 October
2012
– via blog.koehntopp.de.
^
Pitta, Julie.
"Requiem for a Bright Idea"
.
Forbes
.
Archived
from the original on 30 August 2017
. Retrieved
11 January
2018
.
^
Law, Laurie; Sabett, Susan; Solinas, Jerry (April 1997).
"How to Make a Mint: The Cryptography of Anonymous Electronic Cash"
.
The American University Law Review
.
46
(4).
Archived
from the original on 12 January 2018
. Retrieved
11 January
2018
.
^
Wei Dai (1998).
"B-Money"
. www.weidai.com.
Archived
from the original on 5 November 2011.
^
Peck, Morgen E. (30 May 2012).
"Bitcoin: The Cryptoanarchists' Answer to Cash"
.
IEEE Spectrum
.
Archived
from the original on 21 December 2019
. Retrieved
2 February
2020
.
Around the same time, Nick Szabo, a computer scientist who now blogs about law and the history of money, was one of the first to imagine a new digital currency from the ground up. Although many consider his scheme, which he calls 'bit gold', to be a precursor to Bitcoin...
^
a
b
Jerry Brito and Andrea Castillo (2013).
"Bitcoin: A Primer for Policymakers"
(PDF)
.
Mercatus Center
. George Mason University.
Archived
(PDF)
from the original on 21 September 2013
. Retrieved
22 October
2013
.
^
Niccolai, James (19 May 2013).
"Bitcoin developer chats about regulation, open source, and the elusive Satoshi Nakamoto"
.
PCWorld
.
Archived
from the original on 3 October 2014
. Retrieved
17 August
2022
.
^
a
b
c
d
Steadman, Ian (11 May 2013).
"Wary of Bitcoin? A guide to some other cryptocurrencies"
.
Ars Technica
.
Archived
from the original on 16 January 2014
. Retrieved
17 August
2022
.
^
"
'Crypto winter' has come. And it's looking more like an ice age"
.
The Washington Post
.
ISSN
0190-8286
.
Archived
from the original on 29 December 2022
. Retrieved
13 April
2023
.
^
"What Is Crypto Winter?"
. Forbes Advisor.
Forbes
.
Archived
from the original on 13 April 2023
. Retrieved
13 April
2023
.
^
"UK launches initiative to explore potential of virtual currencies"
. The UK News. 7 August 2014.
Archived
from the original on 10 November 2014
. Retrieved
8 August
2014
.
^
"Cryptoassets Taskforce: final report"
(PDF)
.
assets.publishing.service.gov.uk
. HM Treasury. October 2018.
Archived
(PDF)
from the original on 23 September 2021
. Retrieved
1 October
2021
.
^
"UK regulatory approach to cryptoassets and stablecoins: Consultation and call for evidence"
(PDF)
. HM Treasury.
Archived
(PDF)
from the original on 25 November 2022
. Retrieved
1 October
2021
.
^
"Bitcoin legal tender in El Salvador, first country ever"
.
Mercopress
. 10 June 2021.
Archived
from the original on 17 February 2023
. Retrieved
11 June
2021
.
^
Sigalos, MacKenzie (27 August 2021).
"Cuba's central bank now recognizes cryptocurrencies such as bitcoin"
. CNBC.
Archived
from the original on 17 February 2023
. Retrieved
6 September
2021
.
^
a
b
"China declares all crypto-currency transactions illegal"
. BBC News. 24 September 2021.
Archived
from the original on 17 February 2023
. Retrieved
24 September
2021
.
^
"Ethereum Finishes Long-Awaited Energy-Saving 'Merge' Upgrade"
. Bloomberg News. 15 September 2022.
^
Osipovich, Alexander (20 July 2017).
"Crypto Exchange FTX Valued at $18 Billion in Funding Round"
.
The Wall Street Journal
.
ISSN
0099-9660
.
Archived
from the original on 18 November 2022
. Retrieved
28 December
2022
.
^
Hill, Jeremy (11 November 2022).
"FTX Goes Bankrupt in Stunning Reversal for Crypto Exchange"
.
Bloomberg News
.
Archived
from the original on 11 November 2022
. Retrieved
28 December
2022
.
^
Khalili, Joel (11 November 2022).
"The Fallout of the FTX Collapse"
.
Wired
.
Archived
from the original on 11 January 2023
. Retrieved
28 December
2022
.
^
Chatterjee, Sumeet; Davies, Megan; Aftab, Ahmed; McCrank, John; Nguyen, Lananh; Howcroft, Elizabeth; Azhar, Saeed; Sinclair Foley, John (2 December 2022).
"After FTX collapse, pressure builds for tougher crypto rules"
.
Reuters
.
Archived
from the original on 28 December 2022
. Retrieved
28 December
2022
.
^
Wile, Rob (28 December 2022).
"After FTX's spectacular collapse, where does crypto go from here?"
.
NBC News
.
Archived
from the original on 28 December 2022
. Retrieved
28 December
2022
.
^
Faverio, Michelle; Dawson, Wyatt; Sidoti, Olivia (24 October 2024).
"Majority of Americans aren't confident in the safety and reliability of cryptocurrency"
.
Pew Research Center
. Retrieved
8 March
2025
.
^
Perrin, Andrew (11 November 2021).
"16% of Americans say they have ever invested in, traded or used cryptocurrency"
.
Pew Research Center
. Retrieved
23 November
2025
.
^
Lansky, Jan (January 2018).
"Possible State Approaches to Cryptocurrencies"
.
Journal of Systems Integration
.
9/1
:
19–
31.
doi
:
10.20470/jsi.v9i1.335
.
Archived
from the original on 12 February 2018
. Retrieved
11 February
2018
.
^
"Oxford English Dictionary"
.
^
"cryptocurrency, n. meanings, etymology and more | Oxford English Dictionary"
.
^
"The Dictionary Just Got a Whole Lot Bigger"
.
Merriam-Webster
. March 2018.
Archived
from the original on 5 March 2018
. Retrieved
5 March
2018
.
^
Yang, Stephanie (31 January 2018).
"Want to Keep Up With Bitcoin Enthusiasts? Learn the Lingo"
.
The Wall Street Journal
.
Archived
from the original on 12 June 2018
. Retrieved
25 October
2020
.
^
Katz, Lily (24 May 2017).
"Cryptocurrency Mania Goes Beyond Bitcoin"
.
Bloomberg
.
Archived
from the original on 16 October 2020
. Retrieved
25 October
2020
.
^
Browne, Ryan (5 December 2017).
"Bitcoin is not a bubble but other cryptocurrencies are 'cannibalizing themselves,' fintech exec says"
.
CNBC
.
Archived
from the original on 28 October 2020
. Retrieved
25 October
2020
.
^
Coll Aumatell, Roger (7 July 2021).
Analysis and Development of Blockchain Rollups
(Master's Thesis). Barcelona, Spain:
Universitat Politècnica de Catalunya
.
Archived
from the original on 17 March 2024
. Retrieved
17 March
2024
.
^
Kharif, Olga (15 January 2018).
"These Digital Coins Soar (or Fall) With Bitcoin"
.
Bloomberg
.
Archived
from the original on 28 October 2020
. Retrieved
25 October
2020
.
^
Hajric, Vildana (21 October 2020).
"Bitcoin Surges to Highest Since July 2019 After PayPal Embrace"
.
Bloomberg Law
.
Archived
from the original on 29 October 2020
. Retrieved
25 October
2020
.
^
"Forget Bitcoin: Inside the insane world of altcoin cryptocurrency trading"
.
CNET
.
Archived
from the original on 22 November 2021
. Retrieved
22 November
2021
.
^
Vigna, Paul (19 December 2017).
"Which Digital Currency Will Be the Next Bitcoin?"
.
The Wall Street Journal
.
Archived
from the original on 12 June 2018
. Retrieved
25 October
2020
.
^
Popper, Nathaniel (1 October 2017).
"Understanding Ethereum, Bitcoin's Virtual Cousin (Published 2017)"
.
The New York Times
.
Archived
from the original on 10 February 2021
. Retrieved
28 November
2020
.
^
"Ethereum Upgrade Adds to Crypto Mania Sparked by Bitcoin's Surge"
.
Bloomberg.com
. 25 November 2020.
Archived
from the original on 28 November 2020
. Retrieved
28 November
2020
.
^
Popper, Nathaniel (27 March 2016).
"Ethereum, a Virtual Currency, Enables Transactions That Rival Bitcoin's"
.
The New York Times
.
Archived
from the original on 24 July 2016
. Retrieved
25 October
2020
.
^
Hajric, Vildana (28 August 2019).
"Bitcoin's Surge Means Smaller Rivals May Be Due for Rallies"
.
Bloomberg
.
Archived
from the original on 31 October 2020
. Retrieved
25 October
2020
.
^
Saad, Amena (8 July 2020).
"TikTok Takes on Crypto With Dogecoin Soaring 40% in 24 Hours"
.
Bloomberg
.
Archived
from the original on 28 October 2020
. Retrieved
25 October
2020
.
^
"Stablecoin"
.
Investopedia
.
Archived
from the original on 25 September 2021
. Retrieved
4 October
2021
.
^
Denton, Jack.
"How a Digital Token Designed to be Stable Fueled a Crypto Crash"
.
www.barrons.com
.
Archived
from the original on 12 May 2022
. Retrieved
12 May
2022
.
^
"Turmoil and panic in crypto market as 'stablecoin' slump prompts wider collapse"
.
the Guardian
. 12 May 2022.
Archived
from the original on 12 May 2022
. Retrieved
12 May
2022
.
^
"South Korean founder of failed cryptocurrency Terra denies he is 'on the run'
"
.
the Guardian
. Agence France-Presse. 18 September 2022.
Archived
from the original on 19 September 2022
. Retrieved
19 September
2022
.
^
"South Korean prosecutors ask Interpol to issue red notice for Do Kwon"
.
Financial Times
. 19 September 2022.
Archived
from the original on 19 September 2022
. Retrieved
19 September
2022
.
^
"HKMA to Roll Out New Licensing Requirements and Regulations on Stablecoins in 2023/2024 | Perspectives & Events | Mayer Brown"
.
www.mayerbrown.com
.
Archived
from the original on 5 February 2023
. Retrieved
5 February
2023
.
^
a
b
c
David Yaffe-Bellany,
A Digital Coin Based on Baby Trump? Yup.
,
New York Times
(27 July 2024).
^
Staff, Numismatic News (23 June 2023).
"Physical Cryptocurrency Sells Big at Auction"
.
Numismatic News
.
Archived
from the original on 9 June 2024
. Retrieved
9 June
2024
.
^
Giedroyc, Richard (20 February 2024).
"Promoting Physical Cryptocurrency"
.
Numismatic News
.
Archived
from the original on 9 June 2024
. Retrieved
9 June
2024
.
^
Coles-Andrew, Graeme (19 January 2024).
"WisdomTree cuts fees on its European Physical Bitcoin ETP"
.
The Armchair Trader
.
Archived
from the original on 9 June 2024
. Retrieved
9 June
2024
.
^
"Casascius, Titan physical bitcoins give numismatic identity"
.
CoinWorld
. Retrieved
19 April
2025
.
^
a
b
"Blockchains: The great chain of being sure about things"
.
The Economist
. 31 October 2015.
Archived
from the original on 3 July 2016
. Retrieved
18 June
2016
.
^
"
How Cryptocurrencies Could Upend Banks' Monetary Role
".
Archived
27 September 2013 at the
Wayback Machine
,
American Banker
. 26 May 2013
^
a
b
Narayanan, Arvind; Bonneau, Joseph; Felten, Edward; Miller, Andrew; Goldfeder, Steven (2016).
Bitcoin and cryptocurrency technologies: a comprehensive introduction
. Princeton: Princeton University Press.
ISBN
978-0-691-17169-2
.
^
"Blockchain"
.
Investopedia
.
Archived
from the original on 23 March 2016
. Retrieved
19 March
2016
.
Based on the Bitcoin protocol, the blockchain database is shared by all nodes participating in a system.
^
Iansiti, Marco; Lakhani, Karim R. (January 2017).
"The Truth About Blockchain"
.
Harvard Business Review
.
Harvard University
.
Archived
from the original on 18 January 2017
. Retrieved
17 January
2017
.
The technology at the heart of bitcoin and other virtual currencies, blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.
^
Raval, Siraj (2016).
Decentralized Applications: Harnessing Bitcoin's Blockchain Technology
. O'Reilly Media, Inc. pp.
1
–
2
.
ISBN
978-1-4919-2452-5
.
Archived
from the original on 28 June 2024
. Retrieved
21 January
2018
.
^
Park, Sehyun; Im, Seongwon; Seol, Youhwan; Paek, Jeongyeup (2019).
"Nodes in the Bitcoin Network: Comparative Measurement Study and Survey"
.
IEEE Access
.
7
:
57009–
57022.
Bibcode
:
2019IEEEA...757009P
.
doi
:
10.1109/ACCESS.2019.2914098
.
S2CID
155106629
.
^
a
b
Bedford Taylor, Michael (1 September 2017).
"The Evolution of Bitcoin Hardware"
.
Computer
.
Archived
from the original on 27 September 2020
. Retrieved
14 December
2020
.
^
Kent, Peter; Bain, Tyler (13 July 2022).
Cryptocurrency Mining for Dummies
. John Wiley & Sons.
ISBN
9781119885368
.
Archived
from the original on 28 June 2024
. Retrieved
7 February
2023
.
^
"Carbon Emissions from AI and Crypto Are Surging and Tax Policy Can Help"
.
IMF
. 15 August 2024
. Retrieved
27 October
2024
.
^
Hern, Alex (17 January 2018).
"Bitcoin's energy usage is huge – we can't afford to ignore it"
.
The Guardian
.
Archived
from the original on 23 January 2018
. Retrieved
23 January
2018
.
^
Baraniuk, Chris (3 July 2019).
"Bitcoin's global energy use 'equals Switzerland'
"
.
BBC News
.
Archived
from the original on 16 January 2020
. Retrieved
2 February
2020
.
^
"China's Crypto Crackdown Sends Miners Scurrying to Chilly Canada"
.
Bloomberg.com
. Bloomberg L.P. 2 February 2018.
Archived
from the original on 4 March 2018
. Retrieved
3 March
2018
.
^
"Why China's bitcoin miners are moving to Texas"
.
BBC News
. 3 September 2021.
Archived
from the original on 4 September 2021
. Retrieved
4 September
2021
.
^
"Cryptocurrency mining operation launched by Iron Bridge Resources"
.
World Oil
. 26 January 2018.
Archived
from the original on 30 January 2018.
^
"Bitcoin and crypto currencies trending up today - Crypto Currency Daily Roundup June 25 - Market Exclusive"
.
marketexclusive.com
. 25 June 2018.
Archived
from the original on 13 April 2020
. Retrieved
27 June
2018
.
^
"Iceland Expects to Use More Electricity Mining Bitcoin Than Powering Homes This Year"
.
Fortune
.
Archived
from the original on 20 April 2018
. Retrieved
25 March
2018
.
^
"Bitcoin Mining Banned for First Time in Upstate New York Town"
.
Bloomberg.com
. Bloomberg L.P. 16 March 2018.
Archived
from the original on 20 March 2018
. Retrieved
20 March
2018
.
^
"Inside Kazakhstan's giant crypto-mine"
.
BBC
. 31 January 2022.
Archived
from the original on 28 March 2022
. Retrieved
28 March
2022
.
^
"Bitcoin mania is hurting PC gamers by pushing up GPU prices"
. 30 January 2018.
Archived
from the original on 2 February 2018
. Retrieved
2 February
2018
.
^
"Graphics card shortage leads retailers to take unusual measures"
.
Polygon
. 26 January 2018.
Archived
from the original on 2 February 2018
. Retrieved
2 February
2018
.
^
"AMD, Nvidia must do more to stop cryptominers from causing PC gaming card shortages, price gouging"
.
CNBC
. 22 January 2018.
Archived
from the original on 2 February 2018
. Retrieved
2 February
2018
.
^
"Nvidia suggests retailers put gamers over cryptocurrency miners in graphics card craze"
.
Polygon
. 23 January 2018.
Archived
from the original on 2 February 2018
. Retrieved
2 February
2018
.
^
Cunningham, Andrew (18 April 2023).
"Intel unceremoniously dumps its year-old Blockscale chips for bitcoin mining"
.
Ars Technica
.
Archived
from the original on 19 April 2023
. Retrieved
19 April
2023
.
^
Arnott, Amy (2 August 2021).
"A Basic Glossary of Terms for Crypto Newbies"
.
Morningstar.com
.
Archived
from the original on 2 August 2021
. Retrieved
30 August
2021
.
^
Jokić, Stevo; Cvetković, Aleksandar; Adamović, Saša; Ristić, Nenad; Spalević, Petar (2019).
"Comparative analysis of cryptocurrency wallets vs traditional wallets"
.
Ekonomika
.
65
(3):
65–
75.
doi
:
10.5937/ekonomika1903065J
.
S2CID
208267171
.
^
Lee, Justina (13 September 2018).
"Mystery of the $2 Billion Bitcoin Whale That Fueled a Selloff"
.
Bloomberg.com
.
Archived
from the original on 19 December 2018.
^
Galston, Ezra (16 June 2021).
"Untraceable Bitcoin Is a Myth"
. The Wall Street Journal.
Archived
from the original on 20 September 2022
. Retrieved
16 September
2022
.
^
Goodell, Geoff; Aste, Tomaso (2019).
"Can Cryptocurrencies Preserve Privacy and Comply With Regulations?"
.
Frontiers in Blockchain
.
2
4.
arXiv
:
1811.12240
.
doi
:
10.3389/fbloc.2019.00004
.
ISSN
2624-7852
.
^
"What You Need To Know About Zero Knowledge"
.
TechCrunch
. 7 February 2015.
Archived
from the original on 20 February 2019
. Retrieved
19 December
2018
.
^
Greenberg, Andy (25 January 2017).
"Monero, the Drug Dealer's Cryptocurrency of Choice, Is on Fire"
.
Wired
.
ISSN
1059-1028
.
Archived
from the original on 10 December 2018
. Retrieved
19 December
2018
.
^
Herskind, Lasse; Katsikouli, Panagiota; Dragoni, Nicola (2020).
"Privacy and Cryptocurrencies—A Systematic Literature Review"
.
IEEE Access
.
8
:
54044–
54059.
Bibcode
:
2020IEEEA...854044H
.
doi
:
10.1109/ACCESS.2020.2980950
.
ISSN
2169-3536
.
^
"On the Instability of Bitcoin Without the Block Reward"
(PDF)
.
Archived
(PDF)
from the original on 5 June 2020
. Retrieved
5 May
2020
.
^
"Price Fluctuations and the Use of Bitcoin: An Empirical Inquiry"
(PDF)
.
Archived
(PDF)
from the original on 31 October 2020
. Retrieved
5 May
2020
.
^
Yaish, Aviv; Zohar, Aviv (18 June 2020).
Correct Cryptocurrency ASIC Pricing: Are Miners Overpaying?
. Leibniz International Proceedings in Informatics (LIPIcs). Vol. 282. pp. 2:1–2:25.
arXiv
:
2002.11064
.
doi
:
10.4230/LIPIcs.AFT.2023.2
.
ISBN
9783959773034
.
S2CID
211296648
.
^
"The Economics of Cryptocurrencies – Bitcoin and Beyond"
(PDF)
.
Archived
(PDF)
from the original on 10 December 2020
. Retrieved
5 May
2020
.
^
"Electrum: Detailed Review and Full Guide On How To Use It"
.
Wallets.com
. Retrieved
17 August
2024
.
^
"Coinbase Wallet > Adjusting network fees"
.
Coinbase Help
. Retrieved
17 August
2024
.
^
"LiteBit FAQ: Cease of operations"
.
LiteBit@Zendesk.com
. 22 May 2023
. Retrieved
17 August
2024
.
^
"Ethereum Median Transaction Fee historical chart"
.
BitInfoCharts
.
Archived
from the original on 14 April 2023
. Retrieved
19 March
2023
.
^
"Bitcoin Median Transaction Fee historical chart"
.
Archived
from the original on 28 March 2023
. Retrieved
19 March
2023
.
^
Scalability of the Bitcoin and Nano protocols: a comparative analysis
(PDF)
, Blekinge Institute of Technology, 2018,
archived
(PDF)
from the original on 19 December 2019
, retrieved
18 December
2019
^
Pervez, Huma; Muneeb, Muhammad; Irfan, Muhammad Usama; Haq, Irfan Ul (19 December 2018), "A Comparative Analysis of DAG-Based Blockchain Architectures",
2018 12th International Conference on Open Source Systems and Technologies (ICOSST)
, IEEE, pp.
27–
34,
doi
:
10.1109/ICOSST.2018.8632193
,
ISBN
978-1-5386-9564-7
,
S2CID
59601449
^
Bencic, Federico Matteo; Podnar Zarko, Ivana (26 April 2018), "Distributed Ledger Technology: Blockchain Compared to Directed Acyclic Graph",
2018 IEEE 38th International Conference on Distributed Computing Systems (ICDCS)
, University of Zagreb, pp.
1569–
1570,
arXiv
:
1804.10013
,
doi
:
10.1109/ICDCS.2018.00171
,
ISBN
978-1-5386-6871-9
,
S2CID
13741873
^
"Banks Should Be Allowed to Trade Crypto | by cxihub | Nov 2021 | The Open Finance Journal"
. 2 November 2021. Archived from
the original
on 2 November 2021
. Retrieved
17 August
2022
.
^
Makarov, Igor; Schoar, Antoinette (2020).
"Trading and arbitrage in cryptocurrency markets"
.
Journal of Financial Economics
.
135
(2):
293–
319.
doi
:
10.1016/j.jfineco.2019.07.001
.
S2CID
53072748
.
Archived
from the original on 8 February 2023
. Retrieved
7 February
2023
.
^
Xu, Jiahua; Ackerer, Damien; Dubovitskaya, Alevtina (July 2021). "A Game-Theoretic Analysis of Cross-Chain Atomic Swaps with HTLCS".
2021 IEEE 41st International Conference on Distributed Computing Systems (ICDCS)
. pp.
584–
594.
arXiv
:
2011.11325
.
doi
:
10.1109/ICDCS51616.2021.00062
.
ISBN
978-1-6654-4513-9
.
S2CID
227126965
.
^
Wahba, Phil (18 February 2014).
"First U.S. bitcoin ATMs to open soon in Seattle, Austin"
.
Reuters
.
Archived
from the original on 19 October 2015
. Retrieved
17 August
2022
.
^
"CSA Staff Notice 46-307 Cryptocurrency Offerings"
.
Ontario Securities Commission
. 24 August 2017.
Archived
from the original on 29 September 2017
. Retrieved
20 January
2018
.
^
"SEC Issues Investigative Report Concluding DAO Tokens, a Digital Asset, Were Securities"
.
sec.gov
. 25 July 2017.
Archived
from the original on 10 October 2017
. Retrieved
20 January
2018
.
^
"Company Halts ICO After SEC Raises Registration Concerns"
.
sec.gov
. 11 December 2017.
Archived
from the original on 19 January 2018
. Retrieved
20 January
2018
.
^
"Switzerland sets out guidelines to support initial coin offerings"
.
Financial Times
. 16 February 2018.
Archived
from the original on 27 May 2018
. Retrieved
17 August
2022
.
^
a
b
Meynkhard, Artur (28 November 2019).
"Fair market value of bitcoin: halving effect"
.
Investment Management and Financial Innovations
.
16
(4):
72–
85.
doi
:
10.21511/imfi.16(4).2019.07
.
S2CID
212850773
.
^
Harris, Craig (10 June 2021).
"Cryptocurrency to become option for some workers' 401(k) retirement plans, WSJ reports"
.
USA TODAY
.
Archived
from the original on 14 June 2021
. Retrieved
16 June
2021
.
^
Morris, Chris (10 June 2021).
"Coinbase will let you add crypto to your 401(k) through new deal"
.
Fortune
.
Archived
from the original on 20 June 2021
. Retrieved
16 June
2021
.
^
Asymkos, Stephanie (10 June 2021).
"Bitcoin and crypto go mainstream with new 401(k) retirement offering"
.
money.yahoo.com
.
Archived
from the original on 17 June 2021
. Retrieved
16 June
2021
.
^
Russell-Jones, Lily (15 May 2022).
"What's happening to cryptocurrencies?"
.
Sunday Times
.
Archived
from the original on 22 May 2022
. Retrieved
1 June
2022
.
^
Tetrina, Kat (1 March 2022).
"Top 10 Cryptocurrencies In March 2022"
.
Forbes
.
Archived
from the original on 5 April 2022
. Retrieved
1 June
2022
.
^
"A history of cryptocurrency, from gaming tokens to a $2tn market"
.
Financial Times
. 30 November 2021.
Archived
from the original on 24 October 2022
. Retrieved
24 October
2022
.
^
Russell-Jones, Lily (7 September 2022).
"Cryptocurrency market slumps below $1trn"
.
The Times
.
ISSN
0140-0460
.
Archived
from the original on 25 September 2022
. Retrieved
24 October
2022
.
^
"Bitcoin, Other Cryptos Fall on Hot Inflation Report"
.
WSJ
.
Archived
from the original on 24 October 2022
. Retrieved
24 October
2022
.
^
Vidal-Tomás, David (2022). "Which cryptocurrency data sources should scholars use?".
International Review of Financial Analysis
.
81
102061.
doi
:
10.1016/j.irfa.2022.102061
.
^
Feuer, Alan (14 December 2013).
"The Bitcoin Ideology"
.
The New York Times
.
ISSN
0362-4331
.
Archived
from the original on 1 July 2018
. Retrieved
1 March
2022
.
^
Krugman, Paul (29 January 2018).
"Opinion | Bubble, Bubble, Fraud and Trouble"
.
The New York Times
.
ISSN
0362-4331
.
Archived
from the original on 4 June 2018
. Retrieved
1 March
2022
.
^
"Review of "The Politics of Bitcoin: Software as Right-Wing Extremism"
"
.
NewsClick
. 28 October 2016.
Archived
from the original on 1 March 2022
. Retrieved
1 March
2022
.
^
Peters, Jeremy W.; Popper, Nathaniel (14 June 2018).
"Stephen Bannon Buys Into Bitcoin"
.
The New York Times
.
ISSN
0362-4331
.
Archived
from the original on 1 July 2018
. Retrieved
1 March
2022
.
^
"Bitcoin P2P e-cash paper | Satoshi Nakamoto Institute"
.
satoshi.nakamotoinstitute.org
. 14 November 2008.
Archived
from the original on 1 March 2022
. Retrieved
10 March
2022
.
^
Hayek, Friedrich A. von (Friedrich August) (1990).
Denationalisation of money : the argument refined; an analysis of the theory and practice of concurrent currencies
. Internet Archive. London : Institute of Economic Affairs.
ISBN
978-0-255-36239-9
.
{{
cite book
}}
: CS1 maint: publisher location (
link
)
^
Virtual Currency Schemes
(PDF)
, European Central Bank, October 2012,
ISBN
978-92-899-0862-7
,
archived
(PDF)
from the original on 25 May 2018
, retrieved
1 March
2022
^
Baldwin, Jon (2018).
"In digital we trust: Bitcoin discourse, digital currencies, and decentralized network fetishism"
.
Palgrave Communications
.
4
(1) 14:
1–
10.
doi
:
10.1057/s41599-018-0065-0
.
^
"How bitcoin met the real world in Africa"
.
Reuters
. 8 September 2020
. Retrieved
2 March
2026
.
^
Farouk, Menna (9 June 2023).
"FEATURE-Migrants in UAE turn to crypto to send remittances home"
.
Thomson Reuters Foundation
. Reuters
. Retrieved
2 March
2026
.
^
Zuckerman, Gregory; Huang, Vicky Ge (25 July 2025).
"The Hottest Business Strategy This Summer Is Buying Crypto"
.
The Wall Street Journal
. Retrieved
27 February
2026
– via LiveMint.
^
Nishant, Niket; Saini, Manya (5 August 2025).
"Small public companies snap up ether in new crypto gold rush, even as risks linger"
.
Reuters
. Archived from
the original
on 9 August 2025
. Retrieved
27 February
2026
.
^
Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers
, FATF, 2019,
archived
from the original on 26 July 2021
, retrieved
22 July
2021
^
"interVASP Messaging Standards"
(PDF)
.
intervasp.org
.
Archived
(PDF)
from the original on 9 October 2021
. Retrieved
13 October
2021
.
^
"12-Month Review of the Revised FATF Standards on Virtual Assets and Virtual Asset Service Providers"
(PDF)
.
www.fatf-gafi.org
.
Archived
(PDF)
from the original on 28 October 2021
. Retrieved
13 October
2021
.
^
"Travel Rule Specification - Bitcoin SV Technical Standards"
.
tsc.bitcoinassociation.net
.
Archived
from the original on 27 October 2021
. Retrieved
13 October
2021
.
^
Proposal for regulation of Markets in Crypto-assets, and amending Directive (EU) 2019/1937
, European Commission, 24 September 2020,
archived
from the original on 23 August 2021
, retrieved
23 August
2021
^
Zetzsche, Dirk A.; Annunziata, Filippo; Arner, Douglas W.; Holdings, Kerry; Buckley, Ross P. (30 November 2020),
The Markets in Crypto-Assets Regulation (MiCA) and the EU Digital Finance Strategy
, University of Oxford Faculty of Law,
archived
from the original on 23 August 2021
, retrieved
23 August
2021
^
Flood, Chris (31 January 2022).
"Crypto risks 'destabilising' emerging markets, says senior IMF official"
.
Financial Times
.
Archived
from the original on 31 January 2022
. Retrieved
31 January
2022
.
^
Alois, JD (10 May 2024).
"House Digital Asset Legislation, the Financial Innovation and Technology for the 21st Century Act, Takes Another Step Forward"
.
Crowdfund Insider
.
Archived
from the original on 13 May 2024
. Retrieved
14 May
2024
.
^
Zhang, Sijia; Gregoriou, Andros (27 November 2020).
"The price and liquidity impact of China forbidding initial coin offerings on the cryptocurrency market"
.
Applied Economics Letters
.
27
(20):
1695–
1698.
doi
:
10.1080/13504851.2020.1713979
.
ISSN
1350-4851
.
S2CID
214099348
.
Archived
from the original on 4 August 2022
. Retrieved
4 August
2022
.
^
"China bans financial, payment institutions from cryptocurrency business"
.
Reuters
. 18 May 2021.
Archived
from the original on 11 July 2021
. Retrieved
12 July
2021
.
^
Nagarajan, Shalini (19 May 2021).
"Bitcoin tumbles as low as $30,000 amid a broad crypto sell-off after China signals a crackdown"
.
Business Insider
.
Archived
from the original on 12 July 2021
. Retrieved
12 July
2021
.
^
Shen, Samuel; John, Alun (19 June 2021).
"China's cryptocurrency-mining crackdown spreads to Sichuan"
.
Reuters
.
Archived
from the original on 20 May 2022
. Retrieved
9 May
2022
.
^
a
b
Dreaver, Barbara (14 April 2024).
"
'Spy film type thing' - Alarm grows over Cook Islands cryptocurrency bill"
.
1News
.
TVNZ
. Archived from
the original
on 18 April 2024
. Retrieved
18 April
2024
.
^
"In a world first, El Salvador makes bitcoin legal tender"
.
Reuters
. 9 June 2021.
Archived
from the original on 12 August 2021
. Retrieved
14 July
2021
.
^
"Crypto-assets - European Commission"
.
finance.ec.europa.eu
.
^
"ESMA_QA_2404"
.
www.esma.europa.eu
.
^
Hennessy, Ashley (27 January 2025).
"ESMA Statement On services Re Non-MiCAR-Compliant ART/EMTs"
.
WILLIAM FRY
.
^
"EU crypto-assets regulatory framework: application of the landmark Markets in Crypto-Assets Regulation (MiCA)"
.
DLA Piper
.
^
"The Regulation on Markets in Crypto-Assets Becomes Fully Applicable in All Member States of the European Union"
.
www.klgates.com
.
^
"RBI Lost Case on Cryptocurrency in Supreme Court, It Must Stop Behaving Like Sore Loser"
.
News18
. 18 September 2021.
Archived
from the original on 24 January 2022
. Retrieved
24 January
2022
.
^
Perumal, Prashanth (2 June 2021).
"Future of cryptocurrency in India continues to hang in the balance"
.
The Hindu
.
ISSN
0971-751X
.
Archived
from the original on 24 January 2022
. Retrieved
24 January
2022
.
^
"From ban to regulation, cryptocurrency's journey so far in India"
.
The Indian Express
. 1 December 2021.
Archived
from the original on 24 January 2022
. Retrieved
24 January
2022
.
^
"SC Verdict On Cryptocurrencies: What It Means For Investors"
.
Moneycontrol
. 25 March 2020.
Archived
from the original on 24 January 2022
. Retrieved
24 January
2022
.
^
"Why is the Indian government cracking down on cryptocurrency?"
.
Deutsche Welle
.
Archived
from the original on 28 January 2022
. Retrieved
24 January
2022
.
^
Shashwat Mishra (15 January 2022).
"The Crypto Effect : Framework, challenges & The way forward"
. Archived from the original on 24 January 2022
. Retrieved
24 January
2022
.
^
"South Africa Moves to Tighten Crypto Regulation After Scams"
.
www.bloomberg.com
. 29 June 2021.
Archived
from the original on 7 July 2021
. Retrieved
13 July
2021
.
^
a
b
"South Africa's $4 billion in crypto scams has regulators scrambling to bring in new regulations within the next three to six months"
.
Business Insider
. 1 July 2021.
Archived
from the original on 13 July 2021
. Retrieved
13 July
2021
.
^
a
b
"South Korea Tightens Regulations on Cryptocurrencies"
.
thediplomat.com
. 3 July 2021.
Archived
from the original on 14 July 2021
. Retrieved
14 July
2021
.
^
"FINMA Guidance 02/2019"
(PDF)
.
Archived
(PDF)
from the original on 14 August 2022
. Retrieved
31 December
2022
.
^
"No more kebabs for bitcoins as Turkey's crypto-payment ban looms"
.
Reuters
. 28 April 2021.
Archived
from the original on 14 July 2021
. Retrieved
14 July
2021
.
^
Samson, Adam (27 June 2021).
"Financial watchdog bans crypto exchange Binance from UK"
.
Financial Times
.
Archived
from the original on 12 July 2021
. Retrieved
12 July
2021
.
^
"The path ahead for digital assets regulation in 2025"
.
Grant Thornton UK LLP
.
^
Morton, Heather (16 December 2021).
"Cryptocurrency 2021 Legislation"
.
National Conference of State Legislatures
.
Archived
from the original on 10 February 2021
. Retrieved
4 January
2021
.
^
Pimentel, Benjamin (11 August 2021).
"SEC chair pleads for power to protect crypto investors in 'volatile sector'
"
.
protocol
.
Archived
from the original on 3 April 2023
. Retrieved
2 April
2023
.
^
Macheel, Tanaya (18 October 2021).
"First bitcoin futures ETF to make its debut Tuesday on the NYSE, ProShares says"
.
CNBC
.
Archived
from the original on 3 April 2023
. Retrieved
2 April
2023
.
^
Franck, Thomas (20 May 2021).
"U.S. Treasury calls for stricter cryptocurrency compliance with IRS, says they pose tax evasion risk"
.
CNBC
.
Archived
from the original on 3 April 2023
. Retrieved
2 April
2023
.
^
"US Justice Department taps new cryptocurrency czar"
.
Aljazeera
.
Archived
from the original on 19 February 2022
. Retrieved
19 February
2022
.
^
"Executive Order on Ensuring Responsible Development of Digital Assets"
.
The White House
. 9 March 2022.
Archived
from the original on 14 March 2022
. Retrieved
2 April
2023
.
^
"FACT SHEET: White House Releases First-Ever Comprehensive Framework for Responsible Development of Digital Assets"
.
The White House
. 16 September 2022.
Archived
from the original on 1 April 2023
. Retrieved
2 April
2023
.
^
Wolff, Josephine (17 October 2022).
"The competing priorities facing U.S. crypto regulations"
.
Brookings
.
Archived
from the original on 3 April 2023
. Retrieved
2 April
2023
.
^
"Crypto Exchange Kraken Ends Staking Program in $30 Million SEC Settlement"
.
Bloomberg.com
. 9 February 2023.
Archived
from the original on 24 February 2023
. Retrieved
12 February
2023
.
^
"US watchdog warns of risks of buying crypto asset securities"
.
Reuters.com
. 23 March 2023.
Archived
from the original on 2 April 2023
. Retrieved
2 April
2023
.
^
"Strengthening American Leadership in Digital Financial Technology"
.
Federal Register
. 23 January 2025
. Retrieved
31 January
2025
.
^
"President Trump Signs Executive Order on Digital Assets | Insights | Holland & Knight"
.
www.hklaw.com
.
^
Ehrlich, Steven.
"Janet Yellen, Bitcoin And Crypto Fearmongers Get Pushback From Former CIA Director"
.
Forbes
.
Archived
from the original on 14 April 2021
. Retrieved
14 April
2021
.
^
Kharpal, Arjun (12 April 2017).
"Bitcoin value rises over $1 billion as Japan, Russia move to legitimize cryptocurrency"
. CNBC.
Archived
from the original on 19 March 2018
. Retrieved
19 March
2018
.
^
"Regulation of Cryptocurrency Around the World: November 2021 Update"
(PDF)
.
Library of Congress
. The Law Library of Congress, Global Legal Research Center. November 2021. pp.
1–
61.
Archived
(PDF)
from the original on 24 December 2021
. Retrieved
19 October
2023
.
^
Fung, Brian (21 May 2018).
"State regulators unveil nationwide crackdown on suspicious cryptocurrency investment schemes"
.
The Washington Post
.
Archived
from the original on 27 May 2018
. Retrieved
27 May
2018
.
^
Bitcoin's Legality Around The World
Archived
16 September 2017 at the
Wayback Machine
, Forbes, 31 January 2014
^
Tasca, Paolo (7 September 2015). "Digital Currencies: Principles, Trends, Opportunities, and Risks".
SSRN
2657598
.
^
Thompson, Luke (24 August 2018).
"Bank of Thailand to launch its own crypto-currency"
.
Asia Times
.
Archived
from the original on 28 June 2024
. Retrieved
27 August
2018
.
^
Alsoszatai-Petheo, Melissa (14 May 2018).
"Bing Ads to disallow cryptocurrency advertising"
. Microsoft.
Archived
from the original on 17 May 2018
. Retrieved
16 May
2018
.
^
"Crypto exchange ads now allowed on Microsoft Ads (with pre-approval)"
.
Search Engine Land
. 1 June 2022.
Archived
from the original on 7 July 2022
. Retrieved
16 March
2023
.
^
a
b
c
Weinglass, Simona (28 March 2018).
"European Union bans binary options, strictly regulates CFDs"
.
The Times of Israel
.
Archived
from the original on 1 April 2018
. Retrieved
2 April
2018
.
^
"Facebook retreats from crypto ad ban"
.
CNBC
. 1 December 2021.
Archived
from the original on 3 September 2022
. Retrieved
16 March
2023
.
^
"Google Ads updates cryptocurrency ad policies"
.
Search Engine Land
. 3 June 2021.
Archived
from the original on 16 January 2022
. Retrieved
16 March
2023
.
^
a
b
Wilson, Thomas (28 March 2018).
"Twitter and LinkedIn ban cryptocurrency adverts – leaving regulators behind"
.
Independent
.
Reuters
.
Archived
from the original on 4 April 2018
. Retrieved
3 April
2018
.
^
French, Jordan (2 April 2018).
"3 Key Factors Behind Bitcoin's Current Slide"
. theStreet.com.
Archived
from the original on 3 April 2018
. Retrieved
2 April
2018
.
^
Schaub, Mark; Phares, H. Banker (15 August 2020). "Cryptocurrency value changes in response to national elections: do they behave like money or commodities?".
Applied Economics Letters
.
27
(14):
1135–
1140.
doi
:
10.1080/13504851.2019.1673297
.
^
Iwamura, Mitsuru; Kitamura, Yukinobu; Matsumoto, Tsutomu (28 February 2014). "Is Bitcoin the Only Cryptocurrency in the Town? Economics of Cryptocurrency and Friedrich A. Hayek".
SSRN
2405790
.
^
a
b
c
d
e
Ali, S, T; Clarke, D; McCorry, P; Bitcoin: Perils of an Unregulated Global P2P Currency. Newcastle upon Tyne: Newcastle University: Computing Science, 2015. Technical Report Series, No. CS-TR-1470
^
"How white supremacists and the far right use Bitcoin to evade the law and get rich"
.
Fortune
.
Archived
from the original on 1 March 2022
. Retrieved
1 March
2022
.
^
"How white supremacists and the far right use Bitcoin to evade the law and get rich"
.
Fortune
.
Archived
from the original on 1 March 2022
. Retrieved
14 May
2022
.
^
Mt. Gox Seeks Bankruptcy After $480 Million Bitcoin Loss
Archived
12 January 2015 at the
Wayback Machine
, Carter Dougherty and Grace Huang, Bloomberg News, 28 February 2014
^
Russell, Jon.
"Tether, a startup that works with bitcoin exchanges, claims a hacker stole $31M"
.
TechCrunch
.
Archived
from the original on 21 November 2017
. Retrieved
22 November
2017
.
^
Iyengar, Rishi (7 December 2017).
"More than $70 million stolen in bitcoin hack"
.
CNNMoney
.
Archived
from the original on 20 September 2022
. Retrieved
2 March
2022
.
^
Haselton, Todd (19 December 2017).
"A South Korean cryptocurrency exchange files for bankruptcy after hack, says users will get 75% of assets for now"
.
CNBC
.
Archived
from the original on 6 September 2022
. Retrieved
2 March
2022
.
^
"South Korean cryptocurrency exchange to file for bankruptcy after hacking"
.
Reuters
. 19 December 2017.
Archived
from the original on 28 May 2022
. Retrieved
2 March
2022
.
^
Cimpanu, Catalin (4 September 2018).
"Bitcoin Gold delisted from major cryptocurrency exchange after refusing to pay hack damages"
.
ZDNet
.
Archived
from the original on 24 May 2022
. Retrieved
11 February
2020
.
^
"Former Virtual Currency CEO Involved in $9 Million Fraud Scheme Sentenced to Prison"
.
www.justice.gov
. 13 September 2018.
Archived
from the original on 2 March 2022
. Retrieved
2 March
2022
.
^
Cyris Farivar,
GAW Miners founder owes nearly $10 million to SEC over Bitcoin fraud
Archived
29 December 2017 at the
Wayback Machine
,
Ars Technica
(5 October 2017).
^
Shane, Daniel (29 January 2018).
"$530 million cryptocurrency heist may be biggest ever"
.
CNNMoney
.
Archived
from the original on 15 August 2019
. Retrieved
2 March
2022
.
^
Shane, Daniel (11 June 2018).
"Billions in cryptocurrency wealth wiped out after hack"
.
CNNMoney
.
Archived
from the original on 11 July 2018
. Retrieved
2 March
2022
.
^
Lam, Eric; Lee, Jiyeun; Robertson, Jordan (10 June 2018),
Cryptocurrencies Lose $42 Billion After South Korean Bourse Hack
,
Bloomberg News
,
archived
from the original on 12 June 2018
, retrieved
12 June
2018
^
Roberts, Jeff John (9 July 2018).
"Another Crypto Fail: Hackers Steal $23.5 Million from Token Service Bancor"
.
Fortune
.
Archived
from the original on 10 July 2018
. Retrieved
10 July
2018
.
^
Houben, Robby; Snyers, Alexander (April 2020),
Crypto-assets: Key developments, regulatory concerns and responses
(PDF)
, EU Directorate-General for Internal Policies,
archived
(PDF)
from the original on 16 July 2021
, retrieved
16 July
2021
^
"Attorney General William P. Barr Announces Publication of Cryptocurrency Enforcement Framework"
.
www.justice.gov
. 8 October 2020.
Archived
from the original on 17 January 2022
. Retrieved
17 January
2022
.
^
"DOJ Releases Cryptocurrency Enforcement Report"
.
The National Law Review
.
Archived
from the original on 17 January 2022
. Retrieved
17 January
2022
.
^
"National risk assessment of money laundering and terrorist financing 2020"
.
GOV.UK
.
Archived
from the original on 18 January 2022
. Retrieved
17 January
2022
.
^
Campbell-Verduyn, Malcolm (March 2018). "Bitcoin, crypto-coins, and global anti-money laundering governance".
Crime, Law and Social Change
.
69
(2):
283–
305.
doi
:
10.1007/s10611-017-9756-5
.
^
"Report: Illicit activity actually a tiny part of cryptocurrency use"
. 6 January 2022.
Archived
from the original on 23 August 2022
. Retrieved
23 August
2022
.
^
Sun, Mengqi; Smagalla, David (6 January 2022).
"Cryptocurrency-Based Crime Hit a Record $14 Billion in 2021"
.
The Wall Street Journal
.
ISSN
0099-9660
.
Archived
from the original on 7 October 2022
. Retrieved
16 January
2022
.
^
"Crypto Crime Trends for 2022: Illicit Transaction Activity Reaches All-Time High in Value, All-Time Low in Share of All Cryptocurrency Activity"
.
Chainalysis
. 6 January 2022.
Archived
from the original on 15 January 2022
. Retrieved
16 January
2022
.
^
Ye, Josh (22 December 2021).
"Hot Hong Kong NFT project Monkey Kingdom loses US$1.3 million in hack, exposing security concerns"
.
SCMP
.
Archived
from the original on 13 April 2022
. Retrieved
13 April
2022
.
^
Sigalos, MacKenzie (2 November 2023).
"Sam Bankman-Fried found guilty on all seven criminal fraud counts"
.
CNBC
.
Archived
from the original on 3 November 2023
. Retrieved
3 November
2023
.
^
Livni, Ephrat; Warner, Bernhard (11 November 2023).
"Sam Bankman-Fried Could Get 100 Years in Prison. What Is Fair?"
.
The New York Times
.
ISSN
0362-4331
.
Archived
from the original on 29 February 2024
. Retrieved
16 November
2023
.
^
Clifford, Stephanie (8 November 2023).
"Sam Bankman-Fried's trial has ended, but the fallout has just begun"
.
Fast Company
.
Archived
from the original on 15 November 2023
. Retrieved
15 November
2023
.
^
Bultman, Matthew (2 November 2023).
"Bankman-Fried's Pre-Trial Antics Haunt Him Before Sentencing (1)"
.
Bloomberg Law
. Retrieved
20 February
2024
.
Former federal prosecutors predict the fallen FTX co-founder will receive at least 20 years in prison. At the high end, federal sentencing guidelines could recommend what equates to a life sentence for Bankman-Fried, who turned 31 in March. District Judge Lewis A. Kaplan has been critical of the guidelines and often imposed more lenient sentences in previous cases before his court.
{{
cite web
}}
: CS1 maint: deprecated archival service (
link
)
^
Ramey, James Fanelli and Corinne.
"FTX Founder Sam Bankman-Fried Sentenced to 25 Years"
.
Wall Street Journal
.
Archived
from the original on 24 April 2024
. Retrieved
28 March
2024
.
^
"Crypto money laundering rises 30%, report finds"
.
BBC News
. 26 January 2022.
Archived
from the original on 1 March 2022
. Retrieved
2 March
2022
.
^
Sackey, Andrew; Shah, Hinesh (4 February 2022).
"Cryptocurrency money laundering on DeFi skyrockets"
.
Pinsent Masons
.
Archived
from the original on 2 March 2022
. Retrieved
2 March
2022
.
^
a
b
"Russian Cybercriminals Drive Significant Ransomware and Cryptocurrency-based Money Laundering Activity"
.
Chainalysis
. 14 February 2022.
Archived
from the original on 3 March 2022
. Retrieved
2 March
2022
.
^
Bergwick, Angus (13 October 2023).
"The Crypto Exchange Moving Money for Criminal Gangs, Rich Russians and a Hamas-Linked Terror Group"
. Wall Street Journal.
Archived
from the original on 24 October 2023
. Retrieved
24 October
2023
.
^
"Founder and Majority Owner of Bitzlato, a Cryptocurrency Exchange, Charged with Unlicensed Money Transmitting"
.
www.justice.gov
. 18 January 2023.
Archived
from the original on 18 January 2023
. Retrieved
18 January
2023
.
^
Flitter, Emily; Yaffe-Bellany, David (23 February 2022).
"Russia Could Use Cryptocurrency to Blunt the Force of U.S. Sanctions"
.
The New York Times
.
ISSN
0362-4331
.
Archived
from the original on 1 March 2022
. Retrieved
2 March
2022
.
^
Matthews, Owen (18 September 2017).
"Why Russia is finally embracing virtual currencies. Hint: It rhymes with honey wandering"
.
Newsweek
.
Archived
from the original on 2 March 2022
. Retrieved
2 March
2022
.
^
"Cross-chain Crime: More Than Half a Billion Dollars has Been Laundered Through a Cross-chain Bridge"
.
Elliptic Connect
. 8 October 2022.
Archived
from the original on 2 April 2023
. Retrieved
2 April
2023
.
^
Raeesi, Reza (23 April 2015).
"The Silk Road, Bitcoins and the Global Prohibition Regime on the International Trade in Illicit Drugs: Can this Storm Be Weathered?"
.
Glendon Journal of International Studies / Revue d'Études Internationales de Glendon
.
8
(
1–
2).
ISSN
2291-3920
.
Archived
from the original on 22 December 2015.
^
a
b
"Six Months After Bitwise, Wash Trading Lives on in Crypto | Finance Magnates"
.
Financial and Business News | Finance Magnates
. 25 September 2019.
Archived
from the original on 3 March 2022
. Retrieved
3 March
2022
.
^
Bovaird, Charles.
"95% Of Reported Bitcoin Trading Volume Is Fake, Says Bitwise"
.
Forbes
.
Archived
from the original on 3 March 2022
. Retrieved
3 March
2022
.
^
U.S. Warns Banks, Crypto Firms Against Potential Efforts to Evade Russian Sanctions
Archived
10 March 2022 at the
Wayback Machine
(9 March 2022)
www.wsj.com
. Retrieved 9 March 2022.
^
"US cryptocurrency expert jailed for helping North Korea evade sanctions"
.
BBC News
. 13 April 2022.
Archived
from the original on 14 May 2022
. Retrieved
14 May
2022
.
^
a
b
Janda, Michael (18 June 2018).
"Cryptocurrencies like bitcoin cannot replace money, says Bank for International Settlements"
. ABC (Australia).
Archived
from the original on 18 June 2018
. Retrieved
18 June
2018
.
^
Hyun Song Shin (June 2018).
"Chapter V. Cryptocurrencies: looking beyond the hype"
(PDF)
.
BIS 2018 Annual Economic Report
. Bank for International Settlements.
Archived
(PDF)
from the original on 18 June 2018
. Retrieved
19 June
2018
.
Put in the simplest terms, the quest for decentralised trust has quickly become an environmental disaster.
^
Hiltzik, Michael (18 June 2018).
"Is this scathing report the death knell for bitcoin?"
.
Los Angeles Times
.
Archived
from the original on 18 June 2018
. Retrieved
19 June
2018
.
^
Polgar, David (28 February 2018).
"Cryptocurrency is a giant multi-level marketing scheme"
.
Quartz
. Quartz Media LLC.
Archived
from the original on 1 March 2018
. Retrieved
2 March
2018
.
^
Chohan, Usman W. (19 December 2017). Bitcoins and Bank Runs: Analysis of Market Imperfections and Investor Hysterics (Report).
SSRN
3090405
.
^
McCrum, Dan (10 November 2015),
"Bitcoin's place in the long history of pyramid schemes"
,
Financial Times
,
archived
from the original on 23 March 2017
^
Kim, Tae (27 July 2017),
Billionaire investor Marks, who called the dotcom bubble, says bitcoin is a 'pyramid scheme'
, CNBC,
archived
from the original on 5 September 2017
^
Schwartzkopff, Frances (17 December 2013).
"Bitcoins Spark Regulatory Crackdown as Denmark Drafts Rules"
. Bloomberg.
Archived
from the original on 29 December 2013
. Retrieved
29 December
2013
.
^
Fedorova, Anna (17 June 2021).
"FCA warns on UK crypto use increase despite gaps in understanding"
.
Investment Week
.
Archived
from the original on 28 May 2022
. Retrieved
9 May
2022
.
^
Oliver, Joshua (17 June 2021).
"Most would-be crypto investors unaware of UK regulator's warnings"
.
Financial Times
.
Archived
from the original on 24 June 2021
. Retrieved
23 June
2021
.
^
Browne, Ryan (19 October 2021).
"Most young crypto traders don't realize it's not regulated, UK markets watchdog says"
.
CNBC
.
Archived
from the original on 1 March 2022
. Retrieved
1 March
2022
.
^
"Unauthorised firms and individuals"
.
Financial Conduct Authority
(FCA). 19 August 2021.
Archived
from the original on 3 March 2022
. Retrieved
3 March
2022
.
^
Sidel, Robin (22 December 2013).
"Banks Mostly Avoid Providing Bitcoin Services. Lenders Don't Share Investors' Enthusiasm for the Virtual-Currency Craze"
.
The Wall Street Journal
.
Archived
from the original on 19 November 2015
. Retrieved
29 December
2013
.
^
"Central Bank official warns on Bitcoin impact"
.
RTE
. 3 July 2014.
Archived
from the original on 9 February 2015.
^
"Warnings and blacklists of unauthorized companies and websites: Forex, binary options, miscellaneous goods, crypto-assets derivatives, usurpations"
.
AMF
.
Archived
from the original on 2 March 2022
. Retrieved
2 March
2022
.
^
"Bitcoin Is Still Concentrated in a Few Hands, Study Finds"
.
Time
.
Archived
from the original on 18 June 2024
. Retrieved
3 March
2022
.
^
"Bitcoin's price just passed a huge milestone"
.
Fortune
.
Archived
from the original on 3 March 2022
. Retrieved
3 March
2022
.
^
Popper, Nathaniel (13 June 2018).
"Bitcoin's Price Was Artificially Inflated Last Year, Researchers Say"
.
CNBC
.
Archived
from the original on 3 March 2022
. Retrieved
3 March
2022
.
^
Lowenstein, Roger (12 November 2022).
"FTX's founder was called a modern-day J.P. Morgan. The analogy still works"
.
The New York Times
.
ISSN
0362-4331
.
Archived
from the original on 13 November 2022
. Retrieved
13 November
2022
.
^
Bonelli, Frédéric (21 May 2019).
"État des lieux des NFT au Paris Blockchain Week Summit"
.
Forbes
(in French)
. Retrieved
26 September
2024
.
^
Cuny, Delphine (23 May 2019).
"Les Bourses traditionnelles vont s'intéresser aux crypto-actifs et vice-versa"
.
La Tribune
(in French)
. Retrieved
29 September
2024
.
^
Son, Hugh (17 March 2021).
"Morgan Stanley becomes the first big U.S. bank to offer its wealthy clients access to bitcoin funds"
.
CNBC
.
Archived
from the original on 1 August 2021
. Retrieved
1 August
2021
.
^
Franck, Thomas (11 February 2021).
"BNY Mellon to offer bitcoin services, a validation of crypto from a key bank in the financial system"
.
CNBC
.
Archived
from the original on 1 August 2021
. Retrieved
1 August
2021
.
^
"Venmo adds support for buying, holding and selling cryptocurrencies"
.
TechCrunch
. 20 April 2021.
Archived
from the original on 1 August 2021
. Retrieved
1 August
2021
.
^
"Buying Cryptocurrency on Venmo"
.
Venmo
.
Archived
from the original on 31 July 2021
. Retrieved
1 August
2021
.
^
Son, Hugh (25 October 2021).
"Mastercard says any bank or merchant on its vast network can soon offer crypto services"
.
CNBC
.
Archived
from the original on 28 November 2021
. Retrieved
29 November
2021
.
^
Foteinis, Spyros (7 February 2018).
"Bitcoin's alarming carbon footprint"
.
Nature
.
554
(7691): 169.
Bibcode
:
2018Natur.554..169F
.
doi
:
10.1038/d41586-018-01625-x
.
^
Krause, Max J.; Tolaymat, Thabet (November 2018). "Quantification of energy and carbon costs for mining cryptocurrencies".
Nature Sustainability
.
1
(11):
711–
718.
Bibcode
:
2018NatSu...1..711K
.
doi
:
10.1038/s41893-018-0152-7
.
S2CID
169170289
.
^
Stoll, Christian; Klaaßen, Lena; Gallersdörfer, Ulrich (July 2019).
"The Carbon Footprint of Bitcoin"
.
Joule
.
3
(7):
1647–
1661.
Bibcode
:
2019Joule...3.1647S
.
doi
:
10.1016/j.joule.2019.05.012
.
^
Davies, Pascale (26 February 2022).
"Bitcoin mining is worse for the environment now since China banned it"
.
euronews
.
Archived
from the original on 1 March 2022
. Retrieved
1 March
2022
.
^
Huang, Jon
; O'Neill, Claire; Tabuchi, Hiroko (3 September 2021).
"Bitcoin Uses More Electricity Than Many Countries. How Is That Possible?"
.
The New York Times
.
ISSN
0362-4331
.
Archived
from the original on 17 February 2023
. Retrieved
1 March
2022
.
^
"Bitcoin energy consumption worldwide 2017-2021"
.
Statista
.
Archived
from the original on 1 March 2022
. Retrieved
1 March
2022
.
^
de Vries, Alex (April 2019).
"Renewable Energy Will Not Solve Bitcoin's Sustainability Problem"
.
Joule
.
3
(4):
893–
898.
Bibcode
:
2019Joule...3..893D
.
doi
:
10.1016/j.joule.2019.02.007
.
S2CID
169784459
.
^
Livni, Ephrat (11 October 2021).
"Can Crypto Go Green?"
.
The New York Times
.
Archived
from the original on 22 January 2022
. Retrieved
23 January
2022
.
^
Ponciano, Jonathan.
"Bill Gates Sounds Alarm On Bitcoin's Energy Consumption–Here's Why Crypto Is Bad For Climate Change"
.
Forbes
.
Archived
from the original on 11 July 2021
. Retrieved
30 July
2021
.
^
Dance, Gabriel J. X.; Wallace, Tim; Levitt, Zach (10 April 2023).
"The Real-World Costs of the Digital Race for Bitcoin"
.
The New York Times
.
ISSN
0362-4331
.
Archived
from the original on 10 April 2023
. Retrieved
14 April
2023
.
^
Harper, Chris (13 May 2021).
"The most energy efficient cryptocurrency after Tesla axed Bitcoin"
.
BirminghamLive
.
Archived
from the original on 13 July 2021
. Retrieved
30 July
2021
.
^
Gedeon, Kimberly (1 June 2021).
"The most energy-efficient cryptocurrencies — Tesla's top picks to replace Bitcoin"
.
LaptopMag
.
Archived
from the original on 30 July 2021
. Retrieved
30 July
2021
.
^
Lacey, Rachel (1 March 2022).
"Everything you need to know about eco-friendly cryptocurrencies"
.
The Times
. Archived from
the original
on 8 May 2022
. Retrieved
9 May
2022
.
^
Ossinger, Joanna (2 February 2022).
"Polkadot Has Least Carbon Footprint, Crypto Researcher Says"
.
Bloomberg
.
Archived
from the original on 12 April 2022
. Retrieved
9 May
2022
.
^
Spencer Jones, Jonathan (13 September 2021).
"Proof-of-stake blockchains – not all are equal"
.
Smart Energy International
. Archived from
the original
on 25 September 2021
. Retrieved
9 May
2022
.
^
Fridgen, Gilbert; Körner, Marc-Fabian; Walters, Steffen; Weibelzahl, Martin (9 March 2021).
"Not All Doom and Gloom: How Energy-Intensive and Temporally Flexible Data Center Applications May Actually Promote Renewable Energy Sources"
.
Business & Information Systems Engineering
.
63
(3):
243–
256.
doi
:
10.1007/s12599-021-00686-z
.
hdl
:
10419/287421
.
ISSN
2363-7005
.
S2CID
233664180
.
To gain applicable knowledge, this paper evaluates the developed model by means of two use-cases with real-world data, namely AWS computing instances for training Machine Learning algorithms and Bitcoin mining as relevant DC applications. The results illustrate that for both cases the NPV of the IES compared to a stand-alone RES-plant increases, which may lead to a promotion of RES-plants.
^
Dajani, Mona E. (26 April 2021).
"Green Bitcoin Does Not Have to Be an Oxymoron"
.
news.bloomberglaw.com
.
Archived
from the original on 16 January 2022
. Retrieved
16 January
2022
.
One way to invest in Bitcoin that has a positive effect on renewable energy is to encourage mining operations near wind or solar sites. This provides a customer for power that might otherwise need to be transmitted or stored, saving money as well as carbon.
^
Eid, Bilal; Islam, Md Rabiul; Shah, Rakibuzzaman; Nahid, Abdullah-Al; Kouzani, Abbas Z.; Mahmud, M. A. Parvez (1 November 2021). "Enhanced Profitability of Photovoltaic Plants By Utilizing Cryptocurrency-Based Mining Load".
IEEE Transactions on Applied Superconductivity
.
31
(8):
1–
5.
Bibcode
:
2021ITAS...3196503E
.
doi
:
10.1109/TASC.2021.3096503
.
hdl
:
20.500.11782/2513
.
ISSN
1558-2515
.
S2CID
237245955
.
The grid connected photovoltaic (PV) power plants (PVPPs) are booming nowadays. The main problem facing the PV power plants deployment is the intermittency which leads to instability of the grid. [...] This paper investigating the usage of a customized load - cryptocurrency mining rig - to create an added value for the owner of the plant and increase the ROI of the project. [...] The developed strategy is able to keep the profitability as high as possible during the fluctuation of the mining network.
^
Bastian-Pinto, Carlos L.; Araujo, Felipe V. de S.; Brandão, Luiz E.; Gomes, Leonardo L. (March 2021). "Hedging renewable energy investments with Bitcoin mining".
Renewable and Sustainable Energy Reviews
.
138
110520.
Bibcode
:
2021RSERv.13810520B
.
doi
:
10.1016/j.rser.2020.110520
.
Windfarms can hedge electricity price risk by investing in Bitcoin mining. [...] These findings, which can also be applied to other renewable energy sources, may be of interest to both the energy generator as well as the system regulator as it creates an incentive for early investment in sustainable and renewable energy sources.
^
Rennie, Ellie (22 April 2024). "Climate Change and the Legitimacy of Bitcoin: Legitimacy and Delegitimisation in Relation to Distributed Ledgers".
Cryptoeconomic Systems
.
3
(1).
doi
:
10.21428/58320208.d891046f
.
^
Want to make money off Bitcoin mining? Hint: Don't mine
Archived
5 May 2014 at the
Wayback Machine
,
The Week
, 15 April 2013
^
Keeping Your Cryptocurrency Safe
Archived
12 July 2014 at the
Wayback Machine
, Center for a Stateless Society, 1 April 2014
^
Hertig, Alyssa (15 September 2015).
"Introducing Ledger, the First Bitcoin-Only Academic Journal"
.
Motherboard
.
Archived
from the original on 10 January 2017.
^
"Editorial Policies"
.
ledgerjournal.org
. Archived from
the original
on 23 December 2016
. Retrieved
24 September
2015
.
^
Rizun, Peter R.; Wilmer, Christopher E.; Burley, Richard Ford; Miller, Andrew (2015).
"How to Write and Format an Article for Ledger"
(PDF)
.
Ledger
.
1
(1):
1–
12.
Archived
(PDF)
from the original on 22 September 2015.
^
Mendoza, Ron (14 October 2019).
"UNICEF Blockchain Fund: First UN organization To Accept Cryptocurrency Donations"
.
IB Times
.
Archived
from the original on 14 October 2019
. Retrieved
14 October
2019
.
^
"UNICEF launches Cryptocurrency Fund"
.
www.unicef.org
. 9 October 2019.
Archived
from the original on 2 November 2019
. Retrieved
1 November
2019
.
^
Doshi, Vidhi (9 October 2019).
"Unicef now accepting donations through bitcoin and ether"
.
The Guardian
.
Archived
from the original on 28 October 2020
. Retrieved
22 October
2020
.
^
Murray, Allison (2 March 2022).
"Charities are turning to bitcoin and NFTs to raise money. Not everyone thinks it's a great idea"
.
ZDNet
.
Archived
from the original on 12 May 2022
. Retrieved
9 May
2022
.
^
Martin, Katie; Nauman, Billy (20 May 2021).
"Bitcoin's growing energy problem: 'It's a dirty currency'
"
.
Financial Times
.
Archived
from the original on 9 February 2022
. Retrieved
8 February
2022
.
^
Browne, Ryan (27 February 2022).
"Ukraine government raises over $10 million in cryptocurrency donations"
.
CNBC
.
Archived
from the original on 25 March 2022
. Retrieved
27 February
2022
.
^
a
b
c
d
Wolff-Mann, Ethan (27 April 2018).
"
'Only good for drug dealers': More Nobel prize winners snub bitcoin"
. Yahoo Finance.
Archived
from the original on 12 June 2018.
^
Frank, Jacqui; Chin, Kara; Ciolli, Joe (15 December 2017).
"Paul Krugman says bitcoin is a bubble"
.
Business Insider
.
Archived
from the original on 1 March 2022
. Retrieved
1 March
2022
.
^
Shiller, Robert (1 March 2014).
"In Search of a Stable Electronic Currency"
.
The New York Times
.
Archived
from the original on 24 October 2014.
^
Costelloe, Kevin (29 November 2017).
"Bitcoin 'Ought to Be Outlawed,' Nobel Prize Winner Stiglitz Says"
. Bloomberg.
Archived
from the original on 12 June 2018.
It doesn't serve any socially useful function.
^
"Economics Nobel prize winner, Richard Thaler: 'The market that looks most like a bubble to me is Bitcoin and its brethren'
"
. ECO Portuguese Economy. 22 January 2018.
Archived
from the original on 12 June 2018.
^
"Central banker takes stab at bitcoin 'bubble'
"
. Phys.org. AFP. 6 February 2018.
Archived
from the original on 12 June 2018.
^
"Bitcoin is like Tulipmania, says ECB vice-president"
. The Financial Times. 22 September 2017.
Archived
from the original on 30 September 2017.
^
Kearns, Jeff (4 December 2013).
"Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value"
.
bloomberg.com
. Bloomberg LP.
Archived
from the original on 29 December 2013.
^
Hern, Alex (4 December 2013).
"Bitcoin hype worse than 'tulip mania', says Dutch central banker"
.
The Guardian
.
Archived
from the original on 20 March 2017.
^
Crippen, Alex (14 March 2014).
"Bitcoin? Here's what Warren Buffett is saying"
.
CNBC
.
Archived
from the original on 13 January 2017
. Retrieved
11 January
2017
.
^
Porzecanski, Katia (25 January 2018).
"George Soros: Bitcoin is a bubble, Trump is a 'danger to the world'
"
. Globe and Mail. Bloomberg News.
Archived
from the original on 9 June 2018
. Retrieved
7 June
2018
.
^
Yang, Yingzhi (18 May 2018).
"There's a bitcoin bubble, says Alibaba executive chairman Jack Ma"
. South China Morning Post.
Archived
from the original on 10 June 2018
. Retrieved
10 June
2018
.
^
Cheng, Evelyn (7 June 2018).
"Warren Buffett and Jamie Dimon on bitcoin: Beware"
. CNBC.
Archived
from the original on 9 June 2018
. Retrieved
7 June
2018
.
^
Kim, Tae (9 January 2018).
"Jamie Dimon says he regrets calling bitcoin a fraud and believes in the technology behind it"
.
CNBC
.
Archived
from the original on 13 January 2018
. Retrieved
31 December
2020
.
^
Imbert, Fred (13 October 2017).
"BlackRock CEO Larry Fink calls bitcoin an 'index of money laundering'
"
.
CNBC
.
Archived
from the original on 30 October 2017
. Retrieved
19 November
2017
.
^
Browne, Ryan (15 June 2022).
"Bill Gates says crypto and NFTs are '100% based on greater fool theory'
"
.
CNBC
.
Archived
from the original on 15 June 2022
. Retrieved
15 June
2022
.
^
Müller, Lukas; Ong, Malik (17 February 2020).
"Aktuelles zum Recht der Kryptowährungen"
[Current state of the law of crypto currencies]
(PDF)
.
Aktuelle Juristische Praxis / Pratique Juridique Actuelle
(in German) (2).
Archived
(PDF)
from the original on 10 February 2022
. Retrieved
17 February
2023
.
^
Baer, Katherine; De Mooij, Ruud; Hebous, Shafik; Keen, Michael (2023).
"Taxing cryptocurrencies"
.
Oxford Review of Economic Policy
.
39
(3):
478–
497.
doi
:
10.1093/oxrep/grad035
.
^
Emem, Mark (12 June 2019).
"Chinese Bitcoin Trader Commits Suicide after Losing 2,000 BTC on 100x Leverage Bet"
.
CCN.com
. Retrieved
31 October
2025
.
^
Evans, Holly; Sharman, Laura (17 February 2022).
"Bitcoin trader, 23, takes own life after break-up and losing all his money"
.
Mirror
.
Archived
from the original on 2 May 2022
. Retrieved
2 May
2022
.
^
Sarlin, Jon (17 May 2022).
"Stablecoins were supposed to be 'stable.' Then the crash came"
. CNN.
Archived
from the original on 29 May 2022
. Retrieved
30 May
2022
.
Further reading
Chayka, Kyle (2 July 2013).
"What Comes After Bitcoin?"
.
Pacific Standard
. Retrieved
18 January
2014
.
Guadamuz, Andres; Marsden, Chris (2015).
"Blockchains and Bitcoin: Regulatory Responses to Cryptocurrencies"
(PDF)
.
First Monday
.
20
(12).
doi
:
10.5210/fm.v20i12.6198
.
S2CID
811921
.
Haynie, Dana L.; Duxbury, Scott W. (2024). "
Online Illegal Cryptomarkets
".
Annual Review of Sociology
.
Jed S. Rakoff
, "It's a Racket!",
The New York Review of Books
, vol.LXXII, no. 20 (18 December 2025), pp. 61–62. "Cryptocurrency ... has often become a vehicle for
fraud
and
criminality
. ... The only way a cryptocurrency investor could make money was by selling his tokens when their price rose. And such selling, untethered to any underlying economic reality, could cause the price of
Bitcoin
to fall rapidly, as it did ... in 2022, leading to billions of dollars in losses." (p. 61.)
External links |
| Markdown | [Jump to content](https://en.wikipedia.org/wiki/Cryptocurrency#bodyContent)
Main menu
Main menu
move to sidebar
hide
Navigation
- [Main page](https://en.wikipedia.org/wiki/Main_Page "Visit the main page [z]")
- [Contents](https://en.wikipedia.org/wiki/Wikipedia:Contents "Guides to browsing Wikipedia")
- [Current events](https://en.wikipedia.org/wiki/Portal:Current_events "Articles related to current events")
- [Random article](https://en.wikipedia.org/wiki/Special:Random "Visit a randomly selected article [x]")
- [About Wikipedia](https://en.wikipedia.org/wiki/Wikipedia:About "Learn about Wikipedia and how it works")
- [Contact us](https://en.wikipedia.org/wiki/Wikipedia:Contact_us "How to contact Wikipedia")
Contribute
- [Help](https://en.wikipedia.org/wiki/Help:Contents "Guidance on how to use and edit Wikipedia")
- [Learn to edit](https://en.wikipedia.org/wiki/Help:Introduction "Learn how to edit Wikipedia")
- [Community portal](https://en.wikipedia.org/wiki/Wikipedia:Community_portal "The hub for editors")
- [Recent changes](https://en.wikipedia.org/wiki/Special:RecentChanges "A list of recent changes to Wikipedia [r]")
- [Upload file](https://en.wikipedia.org/wiki/Wikipedia:File_upload_wizard "Add images or other media for use on Wikipedia")
- [Special pages](https://en.wikipedia.org/wiki/Special:SpecialPages "A list of all special pages [q]")
[  ](https://en.wikipedia.org/wiki/Main_Page)
[Search](https://en.wikipedia.org/wiki/Special:Search "Search Wikipedia [f]")
Appearance
- [Donate](https://donate.wikimedia.org/?wmf_source=donate&wmf_medium=sidebar&wmf_campaign=en.wikipedia.org&uselang=en)
- [Create account](https://en.wikipedia.org/w/index.php?title=Special:CreateAccount&returnto=Cryptocurrency "You are encouraged to create an account and log in; however, it is not mandatory")
- [Log in](https://en.wikipedia.org/w/index.php?title=Special:UserLogin&returnto=Cryptocurrency "You're encouraged to log in; however, it's not mandatory. [o]")
Personal tools
- [Donate](https://donate.wikimedia.org/?wmf_source=donate&wmf_medium=sidebar&wmf_campaign=en.wikipedia.org&uselang=en)
- [Create account](https://en.wikipedia.org/w/index.php?title=Special:CreateAccount&returnto=Cryptocurrency "You are encouraged to create an account and log in; however, it is not mandatory")
- [Log in](https://en.wikipedia.org/w/index.php?title=Special:UserLogin&returnto=Cryptocurrency "You're encouraged to log in; however, it's not mandatory. [o]")
## Contents
move to sidebar
hide
- [(Top)](https://en.wikipedia.org/wiki/Cryptocurrency)
- [1 History](https://en.wikipedia.org/wiki/Cryptocurrency#History)
- [2 Formal definition](https://en.wikipedia.org/wiki/Cryptocurrency#Formal_definition)
Toggle Formal definition subsection
- [2\.1 Altcoins](https://en.wikipedia.org/wiki/Cryptocurrency#Altcoins)
- [2\.1.1 Stablecoins](https://en.wikipedia.org/wiki/Cryptocurrency#Stablecoins)
- [2\.1.2 Memecoins](https://en.wikipedia.org/wiki/Cryptocurrency#Memecoins)
- [3 Physical crypto](https://en.wikipedia.org/wiki/Cryptocurrency#Physical_crypto)
- [4 Architecture](https://en.wikipedia.org/wiki/Cryptocurrency#Architecture)
Toggle Architecture subsection
- [4\.1 Blockchain](https://en.wikipedia.org/wiki/Cryptocurrency#Blockchain)
- [4\.2 Nodes](https://en.wikipedia.org/wiki/Cryptocurrency#Nodes)
- [4\.2.1 Timestamping](https://en.wikipedia.org/wiki/Cryptocurrency#Timestamping)
- [4\.3 Mining](https://en.wikipedia.org/wiki/Cryptocurrency#Mining)
- [4\.3.1 GPU price rise](https://en.wikipedia.org/wiki/Cryptocurrency#GPU_price_rise)
- [4\.3.2 Mining accelerator chips](https://en.wikipedia.org/wiki/Cryptocurrency#Mining_accelerator_chips)
- [4\.4 Wallets](https://en.wikipedia.org/wiki/Cryptocurrency#Wallets)
- [4\.5 Privacy](https://en.wikipedia.org/wiki/Cryptocurrency#Privacy)
- [5 Economics](https://en.wikipedia.org/wiki/Cryptocurrency#Economics)
Toggle Economics subsection
- [5\.1 Block rewards](https://en.wikipedia.org/wiki/Cryptocurrency#Block_rewards)
- [5\.2 Transaction fees](https://en.wikipedia.org/wiki/Cryptocurrency#Transaction_fees)
- [5\.3 Exchanges](https://en.wikipedia.org/wiki/Cryptocurrency#Exchanges)
- [5\.4 Atomic swaps](https://en.wikipedia.org/wiki/Cryptocurrency#Atomic_swaps)
- [5\.5 ATMs](https://en.wikipedia.org/wiki/Cryptocurrency#ATMs)
- [5\.6 Initial coin offerings](https://en.wikipedia.org/wiki/Cryptocurrency#Initial_coin_offerings)
- [5\.7 Price trends](https://en.wikipedia.org/wiki/Cryptocurrency#Price_trends)
- [5\.8 Volatility](https://en.wikipedia.org/wiki/Cryptocurrency#Volatility)
- [5\.9 Databases](https://en.wikipedia.org/wiki/Cryptocurrency#Databases)
- [6 Social and political aspects](https://en.wikipedia.org/wiki/Cryptocurrency#Social_and_political_aspects)
- [7 Usage](https://en.wikipedia.org/wiki/Cryptocurrency#Usage)
Toggle Usage subsection
- [7\.1 International transfers](https://en.wikipedia.org/wiki/Cryptocurrency#International_transfers)
- [7\.2 Institutional balance-sheet holdings](https://en.wikipedia.org/wiki/Cryptocurrency#Institutional_balance-sheet_holdings)
- [8 Regulation](https://en.wikipedia.org/wiki/Cryptocurrency#Regulation)
Toggle Regulation subsection
- [8\.1 China](https://en.wikipedia.org/wiki/Cryptocurrency#China)
- [8\.2 Cook Islands](https://en.wikipedia.org/wiki/Cryptocurrency#Cook_Islands)
- [8\.3 El Salvador](https://en.wikipedia.org/wiki/Cryptocurrency#El_Salvador)
- [8\.4 EU](https://en.wikipedia.org/wiki/Cryptocurrency#EU)
- [8\.5 India](https://en.wikipedia.org/wiki/Cryptocurrency#India)
- [8\.6 Singapore](https://en.wikipedia.org/wiki/Cryptocurrency#Singapore)
- [8\.7 South Africa](https://en.wikipedia.org/wiki/Cryptocurrency#South_Africa)
- [8\.8 South Korea](https://en.wikipedia.org/wiki/Cryptocurrency#South_Korea)
- [8\.9 Switzerland](https://en.wikipedia.org/wiki/Cryptocurrency#Switzerland)
- [8\.10 Turkey](https://en.wikipedia.org/wiki/Cryptocurrency#Turkey)
- [8\.11 United Kingdom](https://en.wikipedia.org/wiki/Cryptocurrency#United_Kingdom)
- [8\.12 United States](https://en.wikipedia.org/wiki/Cryptocurrency#United_States)
- [9 Legality](https://en.wikipedia.org/wiki/Cryptocurrency#Legality)
Toggle Legality subsection
- [9\.1 Advertising bans](https://en.wikipedia.org/wiki/Cryptocurrency#Advertising_bans)
- [9\.2 U.S. tax status](https://en.wikipedia.org/wiki/Cryptocurrency#U.S._tax_status)
- [9\.3 Legal concerns relating to an unregulated global economy](https://en.wikipedia.org/wiki/Cryptocurrency#Legal_concerns_relating_to_an_unregulated_global_economy)
- [9\.4 Loss, theft, and fraud](https://en.wikipedia.org/wiki/Cryptocurrency#Loss,_theft,_and_fraud)
- [9\.5 Money laundering](https://en.wikipedia.org/wiki/Cryptocurrency#Money_laundering)
- [9\.6 Darknet markets](https://en.wikipedia.org/wiki/Cryptocurrency#Darknet_markets)
- [9\.7 Wash trades](https://en.wikipedia.org/wiki/Cryptocurrency#Wash_trades)
- [9\.8 As a tool to evade sanctions](https://en.wikipedia.org/wiki/Cryptocurrency#As_a_tool_to_evade_sanctions)
- [10 Impacts and analysis](https://en.wikipedia.org/wiki/Cryptocurrency#Impacts_and_analysis)
Toggle Impacts and analysis subsection
- [10\.1 Speculation, fraud, and adoption](https://en.wikipedia.org/wiki/Cryptocurrency#Speculation,_fraud,_and_adoption)
- [10\.2 Non-fungible tokens](https://en.wikipedia.org/wiki/Cryptocurrency#Non-fungible_tokens)
- [10\.3 Banks](https://en.wikipedia.org/wiki/Cryptocurrency#Banks)
- [10\.4 Environmental effects](https://en.wikipedia.org/wiki/Cryptocurrency#Environmental_effects)
- [10\.5 Technological limitations](https://en.wikipedia.org/wiki/Cryptocurrency#Technological_limitations)
- [10\.6 Academic studies](https://en.wikipedia.org/wiki/Cryptocurrency#Academic_studies)
- [10\.7 Aid agencies](https://en.wikipedia.org/wiki/Cryptocurrency#Aid_agencies)
- [10\.8 Criticism](https://en.wikipedia.org/wiki/Cryptocurrency#Criticism)
- [11 See also](https://en.wikipedia.org/wiki/Cryptocurrency#See_also)
- [12 References](https://en.wikipedia.org/wiki/Cryptocurrency#References)
- [13 Further reading](https://en.wikipedia.org/wiki/Cryptocurrency#Further_reading)
- [14 External links](https://en.wikipedia.org/wiki/Cryptocurrency#External_links)
Toggle the table of contents
# Cryptocurrency
109 languages
- [Afrikaans](https://af.wikipedia.org/wiki/Kriptogeld "Kriptogeld – Afrikaans")
- [العربية](https://ar.wikipedia.org/wiki/%D8%B9%D9%85%D9%84%D8%A9_%D9%85%D8%B9%D9%85%D8%A7%D8%A9 "عملة معماة – Arabic")
- [الدارجة](https://ary.wikipedia.org/wiki/%D9%83%D8%B1%D9%8A%D9%BE%D8%B7%D9%88%D8%B5%D9%88%D9%84%D8%AF%D9%8A "كريپطوصولدي – Moroccan Arabic")
- [अवधी](https://awa.wikipedia.org/wiki/%E0%A4%86%E0%A4%AD%E0%A4%BE%E0%A4%B8%E0%A5%80_%E0%A4%AE%E0%A5%81%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A4%BE "आभासी मुद्रा – Awadhi")
- [Azərbaycanca](https://az.wikipedia.org/wiki/Kriptovalyuta "Kriptovalyuta – Azerbaijani")
- [تۆرکجه](https://azb.wikipedia.org/wiki/%DA%A9%D8%B1%DB%8C%D9%BE%D8%AA%D9%88_%D9%88%D8%A7%D8%B1%D9%84%DB%8C%D9%82 "کریپتو وارلیق – South Azerbaijani")
- [Башҡортса](https://ba.wikipedia.org/wiki/%D0%9A%D1%80%D0%B8%D0%BF%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D0%B0 "Криптовалюта – Bashkir")
- [Беларуская (тарашкевіца)](https://be-tarask.wikipedia.org/wiki/%D0%9A%D1%80%D1%8B%D0%BF%D1%82%D0%B0%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D0%B0 "Крыптавалюта – Belarusian (Taraškievica orthography)")
- [Беларуская](https://be.wikipedia.org/wiki/%D0%9A%D1%80%D1%8B%D0%BF%D1%82%D0%B0%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D0%B0 "Крыптавалюта – Belarusian")
- [Български](https://bg.wikipedia.org/wiki/%D0%9A%D1%80%D0%B8%D0%BF%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%83%D1%82%D0%B0 "Криптовалута – Bulgarian")
- [भोजपुरी](https://bh.wikipedia.org/wiki/%E0%A4%95%E0%A5%8D%E0%A4%B0%E0%A4%BF%E0%A4%AA%E0%A5%8D%E0%A4%9F%E0%A5%8B%E0%A4%95%E0%A4%B0%E0%A5%87%E0%A4%82%E0%A4%B8%E0%A5%80 "क्रिप्टोकरेंसी – Bhojpuri")
- [বাংলা](https://bn.wikipedia.org/wiki/%E0%A6%97%E0%A7%81%E0%A6%AA%E0%A7%8D%E0%A6%A4%E0%A6%AE%E0%A7%81%E0%A6%A6%E0%A7%8D%E0%A6%B0%E0%A6%BE "গুপ্তমুদ্রা – Bangla")
- [Brezhoneg](https://br.wikipedia.org/wiki/Kriptomoneiz "Kriptomoneiz – Breton")
- [Bosanski](https://bs.wikipedia.org/wiki/Kriptovaluta "Kriptovaluta – Bosnian")
- [Català](https://ca.wikipedia.org/wiki/Criptomoneda "Criptomoneda – Catalan")
- [کوردی](https://ckb.wikipedia.org/wiki/%D8%AF%D8%B1%D8%A7%D9%88%DB%8C_%DA%95%DB%95%D9%85%D8%B2%DB%8C "دراوی ڕەمزی – Central Kurdish")
- [Čeština](https://cs.wikipedia.org/wiki/Kryptom%C4%9Bna "Kryptoměna – Czech")
- [Cymraeg](https://cy.wikipedia.org/wiki/Crypto-cyfred "Crypto-cyfred – Welsh")
- [Dansk](https://da.wikipedia.org/wiki/Kryptovaluta "Kryptovaluta – Danish")
- [Dagbanli](https://dag.wikipedia.org/wiki/Crypto_currency "Crypto currency – Dagbani")
- [Deutsch](https://de.wikipedia.org/wiki/Kryptow%C3%A4hrung "Kryptowährung – German")
- [Zazaki](https://diq.wikipedia.org/wiki/Perey_kriptoy "Perey kriptoy – Dimli")
- [Ελληνικά](https://el.wikipedia.org/wiki/%CE%9A%CF%81%CF%85%CF%80%CF%84%CE%BF%CE%BD%CF%8C%CE%BC%CE%B9%CF%83%CE%BC%CE%B1 "Κρυπτονόμισμα – Greek")
- [Esperanto](https://eo.wikipedia.org/wiki/%C4%88ifrovaluto "Ĉifrovaluto – Esperanto")
- [Español](https://es.wikipedia.org/wiki/Criptomoneda "Criptomoneda – Spanish")
- [Eesti](https://et.wikipedia.org/wiki/Kr%C3%BCptoraha "Krüptoraha – Estonian")
- [Euskara](https://eu.wikipedia.org/wiki/Kriptodiru "Kriptodiru – Basque")
- [فارسی](https://fa.wikipedia.org/wiki/%D8%B1%D9%85%D8%B2%D8%A7%D8%B1%D8%B2 "رمزارز – Persian")
- [Suomi](https://fi.wikipedia.org/wiki/Kryptovaluutta "Kryptovaluutta – Finnish")
- [Føroyskt](https://fo.wikipedia.org/wiki/Kryptovaluta "Kryptovaluta – Faroese")
- [Français](https://fr.wikipedia.org/wiki/Cryptomonnaie "Cryptomonnaie – French")
- [Frysk](https://fy.wikipedia.org/wiki/Kryptofaluta "Kryptofaluta – Western Frisian")
- [Gaeilge](https://ga.wikipedia.org/wiki/Criptea-airgeadra "Criptea-airgeadra – Irish")
- [Galego](https://gl.wikipedia.org/wiki/Criptomoeda "Criptomoeda – Galician")
- [Hausa](https://ha.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency – Hausa")
- [עברית](https://he.wikipedia.org/wiki/%D7%9E%D7%98%D7%91%D7%A2_%D7%9E%D7%91%D7%95%D7%96%D7%A8 "מטבע מבוזר – Hebrew")
- [हिन्दी](https://hi.wikipedia.org/wiki/%E0%A4%95%E0%A5%8D%E0%A4%B0%E0%A4%BF%E0%A4%AA%E0%A5%8D%E0%A4%9F%E0%A5%8B_%E0%A4%AE%E0%A5%81%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A4%BE "क्रिप्टो मुद्रा – Hindi")
- [Hrvatski](https://hr.wikipedia.org/wiki/Kriptovaluta "Kriptovaluta – Croatian")
- [Magyar](https://hu.wikipedia.org/wiki/Kriptovaluta "Kriptovaluta – Hungarian")
- [Հայերեն](https://hy.wikipedia.org/wiki/%D4%BF%D6%80%D5%AB%D5%BA%D5%BF%D5%B8%D5%A1%D6%80%D5%AA%D5%B8%D6%82%D5%B5%D5%A9 "Կրիպտոարժույթ – Armenian")
- [Interlingua](https://ia.wikipedia.org/wiki/Cryptomoneta "Cryptomoneta – Interlingua")
- [Jaku Iban](https://iba.wikipedia.org/wiki/Mata_duit_kripto "Mata duit kripto – Iban")
- [Bahasa Indonesia](https://id.wikipedia.org/wiki/Mata_uang_kripto "Mata uang kripto – Indonesian")
- [Interlingue](https://ie.wikipedia.org/wiki/Criptomon%C3%A9 "Criptomoné – Interlingue")
- [Ido](https://io.wikipedia.org/wiki/Kriptovaluto "Kriptovaluto – Ido")
- [Íslenska](https://is.wikipedia.org/wiki/Rafmynt "Rafmynt – Icelandic")
- [Italiano](https://it.wikipedia.org/wiki/Criptovaluta "Criptovaluta – Italian")
- [日本語](https://ja.wikipedia.org/wiki/%E6%9A%97%E5%8F%B7%E9%80%9A%E8%B2%A8 "暗号通貨 – Japanese")
- [ქართული](https://ka.wikipedia.org/wiki/%E1%83%99%E1%83%A0%E1%83%98%E1%83%9E%E1%83%A2%E1%83%9D%E1%83%95%E1%83%90%E1%83%9A%E1%83%A3%E1%83%A2%E1%83%90 "კრიპტოვალუტა – Georgian")
- [Qaraqalpaqsha](https://kaa.wikipedia.org/wiki/Kriptovalyuta "Kriptovalyuta – Kara-Kalpak")
- [ភាសាខ្មែរ](https://km.wikipedia.org/wiki/%E1%9E%82%E1%9F%92%E1%9E%9A%E1%9E%B8%E1%9E%94%E1%9E%8F%E1%9E%BC%E1%9E%81%E1%9E%BA%E1%9E%9A%E1%9F%81%E1%9E%93%E1%9E%9F%E1%9F%8A%E1%9E%B8 "គ្រីបតូខឺរេនស៊ី – Khmer")
- [ಕನ್ನಡ](https://kn.wikipedia.org/wiki/%E0%B2%95%E0%B3%8D%E0%B2%B0%E0%B2%BF%E0%B2%AA%E0%B3%8D%E0%B2%9F%E0%B3%8B%E0%B2%95%E0%B2%B0%E0%B3%86%E0%B2%A8%E0%B3%8D%E0%B2%B8%E0%B2%BF "ಕ್ರಿಪ್ಟೋಕರೆನ್ಸಿ – Kannada")
- [한국어](https://ko.wikipedia.org/wiki/%EC%95%94%ED%98%B8%ED%99%94%ED%8F%90 "암호화폐 – Korean")
- [Kurdî](https://ku.wikipedia.org/wiki/Perey%C3%AA_kr%C3%AEpto "Pereyê krîpto – Kurdish")
- [Lëtzebuergesch](https://lb.wikipedia.org/wiki/Kryptow%C3%A4rung "Kryptowärung – Luxembourgish")
- [Lingua Franca Nova](https://lfn.wikipedia.org/wiki/Criptomone "Criptomone – Lingua Franca Nova")
- [Lombard](https://lmo.wikipedia.org/wiki/Criptodanee "Criptodanee – Lombard")
- [ລາວ](https://lo.wikipedia.org/wiki/%E0%BA%84%E0%BA%A3%E0%BA%B4%E0%BA%9A%E0%BB%82%E0%BA%95%E0%BB%80%E0%BA%84%E0%BA%B5%E0%BB%80%E0%BA%A3%E0%BA%99%E0%BA%8A%E0%BA%B5 "ຄຣິບໂຕເຄີເຣນຊີ – Lao")
- [Lietuvių](https://lt.wikipedia.org/wiki/Kriptovaliuta "Kriptovaliuta – Lithuanian")
- [Latviešu](https://lv.wikipedia.org/wiki/Kriptonauda "Kriptonauda – Latvian")
- [Македонски](https://mk.wikipedia.org/wiki/%D0%9A%D1%80%D0%B8%D0%BF%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%83%D1%82%D0%B0 "Криптовалута – Macedonian")
- [മലയാളം](https://ml.wikipedia.org/wiki/%E0%B4%95%E0%B5%8D%E0%B4%B0%E0%B4%BF%E0%B4%AA%E0%B5%8D%E0%B4%B1%E0%B5%8D%E0%B4%B1%E0%B5%8B%E0%B4%95%E0%B4%B1%E0%B5%BB%E0%B4%B8%E0%B4%BF%E0%B4%95%E0%B5%BE "ക്രിപ്റ്റോകറൻസികൾ – Malayalam")
- [Монгол](https://mn.wikipedia.org/wiki/%D0%9A%D1%80%D0%B8%D0%BF%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%8E%D1%82 "Криптовалют – Mongolian")
- [मराठी](https://mr.wikipedia.org/wiki/%E0%A4%95%E0%A5%8D%E0%A4%B0%E0%A4%BF%E0%A4%AA%E0%A5%8D%E0%A4%9F%E0%A5%8B%E0%A4%95%E0%A4%B0%E0%A4%A8%E0%A5%8D%E0%A4%B8%E0%A5%80 "क्रिप्टोकरन्सी – Marathi")
- [Bahasa Melayu](https://ms.wikipedia.org/wiki/Mata_wang_kripto "Mata wang kripto – Malay")
- [Nedersaksies](https://nds-nl.wikipedia.org/wiki/Cryptogeld "Cryptogeld – Low Saxon")
- [नेपाली](https://ne.wikipedia.org/wiki/%E0%A4%95%E0%A5%8D%E0%A4%B0%E0%A4%BF%E0%A4%AA%E0%A5%8D%E0%A4%9F%E0%A5%8B_%E0%A4%AE%E0%A5%81%E0%A4%A6%E0%A5%8D%E0%A4%B0%E0%A4%BE "क्रिप्टो मुद्रा – Nepali")
- [Nederlands](https://nl.wikipedia.org/wiki/Cryptogeld "Cryptogeld – Dutch")
- [Norsk nynorsk](https://nn.wikipedia.org/wiki/Kryptovaluta "Kryptovaluta – Norwegian Nynorsk")
- [Norsk bokmål](https://no.wikipedia.org/wiki/Kryptovaluta "Kryptovaluta – Norwegian Bokmål")
- [Sesotho sa Leboa](https://nso.wikipedia.org/wiki/T%C5%A1helete_ya_Crypto "Tšhelete ya Crypto – Northern Sotho")
- [Occitan](https://oc.wikipedia.org/wiki/Criptomoneda "Criptomoneda – Occitan")
- [ਪੰਜਾਬੀ](https://pa.wikipedia.org/wiki/%E0%A8%95%E0%A9%8D%E0%A8%B0%E0%A8%BF%E0%A8%AA%E0%A8%9F%E0%A9%8B%E0%A8%95%E0%A8%B0%E0%A9%B0%E0%A8%B8%E0%A9%80 "ਕ੍ਰਿਪਟੋਕਰੰਸੀ – Punjabi")
- [Papiamentu](https://pap.wikipedia.org/wiki/Kriptovaluta "Kriptovaluta – Papiamento")
- [Polski](https://pl.wikipedia.org/wiki/Kryptowaluta "Kryptowaluta – Polish")
- [پنجابی](https://pnb.wikipedia.org/wiki/%DA%A9%D8%B1%DB%8C%D9%BE%D9%B9%D9%88_%DA%A9%D8%B1%D9%86%D8%B3%DB%8C "کریپٹو کرنسی – Western Punjabi")
- [پښتو](https://ps.wikipedia.org/wiki/%D9%85%D8%AC%D8%A7%D8%B2%D9%8A_%D9%BE%D9%8A%D8%B3%DB%90 "مجازي پيسې – Pashto")
- [Português](https://pt.wikipedia.org/wiki/Criptomoeda "Criptomoeda – Portuguese")
- [Runa Simi](https://qu.wikipedia.org/wiki/Ukhulla_qullqi "Ukhulla qullqi – Quechua")
- [Română](https://ro.wikipedia.org/wiki/Criptomoned%C4%83 "Criptomonedă – Romanian")
- [Русский](https://ru.wikipedia.org/wiki/%D0%9A%D1%80%D0%B8%D0%BF%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D0%B0 "Криптовалюта – Russian")
- [Sardu](https://sc.wikipedia.org/wiki/Criptodinari "Criptodinari – Sardinian")
- [Srpskohrvatski / српскохрватски](https://sh.wikipedia.org/wiki/Kriptovaluta "Kriptovaluta – Serbo-Croatian")
- [Simple English](https://simple.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency – Simple English")
- [Slovenčina](https://sk.wikipedia.org/wiki/Kryptomena "Kryptomena – Slovak")
- [Slovenščina](https://sl.wikipedia.org/wiki/Kriptovaluta "Kriptovaluta – Slovenian")
- [Shqip](https://sq.wikipedia.org/wiki/Kriptovaluta "Kriptovaluta – Albanian")
- [Српски / srpski](https://sr.wikipedia.org/wiki/%D0%9A%D1%80%D0%B8%D0%BF%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%83%D1%82%D0%B0 "Криптовалута – Serbian")
- [Svenska](https://sv.wikipedia.org/wiki/Kryptovaluta "Kryptovaluta – Swedish")
- [Kiswahili](https://sw.wikipedia.org/wiki/Cryptocurrency "Cryptocurrency – Swahili")
- [ꠍꠤꠟꠐꠤ](https://syl.wikipedia.org/wiki/%EA%A0%87%EA%A0%A4%EA%A0%99%EA%A0%90%EA%A0%87%EA%A0%A0%EA%A0%A4 "ꠇꠤꠙꠐꠇꠠꠤ – Sylheti")
- [தமிழ்](https://ta.wikipedia.org/wiki/%E0%AE%86%E0%AE%B2%E0%AF%8D%E0%AE%9F%E0%AF%8D%E0%AE%95%E0%AE%BE%E0%AE%AF%E0%AE%BF%E0%AE%A9%E0%AF%8D "ஆல்ட்காயின் – Tamil")
- [తెలుగు](https://te.wikipedia.org/wiki/%E0%B0%95%E0%B1%8D%E0%B0%B0%E0%B0%BF%E0%B0%AA%E0%B1%8D%E0%B0%9F%E0%B1%8B%E0%B0%95%E0%B0%B0%E0%B1%86%E0%B0%A8%E0%B1%8D%E0%B0%B8%E0%B1%80 "క్రిప్టోకరెన్సీ – Telugu")
- [Тоҷикӣ](https://tg.wikipedia.org/wiki/%D0%A0%D0%B0%D0%BC%D0%B7%D0%B0%D1%80%D0%B7 "Рамзарз – Tajik")
- [ไทย](https://th.wikipedia.org/wiki/%E0%B8%84%E0%B8%A3%E0%B8%B4%E0%B8%9B%E0%B9%82%E0%B8%97%E0%B9%80%E0%B8%84%E0%B8%AD%E0%B8%A3%E0%B9%8C%E0%B9%80%E0%B8%A3%E0%B8%99%E0%B8%8B%E0%B8%B5 "คริปโทเคอร์เรนซี – Thai")
- [Türkmençe](https://tk.wikipedia.org/wiki/Kriptote%C5%88%C5%88e "Kriptoteňňe – Turkmen")
- [Tagalog](https://tl.wikipedia.org/wiki/Salaping_kripto "Salaping kripto – Tagalog")
- [Türkçe](https://tr.wikipedia.org/wiki/Kripto_para "Kripto para – Turkish")
- [ئۇيغۇرچە / Uyghurche](https://ug.wikipedia.org/wiki/%D8%B4%D9%89%D9%81%D9%89%D8%B1%D9%84%D9%89%D9%82_%D9%BE%DB%87%D9%84 "شىفىرلىق پۇل – Uyghur")
- [Українська](https://uk.wikipedia.org/wiki/%D0%9A%D1%80%D0%B8%D0%BF%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D0%B0 "Криптовалюта – Ukrainian")
- [اردو](https://ur.wikipedia.org/wiki/%DA%A9%D8%B1%D9%BE%D9%B9%D9%88_%DA%A9%D8%B1%D9%86%D8%B3%DB%8C "کرپٹو کرنسی – Urdu")
- [Tiếng Việt](https://vi.wikipedia.org/wiki/Ti%E1%BB%81n_m%C3%A3_h%C3%B3a "Tiền mã hóa – Vietnamese")
- [West-Vlams](https://vls.wikipedia.org/wiki/Cryptogeld "Cryptogeld – West Flemish")
- [Walon](https://wa.wikipedia.org/wiki/Criptomanoye "Criptomanoye – Walloon")
- [吴语](https://wuu.wikipedia.org/wiki/%E5%AF%86%E7%A0%81%E8%B4%A7%E5%B8%81 "密码货币 – Wu")
- [閩南語 / Bân-lâm-gí](https://zh-min-nan.wikipedia.org/wiki/%C3%80m-b%C3%A9_thong-h%C3%B2e "Àm-bé thong-hòe – Minnan")
- [粵語](https://zh-yue.wikipedia.org/wiki/%E5%8A%A0%E5%AF%86%E9%9B%BB%E5%AD%90%E8%B2%A8%E5%B9%A3 "加密電子貨幣 – Cantonese")
- [中文](https://zh.wikipedia.org/wiki/%E5%8A%A0%E5%AF%86%E8%B2%A8%E5%B9%A3 "加密貨幣 – Chinese")
- [IsiZulu](https://zu.wikipedia.org/wiki/INkecesomane "INkecesomane – Zulu")
[Edit links](https://www.wikidata.org/wiki/Special:EntityPage/Q13479982#sitelinks-wikipedia "Edit interlanguage links")
- [Article](https://en.wikipedia.org/wiki/Cryptocurrency "View the content page [c]")
- [Talk](https://en.wikipedia.org/wiki/Talk:Cryptocurrency "Discuss improvements to the content page [t]")
English
- [Read](https://en.wikipedia.org/wiki/Cryptocurrency)
- [View source](https://en.wikipedia.org/w/index.php?title=Cryptocurrency&action=edit "This page is protected.
You can view its source [e]")
- [View history](https://en.wikipedia.org/w/index.php?title=Cryptocurrency&action=history "Past revisions of this page [h]")
Tools
Tools
move to sidebar
hide
Actions
- [Read](https://en.wikipedia.org/wiki/Cryptocurrency)
- [View source](https://en.wikipedia.org/w/index.php?title=Cryptocurrency&action=edit)
- [View history](https://en.wikipedia.org/w/index.php?title=Cryptocurrency&action=history)
General
- [What links here](https://en.wikipedia.org/wiki/Special:WhatLinksHere/Cryptocurrency "List of all English Wikipedia pages containing links to this page [j]")
- [Related changes](https://en.wikipedia.org/wiki/Special:RecentChangesLinked/Cryptocurrency "Recent changes in pages linked from this page [k]")
- [Upload file](https://en.wikipedia.org/wiki/Wikipedia:File_Upload_Wizard "Upload files [u]")
- [Permanent link](https://en.wikipedia.org/w/index.php?title=Cryptocurrency&oldid=1347186967 "Permanent link to this revision of this page")
- [Page information](https://en.wikipedia.org/w/index.php?title=Cryptocurrency&action=info "More information about this page")
- [Cite this page](https://en.wikipedia.org/w/index.php?title=Special:CiteThisPage&page=Cryptocurrency&id=1347186967&wpFormIdentifier=titleform "Information on how to cite this page")
- [Get shortened URL](https://en.wikipedia.org/w/index.php?title=Special:UrlShortener&url=https%3A%2F%2Fen.wikipedia.org%2Fwiki%2FCryptocurrency)
Print/export
- [Download as PDF](https://en.wikipedia.org/w/index.php?title=Special:DownloadAsPdf&page=Cryptocurrency&action=show-download-screen "Download this page as a PDF file")
- [Printable version](https://en.wikipedia.org/w/index.php?title=Cryptocurrency&printable=yes "Printable version of this page [p]")
In other projects
- [Wikimedia Commons](https://commons.wikimedia.org/wiki/Category:Cryptocurrency)
- [Wikinews](https://en.wikinews.org/wiki/Category:Cryptocurrency)
- [Wikiquote](https://en.wikiquote.org/wiki/Cryptocurrency)
- [Wikidata item](https://www.wikidata.org/wiki/Special:EntityPage/Q13479982 "Structured data on this page hosted by Wikidata [g]")
Appearance
move to sidebar
hide
[](https://en.wikipedia.org/wiki/Wikipedia:Protection_policy#extended "This article is extended-confirmed-protected.")
From Wikipedia, the free encyclopedia
Digital currency not reliant on a central authority
Not to be confused with [Virtual currency](https://en.wikipedia.org/wiki/Virtual_currency "Virtual currency").
[](https://en.wikipedia.org/wiki/File:Bitcoin.svg)
A logo for [bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin"), the first [decentralized](https://en.wikipedia.org/wiki/Decentralization "Decentralization") cryptocurrency
A **cryptocurrency** (colloquially **crypto**) is a [digital currency](https://en.wikipedia.org/wiki/Digital_currency "Digital currency") designed to work through a [computer network](https://en.wikipedia.org/wiki/Computer_network "Computer network") that is not reliant on any central authority, such as a [government](https://en.wikipedia.org/wiki/Government "Government") or [bank](https://en.wikipedia.org/wiki/Bank "Bank"), to uphold or maintain it.[\[1\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:02-1) However, a type of cryptocurrency called a [stablecoin](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin") may rely upon government action or legislation to require that a stable value be upheld and maintained.[\[2\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-2)
[](https://en.wikipedia.org/wiki/File:Bitcoin-Genesis-block.svg)
The [genesis block](https://en.wikipedia.org/wiki/Genesis_\(blockchain\) "Genesis (blockchain)") of Bitcoin's [blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain"), with a note containing *[The Times](https://en.wikipedia.org/wiki/The_Times "The Times")* newspaper headline. This note has been interpreted as a comment on the instability caused by [fractional-reserve banking](https://en.wikipedia.org/wiki/Fractional-reserve_banking "Fractional-reserve banking").[\[3\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:5-3): 18
Individual coin ownership records are stored in a digital [ledger](https://en.wikipedia.org/wiki/Ledger "Ledger") or [blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain"), which is a computerized [database](https://en.wikipedia.org/wiki/Database "Database") that uses a consensus mechanism to secure [transaction](https://en.wikipedia.org/wiki/E-commerce "E-commerce") records, control the creation of additional coins, and verify the transfer of coin ownership.[\[4\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-crypto_currency-4)[\[5\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-reuterspricing-5)[\[6\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-6) The two most common consensus mechanisms are [proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") and [proof of stake](https://en.wikipedia.org/wiki/Proof_of_stake "Proof of stake").[\[7\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-7) Despite the name, which has come to describe many of the [fungible](https://en.wikipedia.org/wiki/Fungibility "Fungibility") blockchain tokens that have been created, cryptocurrencies are not considered to be [currencies](https://en.wikipedia.org/wiki/Currency "Currency") in the traditional sense, and varying legal treatments have been applied to them in various jurisdictions, including classification as [commodities](https://en.wikipedia.org/wiki/Commodity "Commodity"), [securities](https://en.wikipedia.org/wiki/Security_\(finance\) "Security (finance)"), and currencies. Cryptocurrencies are generally viewed as a distinct asset class in practice.[\[8\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-8)[\[9\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-9)[\[10\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-10)
The first cryptocurrency was [bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin"), which was first released as open-source software in 2009. As of June 2023, there were more than 25,000 [other cryptocurrencies](https://en.wikipedia.org/wiki/List_of_cryptocurrencies "List of cryptocurrencies") in the marketplace, of which more than 40 had a [market capitalization](https://en.wikipedia.org/wiki/Cryptocurrency#Price_trends) exceeding \$1 billion.[\[11\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-11) As of April 2025, the cryptocurrency market capitalization was estimated at US\$2.8 trillion.[\[12\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-12)
## History
Further information: [History of bitcoin](https://en.wikipedia.org/wiki/History_of_bitcoin "History of bitcoin") and [Cryptocurrency bubble § History](https://en.wikipedia.org/wiki/Cryptocurrency_bubble#History "Cryptocurrency bubble")
In 1983, American [cryptographer](https://en.wikipedia.org/wiki/Cryptography "Cryptography") [David Chaum](https://en.wikipedia.org/wiki/David_Chaum "David Chaum") conceived of a type of cryptographic [electronic money](https://en.wikipedia.org/wiki/Electronic_money "Electronic money") called [ecash](https://en.wikipedia.org/wiki/Ecash "Ecash").[\[13\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-13)[\[14\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-14) Later, in 1995, he implemented it through [Digicash](https://en.wikipedia.org/wiki/Digicash "Digicash"),[\[15\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-15) an early form of cryptographic electronic payments. Digicash required user software in order to withdraw notes from a bank and designate specific encrypted keys before they could be sent to a recipient. This allowed the digital currency to be untraceable by a third party.
In 1996, the [National Security Agency](https://en.wikipedia.org/wiki/National_Security_Agency "National Security Agency") published a paper entitled *How to Make a Mint: The Cryptography of Anonymous Electronic Cash*, describing a cryptocurrency system. The paper was first published in an [MIT](https://en.wikipedia.org/wiki/MIT "MIT") mailing list (October 1996) and later (April 1997) in *The American Law Review*.[\[16\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-16)
In 1998, [Wei Dai](https://en.wikipedia.org/wiki/Wei_Dai "Wei Dai") described "b-money," an anonymous, distributed electronic cash system.[\[17\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-17) Shortly thereafter, [Nick Szabo](https://en.wikipedia.org/wiki/Nick_Szabo "Nick Szabo") described [bit gold](https://en.wikipedia.org/wiki/Bit_gold "Bit gold").[\[18\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-18) Like bitcoin and other cryptocurrencies that would follow it, bit gold (not to be confused with the later gold-based exchange BitGold) was described as an electronic currency system that required users to complete a [proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") function with solutions being cryptographically put together and published.
In January 2009, bitcoin was created by [pseudonymous](https://en.wikipedia.org/wiki/Pseudonym "Pseudonym") developer [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto"). It used [SHA-256](https://en.wikipedia.org/wiki/SHA-256 "SHA-256"), a cryptographic hash function, in its [proof-of-work](https://en.wikipedia.org/wiki/Proof-of-work "Proof-of-work") scheme.[\[19\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-primer-19)[\[20\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-20) In April 2011, [Namecoin](https://en.wikipedia.org/wiki/Namecoin "Namecoin") was created as an attempt at forming a decentralized [DNS](https://en.wikipedia.org/wiki/Domain_name_system "Domain name system"). In October 2011, [Litecoin](https://en.wikipedia.org/wiki/Litecoin "Litecoin") was released, which used [scrypt](https://en.wikipedia.org/wiki/Scrypt "Scrypt") as its hash function instead of SHA-256. [Peercoin](https://en.wikipedia.org/wiki/Peercoin "Peercoin"), created in August 2012, used a hybrid of proof-of-work and [proof-of-stake](https://en.wikipedia.org/wiki/Proof-of-stake "Proof-of-stake").[\[21\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Steadman2013-21)
Cryptocurrency has undergone several periods of growth and retraction, including several [bubbles](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble") and market crashes, such as in 2011, 2013–2014/15, 2017–2018, and 2021–2023.[\[22\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-22)[\[23\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-23)
In August 2014, the UK announced its [Treasury](https://en.wikipedia.org/wiki/HM_Treasury "HM Treasury") had commissioned a study of cryptocurrencies and what role, if any, they could play in the UK economy. The study was also to report on whether regulation should be considered.[\[24\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Crypto_currencyUK-24) Its final report was published in 2018,[\[25\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-25) and it issued a consultation on cryptoassets and [stablecoins](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin") in January 2021.[\[26\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-26)
In June 2021, [El Salvador](https://en.wikipedia.org/wiki/El_Salvador "El Salvador") became the first country to accept bitcoin as [legal tender](https://en.wikipedia.org/wiki/Legal_tender "Legal tender"), after the [Legislative Assembly](https://en.wikipedia.org/wiki/Legislative_Assembly_of_El_Salvador "Legislative Assembly of El Salvador") had voted 62–22 to pass a bill submitted by President [Nayib Bukele](https://en.wikipedia.org/wiki/Nayib_Bukele "Nayib Bukele") classifying the cryptocurrency as such.[\[27\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-27)
In August 2021, [Cuba](https://en.wikipedia.org/wiki/Cuba "Cuba") followed with Resolution 215 to recognize and regulate cryptocurrencies such as bitcoin.[\[28\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-28)
In September 2021, the [government of China](https://en.wikipedia.org/wiki/Government_of_China "Government of China"), the single largest market for cryptocurrency, declared all cryptocurrency transactions illegal. This completed a crackdown on cryptocurrency that had previously banned the operation of intermediaries and miners within China.[\[29\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-BBC_News-29)
In September 2022, the world's second largest cryptocurrency at that time, [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum"), transitioned its [consensus mechanism](https://en.wikipedia.org/wiki/Consensus_\(computer_science\) "Consensus (computer science)") from [proof-of-work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") (PoW) to [proof-of-stake](https://en.wikipedia.org/wiki/Proof_of_stake "Proof of stake") (PoS) in an upgrade process known as "the Merge". According to the Ethereum Founder, the upgrade would cut both Ethereum's energy use and carbon-dioxide emissions by 99.9%.[\[30\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-30)
On 11 November 2022, [FTX Trading Ltd.](https://en.wikipedia.org/wiki/FTX_Trading_Ltd. "FTX Trading Ltd."), a [cryptocurrency exchange](https://en.wikipedia.org/wiki/Cryptocurrency_exchange "Cryptocurrency exchange"), which also operated a crypto [hedge fund](https://en.wikipedia.org/wiki/Hedge_fund "Hedge fund"), and had been valued at \$18 billion,[\[31\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-valued-31) [filed](https://en.wikipedia.org/wiki/Bankruptcy_proceedings "Bankruptcy proceedings") for [bankruptcy](https://en.wikipedia.org/wiki/Bankruptcy_of_FTX "Bankruptcy of FTX").[\[32\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-filed-32) The financial impact of the collapse extended beyond the immediate FTX customer base, as reported,[\[33\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-far-33) while, at a [Reuters](https://en.wikipedia.org/wiki/Reuters "Reuters") conference, financial industry executives said that "regulators must step in to protect crypto investors."[\[34\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-protect-34) Technology analyst Avivah Litan commented on the cryptocurrency ecosystem that "everything...needs to improve dramatically in terms of user experience, controls, safety, customer service."[\[35\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-ton-35)
An October 2024 survey from the [Pew Research Center](https://en.wikipedia.org/wiki/Pew_Research_Center "Pew Research Center") found that 63% of adults in the U.S. "have little to no confidence that current ways to invest in, trade or use cryptocurrencies are reliable and safe." The survey also reported that 17% of U.S. adults had directly interacted with cryptocurrency, which was statistically unchanged from 2021.[\[36\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-36)[\[37\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-37)
## Formal definition
According to Jan Lansky, a cryptocurrency is a system that meets six conditions:[\[38\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-38)
1. The system does not require a central authority; its state is maintained through distributed consensus.
2. The system keeps an overview of cryptocurrency units and their ownership.
3. The system defines whether new cryptocurrency units can be created. If new cryptocurrency units can be created, the system defines the circumstances of their origin and how to determine the ownership of these new units.
4. Ownership of cryptocurrency units can be proved exclusively cryptographically.
5. The system allows transactions to be performed in which ownership of the cryptographic units is changed. A transaction statement can only be issued by an entity proving the current ownership of these units.
6. If two different instructions for changing the ownership of the same cryptographic units are simultaneously entered, the system performs at most one of them.
The word "cryptocurrency", in its modern sense, was added to the [Oxford English Dictionary](https://en.wikipedia.org/wiki/Oxford_English_Dictionary "Oxford English Dictionary") in September 2018, with its earliest usage noted as being on [Twitter](https://en.wikipedia.org/wiki/Twitter "Twitter") in September 2009;[\[39\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-39) its [diminutive](https://en.wikipedia.org/wiki/Diminutive "Diminutive"), *crypto*, was entered in 2022.[\[40\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-40) In March 2018 *cryptocurrency* was added to the *[Merriam-Webster Dictionary](https://en.wikipedia.org/wiki/Merriam-Webster_Dictionary "Merriam-Webster Dictionary")*.[\[41\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-41)
### Altcoins
Further information: [List of cryptocurrencies](https://en.wikipedia.org/wiki/List_of_cryptocurrencies "List of cryptocurrencies")
After the early innovation of bitcoin in 2008 and the early [network effect](https://en.wikipedia.org/wiki/Network_effect "Network effect") gained by bitcoin, tokens, cryptocurrencies, and other digital assets that were not bitcoin became collectively known during the 2010s as alternative cryptocurrencies,[\[42\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-42)[\[43\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-43)[\[44\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-44) or "**altcoins**".[\[45\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-aumatell2021-45) Sometimes the term "alt coins" was used,[\[46\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-46)[\[47\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-47) or disparagingly, "**shitcoins**".[\[48\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-48) Paul Vigna of *The Wall Street Journal* described altcoins in 2020 as "alternative versions of Bitcoin"[\[49\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-49) given its role as the model protocol for cryptocurrency designers. A [Polytechnic University of Catalonia](https://en.wikipedia.org/wiki/Polytechnic_University_of_Catalonia "Polytechnic University of Catalonia") thesis in 2021 used a broader description, including not only alternative versions of bitcoin but every cryptocurrency other than bitcoin. As of early 2020, there were more than 5,000 cryptocurrencies.
[](https://en.wikipedia.org/wiki/File:Eth-diamond-rainbow.png)
The logo of Ethereum, the second largest cryptocurrency
Altcoins often have underlying differences when compared to bitcoin. For example, [Litecoin](https://en.wikipedia.org/wiki/Litecoin "Litecoin") aims to process a block every 2.5 minutes, rather than bitcoin's 10 minutes which allows Litecoin to confirm transactions faster than bitcoin.[\[21\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Steadman2013-21) Another example is [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum"), which has [smart contract](https://en.wikipedia.org/wiki/Smart_contract "Smart contract") functionality that allows decentralized applications to be run on its blockchain.[\[50\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-50) Ethereum was the most used blockchain in 2020, according to Bloomberg News.[\[51\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-51) In 2016, it had the largest "following" of any altcoin, according to the *New York Times*.[\[52\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-52)
Significant market price rallies across multiple altcoin markets are often referred to as an "altseason".[\[53\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-53)[\[54\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-54)
#### Stablecoins
[Stablecoins](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin") are cryptocurrencies designed to maintain a stable level of [purchasing power](https://en.wikipedia.org/wiki/Purchasing_power "Purchasing power").[\[55\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-55) Notably, these designs are not foolproof, as a number of stablecoins have crashed or lost their [peg](https://en.wikipedia.org/wiki/Fixed_exchange-rate_system "Fixed exchange-rate system"). For example, on 11 May 2022, [Terra](https://en.wikipedia.org/wiki/Terra_\(blockchain\) "Terra (blockchain)")'s stablecoin UST fell from \$1 to 26 cents.[\[56\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-56)[\[57\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-57) The subsequent failure of [Terraform Labs](https://en.wikipedia.org/wiki/Terraform_Labs "Terraform Labs") resulted in the loss of nearly \$40B invested in the Terra and Luna coins.[\[58\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-58) In September 2022, South Korean prosecutors requested the issuance of an [Interpol Red Notice](https://en.wikipedia.org/wiki/Interpol_red_notice "Interpol red notice") against the company's founder, [Do Kwon](https://en.wikipedia.org/wiki/Do_Kwon "Do Kwon").[\[59\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-59) In Hong Kong, the expected regulatory framework for stablecoins in 2023/24 is being shaped and includes a few considerations.[\[60\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-60)
#### Memecoins
[Memecoins](https://en.wikipedia.org/wiki/Meme_coin "Meme coin") are a category of cryptocurrencies that originated from [Internet memes](https://en.wikipedia.org/wiki/Internet_meme "Internet meme") or jokes. The most notable example is [Dogecoin](https://en.wikipedia.org/wiki/Dogecoin "Dogecoin"), a memecoin featuring the [Shiba Inu](https://en.wikipedia.org/wiki/Shiba_Inu "Shiba Inu") dog from the [Doge](https://en.wikipedia.org/wiki/Doge_\(meme\) "Doge (meme)") meme.[\[61\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Yaffe-Bellany-61) Memecoins are known for extreme volatility; for example, the record-high value for a Dogecoin was 73 cents, but that had plunged to 13 cents by mid-2024.[\[61\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Yaffe-Bellany-61) Scams are prolific among memecoins.[\[61\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Yaffe-Bellany-61)
## Physical crypto
[](https://en.wikipedia.org/wiki/File:Bit-coin.jpg)
Physical bitcoin
Physical cryptocurrency coins have been made as promotional items and some have become collectibles.[\[62\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-62) Some of these have a private key embedded in them to access crypto worth a few dollars. There have also been attempts to issue bitcoin "bank notes".[\[63\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-63)
The term "physical bitcoin" is used in the finance industry when investment funds that hold crypto purchased from crypto exchanges put their crypto holdings in a specialised bank called a "custodian".[\[64\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-64)
These physical representations of cryptocurrency do not hold any value by themselves; these are only utilized for collectable purposes. For example, the first incarnation of the bitcoin Casascius, coins made of silver, brass or aluminum sometimes with gold plating, or Titan Bitcoin, which in silver or gold versions are sought after by [numismatists](https://en.wikipedia.org/wiki/Numismatist "Numismatist").[\[65\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-65)
## Architecture
| | |
|---|---|
| [](https://en.wikipedia.org/wiki/File:Duplicate_content.svg) | This section **[duplicates](https://en.wikipedia.org/wiki/Wikipedia:CFORK "Wikipedia:CFORK") the scope of other articles**, specifically [Blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain"). Please [discuss this issue](https://en.wikipedia.org/wiki/Talk:Cryptocurrency "Talk:Cryptocurrency") and help introduce a [summary style](https://en.wikipedia.org/wiki/Wikipedia:Summary_style "Wikipedia:Summary style") to the section by replacing the section with a link and a summary or by [splitting the content](https://en.wikipedia.org/wiki/Wikipedia:SPLIT "Wikipedia:SPLIT") into a new article. *(August 2022)* |
Cryptocurrency is produced by an entire cryptocurrency system collectively, at a rate that is defined when the system is created and that is publicly stated. In centralized banking and economic systems such as the US [Federal Reserve System](https://en.wikipedia.org/wiki/Federal_Reserve_System "Federal Reserve System"), corporate boards or governments control the supply of currency.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] In the case of cryptocurrency, companies or governments cannot produce new units and have not so far provided backing for other firms, banks, or corporate entities that hold asset value measured in it. The underlying technical system upon which cryptocurrencies are based was created by [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto").[\[66\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-te20151031-66)
Within a [proof-of-work](https://en.wikipedia.org/wiki/Proof-of-work "Proof-of-work") system such as bitcoin, the safety, integrity, and balance of [ledgers](https://en.wikipedia.org/wiki/Ledger "Ledger") are maintained by a community of mutually distrustful parties referred to as [miners](https://en.wikipedia.org/wiki/Bitcoin_miners "Bitcoin miners"). Miners use their computers to help validate and timestamp transactions, adding them to the ledger in accordance with a particular timestamping scheme.[\[19\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-primer-19) In a [proof-of-stake](https://en.wikipedia.org/wiki/Proof-of-stake "Proof-of-stake") blockchain, transactions are validated by holders of the associated cryptocurrency, sometimes grouped together in stake pools.
Most cryptocurrencies are designed to gradually decrease the production of that currency, placing a cap on the total amount of that currency that will ever be in circulation.[\[67\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-67) Compared with ordinary currencies held by financial institutions or kept as [cash](https://en.wikipedia.org/wiki/Cash "Cash") on hand, cryptocurrencies can be more difficult for [seizure](https://en.wikipedia.org/wiki/Search_and_seizure "Search and seizure") by law enforcement.[\[4\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-crypto_currency-4)
### Blockchain
Main article: [Blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain")
The validity of each cryptocurrency's coins is provided by a [blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain"). A blockchain is a continuously growing list of [records](https://en.wikipedia.org/wiki/Record_\(computer_science\) "Record (computer science)"), called *blocks*, which are linked and secured using cryptography.[\[66\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-te20151031-66)[\[68\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-cryptocurrencytech-68) Each block typically contains a [hash](https://en.wikipedia.org/wiki/Cryptographic_hash_function "Cryptographic hash function") pointer as a link to a previous block,[\[68\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-cryptocurrencytech-68) a [timestamp](https://en.wikipedia.org/wiki/Trusted_timestamping "Trusted timestamping"), and transaction data.[\[69\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-IPblockchain-69) By design, blockchains are inherently resistant to modification of the data. A blockchain is "an open, [distributed ledger](https://en.wikipedia.org/wiki/Distributed_ledger "Distributed ledger") that can record transactions between two parties efficiently and in a verifiable and permanent way".[\[70\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-hbr201701-70)
For use as a distributed ledger, a blockchain is typically managed by a [peer-to-peer](https://en.wikipedia.org/wiki/Peer-to-peer "Peer-to-peer") network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
Blockchains are [secure by design](https://en.wikipedia.org/wiki/Secure_by_design "Secure by design") and are an example of a distributed computing system with high [Byzantine fault tolerance](https://en.wikipedia.org/wiki/Byzantine_fault_tolerance "Byzantine fault tolerance"). [Decentralized](https://en.wikipedia.org/wiki/Decentralized "Decentralized") consensus has therefore been achieved with a blockchain.[\[71\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-decapp-71)
### Nodes
A "node" is a computer that connects to a cryptocurrency network. The node supports the cryptocurrency's network through either relaying transactions, validation, or hosting a copy of the blockchain. In terms of relaying transactions, each network computer (node) has a copy of the blockchain of the cryptocurrency it supports. When a transaction is made, the node creating the transaction broadcasts details of the transaction using encryption to other nodes throughout the node network so that the transaction (and every other transaction) is known.
Node owners are either volunteers, those hosted by the organization or body developing the technology, or those incentivised by rewards from the node network.[\[72\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-72)
#### Timestamping
Cryptocurrencies use various timestamping schemes to "prove" the validity of transactions added to the blockchain ledger without the need for a trusted third party.
The first timestamping scheme invented was the [proof-of-work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") scheme. The most widely used proof-of-work schemes are based on SHA-256 and [scrypt](https://en.wikipedia.org/wiki/Scrypt "Scrypt").[\[21\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Steadman2013-21)
Some other hashing algorithms that are used for proof-of-work include [CryptoNote](https://en.wikipedia.org/wiki/CryptoNote "CryptoNote"), [Blake](https://en.wikipedia.org/wiki/BLAKE_\(hash_function\) "BLAKE (hash function)"), [SHA-3](https://en.wikipedia.org/wiki/SHA-3 "SHA-3"), and [X11](https://en.wikipedia.org/wiki/X11_algorithm "X11 algorithm").
Another method is called the [proof-of-stake](https://en.wikipedia.org/wiki/Proof_of_stake "Proof of stake") scheme. Proof-of-stake is a method of securing a cryptocurrency network and achieving distributed consensus through requesting users to show ownership of a certain amount of currency. It is different from proof-of-work systems that run difficult hashing algorithms to validate electronic transactions. The scheme is largely dependent on the coin, and there is currently no standard form of it. Some cryptocurrencies use a combined proof-of-work and proof-of-stake scheme.[\[21\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Steadman2013-21)
### Mining
See also: [GPU mining](https://en.wikipedia.org/wiki/GPU_mining "GPU mining")
[](https://en.wikipedia.org/wiki/File:%D0%9E%D0%B1%D0%BE%D1%80%D1%83%D0%B4%D0%BE%D0%B2%D0%B0%D0%BD%D0%B8%D0%B5_HashCoins.jpg)
A hashcoin [mine](https://en.wikipedia.org/wiki/Bitcoin_network#Mining "Bitcoin network")
On a blockchain, *mining* is the validation of transactions. For this effort, successful miners obtain new cryptocurrency as a reward. The reward decreases [transaction fees](https://en.wikipedia.org/wiki/Cryptocurrency#Transaction_fees) by creating a complementary incentive to contribute to the processing power of the network. The rate of generating hashes, which validate any transaction, has been increased by the use of specialized hardware such as [FPGAs](https://en.wikipedia.org/wiki/Field-programmable_gate_array "Field-programmable gate array") and [ASICs](https://en.wikipedia.org/wiki/Application-specific_integrated_circuit "Application-specific integrated circuit") running complex hashing algorithms like SHA-256 and [scrypt](https://en.wikipedia.org/wiki/Scrypt "Scrypt").[\[73\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-computer201709-73) This arms race for cheaper-yet-efficient machines has existed since bitcoin was introduced in 2009.[\[73\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-computer201709-73) Mining is measured by [hash rate](https://en.wikipedia.org/wiki/Hashrate "Hashrate"), typically in TH/s.[\[74\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-74) A 2023 [IMF](https://en.wikipedia.org/wiki/IMF "IMF") working paper found that crypto mining could generate 450 million tons of CO2 emissions by 2027, accounting for 0.7 percent of global emissions, or 1.2 percent of the world total.[\[75\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-75)
With more people entering the world of virtual currency, generating hashes for validation has become more complex over time, forcing miners to invest increasingly large sums of money to improve computing performance. Consequently, the reward for finding a hash has diminished and often does not justify the investment in equipment and cooling facilities (to mitigate the heat the equipment produces) and the electricity required to run them.[\[76\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-76)
Popular regions for mining include those with inexpensive electricity, a cold climate, and jurisdictions with clear and conducive regulations. By July 2019, bitcoin's electricity consumption was estimated to be approximately 7 gigawatts, around 0.2% of the global total, or equivalent to the energy consumed nationally by Switzerland.[\[77\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-77)
Some [miners pool resources](https://en.wikipedia.org/wiki/Mining_pool "Mining pool"), sharing their [processing power](https://en.wikipedia.org/wiki/Computer_performance "Computer performance") over a network to split the reward equally, according to the amount of work they contributed to the probability of finding a [block](https://en.wikipedia.org/wiki/Blockchain_\(database\) "Blockchain (database)"). A "share" is awarded to members of the mining pool who present a valid partial proof-of-work.
As of February 2018[\[update\]](https://en.wikipedia.org/w/index.php?title=Cryptocurrency&action=edit), the Chinese government has halted trading of virtual currency, banned initial coin offerings, and shut down mining. Many Chinese miners have since relocated to Canada[\[78\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-78) and Texas.[\[79\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-79) One company is operating data centers for mining operations at Canadian oil and gas field sites due to low gas prices.[\[80\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-80) In June 2018, [Hydro Quebec](https://en.wikipedia.org/wiki/Hydro-Qu%C3%A9bec "Hydro-Québec") proposed to the provincial government to allocate 500 megawatts of power to crypto companies for mining.[\[81\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-81) According to a February 2018 report from *[Fortune](https://en.wikipedia.org/wiki/Fortune_\(magazine\) "Fortune (magazine)")*, Iceland has become a haven for cryptocurrency miners in part because of its cheap electricity.[\[82\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-82)
In March 2018, the city of [Plattsburgh, New York](https://en.wikipedia.org/wiki/Plattsburgh_\(city\),_New_York "Plattsburgh (city), New York") put an 18-month [moratorium](https://en.wikipedia.org/wiki/Moratorium_\(law\) "Moratorium (law)") on all cryptocurrency mining in an effort to preserve natural resources and the "character and direction" of the city.[\[83\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-83) In 2021, [Kazakhstan](https://en.wikipedia.org/wiki/Kazakhstan "Kazakhstan") became the second-biggest crypto-currency mining country, producing 18.1% of the global [exahash](https://en.wikipedia.org/wiki/Exahash "Exahash") rate. The country built a compound containing 50,000 computers near [Ekibastuz](https://en.wikipedia.org/wiki/Ekibastuz "Ekibastuz").[\[84\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-84)
#### GPU price rise
An increase in cryptocurrency mining increased the demand for [graphics cards](https://en.wikipedia.org/wiki/Graphics_cards "Graphics cards") (GPU) in 2017.[\[85\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-85) The computing power of GPUs makes them well-suited to generating hashes. Popular favorites of cryptocurrency miners, such as Nvidia's [GTX 1060](https://en.wikipedia.org/wiki/GTX_1060 "GTX 1060") and [GTX 1070](https://en.wikipedia.org/wiki/GTX_1070 "GTX 1070") graphics cards, as well as AMD's RX 570 and RX 580 GPUs, doubled or tripled in price – or simply went out of stock.[\[86\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-86)
A GTX 1070 Ti, which was released at a price of \$450, sold for as much as \$1,100. Another popular card, the GTX 1060 (6 GB model), released at an [MSRP](https://en.wikipedia.org/wiki/MSRP "MSRP") of \$250, sold for almost \$500. RX 570 and RX 580 cards from [AMD](https://en.wikipedia.org/wiki/AMD "AMD") were out of stock for almost a year. Miners regularly buy up the entire stock of new GPUs as soon as they are available.[\[87\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-87)
[Nvidia](https://en.wikipedia.org/wiki/Nvidia "Nvidia") has asked retailers to do what they can when it comes to selling GPUs to gamers instead of miners. Boris Böhles, PR manager for Nvidia in the German region, said: "Gamers come first for Nvidia."[\[88\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-88)
#### Mining accelerator chips
Numerous companies developed dedicated crypto-mining accelerator chips, capable of price-performance far higher than that of CPU or [GPU mining](https://en.wikipedia.org/wiki/GPU_mining "GPU mining"). At one point, [Intel](https://en.wikipedia.org/wiki/Intel "Intel") marketed its own brand of crypto accelerator chip, named [Blockscale](https://en.wikipedia.org/wiki/Blockscale "Blockscale").[\[89\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-89)
### Wallets
[](https://en.wikipedia.org/wiki/File:A_paper_printable_Bitcoin_wallet_consisting_of_one_bitcoin_address_for_receiving_and_the_corresponding_private_key_for_spending.png)
An example paper printable Bitcoin wallet consisting of one Bitcoin address for receiving, and the corresponding private key for spending
Main article: [Cryptocurrency wallet](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet")
A [cryptocurrency wallet](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet") is a means of storing the [public and private "keys"](https://en.wikipedia.org/wiki/Public-key_cryptography "Public-key cryptography") (address) or seed, which can be used to receive or spend the cryptocurrency.[\[90\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-90) With the private key, it is possible to write in the public ledger, effectively spending the associated cryptocurrency. With the public key, it is possible for others to send currency to the wallet.
There exist multiple methods of storing keys or seed in a wallet. These methods range from using paper wallets (which are public, private, or seed keys written on paper), to using hardware wallets (which are hardware to store your wallet information), to a digital wallet (which is a computer with software hosting your wallet information), to hosting your wallet using an exchange where cryptocurrency is traded, or by storing your wallet information on a digital medium such as plaintext.[\[91\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-91)
### Privacy
Main article: [Blockchain privacy](https://en.wikipedia.org/wiki/Blockchain_privacy "Blockchain privacy")
Bitcoin is [pseudonymous](https://en.wikipedia.org/wiki/Pseudonymous "Pseudonymous"), rather than [anonymous](https://en.wikipedia.org/wiki/Anonymous_person "Anonymous person"); the cryptocurrency in a wallet is not tied to a person but rather to one or more specific keys (or "addresses").[\[92\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-92) Thereby, bitcoin owners are not immediately identifiable, but all transactions are publicly available in the blockchain.[\[93\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-93) Still, [cryptocurrency exchanges](https://en.wikipedia.org/wiki/Cryptocurrency_exchanges "Cryptocurrency exchanges") are often required by law to collect the personal information of their users.[\[94\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-94)
Some cryptocurrencies, such as [Monero](https://en.wikipedia.org/wiki/Monero "Monero"), [Zerocoin](https://en.wikipedia.org/wiki/Zerocoin "Zerocoin"), [Zerocash](https://en.wikipedia.org/wiki/Zerocash "Zerocash"), and [CryptoNote](https://en.wikipedia.org/wiki/CryptoNote "CryptoNote"), implement additional measures to increase privacy, such as by using [zero-knowledge proofs](https://en.wikipedia.org/wiki/Zero-knowledge_proofs "Zero-knowledge proofs").[\[95\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-95)[\[96\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-96)
A recent 2020 study presented different attacks on privacy in cryptocurrencies. The attacks demonstrated how the anonymity techniques are not sufficient safeguards. In order to improve privacy, researchers suggested several different ideas, including new cryptographic schemes and mechanisms for hiding the [IP address](https://en.wikipedia.org/wiki/IP_address "IP address") of the source.[\[97\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-97)
## Economics
See also: [Cryptoeconomics](https://en.wikipedia.org/wiki/Cryptoeconomics "Cryptoeconomics")
Cryptocurrencies are used primarily outside banking and governmental institutions and are exchanged over the Internet.
### Block rewards
Proof-of-work cryptocurrencies, such as bitcoin, offer block rewards incentives for miners. There has been an implicit belief that whether miners are paid by block rewards or transaction fees does not affect the security of the blockchain, but a study suggests that this may not be the case under certain circumstances.[\[98\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-98)
The rewards paid to miners increase the supply of the cryptocurrency. By making sure that verifying transactions is a costly business, the integrity of the network can be preserved as long as benevolent nodes control a majority of computing power. The verification algorithm requires a lot of processing power, and thus electricity, in order to make verification costly enough to accurately validate the public blockchain. Miners have to factor in the costs associated with expensive equipment necessary to stand a chance of solving a hash problem, and consider the significant amount of electrical power in search of the solution. Generally, the block rewards outweigh electricity and equipment costs, but this may not always be the case.[\[99\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-99)
The current value, not the long-term value, of the cryptocurrency supports the reward scheme to incentivize miners to engage in costly mining activities.[\[100\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-100) In 2018, bitcoin's design caused a 1.4% welfare loss compared to an efficient cash system, while a cash system with 2% money growth has a minor 0.003% welfare cost. The main source for this inefficiency is the large mining cost, which is estimated to be US\$360 million per year. This translates into users being willing to accept a cash system with an inflation rate of 230% before being better off using bitcoin as a means of payment. However, the efficiency of the bitcoin system can be significantly improved by optimizing the rate of coin creation and minimizing transaction fees. Another potential improvement is to eliminate inefficient mining activities by changing the consensus protocol altogether.[\[101\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-101)
### Transaction fees
Transaction fees (sometimes also referred to as *miner fees* or *gas fees*) for cryptocurrency depend mainly on the [supply](https://en.wikipedia.org/wiki/Supply_and_demand "Supply and demand") of network capacity at the time, versus the [demand](https://en.wikipedia.org/wiki/Supply_and_demand "Supply and demand") from the currency holder for a faster transaction.[\[102\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-102) The ability for the holder to be allowed to set the fee manually often depends on the wallet software used, and central [exchanges for cryptocurrency](https://en.wikipedia.org/wiki/Cryptocurrency_exchange "Cryptocurrency exchange") (CEX) usually do not allow the customer to set a custom transaction fee for the transaction.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] Their wallet software, such as [Coinbase](https://en.wikipedia.org/wiki/Coinbase "Coinbase") Wallet, however, might support adjusting the fee.[\[103\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-103)
Select cryptocurrency exchanges have offered to let the user choose between different presets of transaction fee values during the currency conversion. One of those exchanges, namely **LiteBit**, previously headquartered in the Netherlands, was forced to cease all operations in August 2023, "due to market changes and regulatory pressure".[\[104\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-104)
The "recommended fee" suggested by the network will often depend on the time of day (due to depending on network load).
For [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum"), transaction fees differ by computational complexity, bandwidth use, and storage needs, while bitcoin transaction fees differ by transaction size and whether the transaction uses [SegWit](https://en.wikipedia.org/wiki/SegWit "SegWit"). In February 2023, the median transaction fee for Ether corresponded to \$2.2845,[\[105\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-105) while for bitcoin it corresponded to \$0.659.[\[106\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-106)
Some cryptocurrencies have no transaction fees, the most well-known example being [Nano (XNO)](https://en.wikipedia.org/wiki/Nano_\(cryptocurrency\) "Nano (cryptocurrency)"), and instead rely on [client-side](https://en.wikipedia.org/wiki/Client-side "Client-side") proof-of-work as the transaction prioritization and anti-spam mechanism.[\[107\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-scalabilityOfBitcoinAndNano-107)[\[108\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-comparativeAnalysis-108)[\[109\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-blockchainCompared-109)
### Exchanges
Main article: [Cryptocurrency exchange](https://en.wikipedia.org/wiki/Cryptocurrency_exchange "Cryptocurrency exchange")
[Cryptocurrency exchanges](https://en.wikipedia.org/wiki/Cryptocurrency_exchange "Cryptocurrency exchange") allow customers to trade cryptocurrencies[\[110\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-110) for other assets, such as conventional [fiat money](https://en.wikipedia.org/wiki/Fiat_money "Fiat money"), or to trade between different digital currencies.
Crypto marketplaces do not guarantee that an investor is completing a purchase or trade at the optimal price. As a result, as of 2020, it was possible to [arbitrage](https://en.wikipedia.org/wiki/Arbitrage "Arbitrage") to find the difference in price across several markets.[\[111\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-111)
### Atomic swaps
Atomic swaps are a mechanism where one cryptocurrency can be exchanged directly for another cryptocurrency without the need for a trusted third party, such as an exchange.[\[112\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-112)
### ATMs
[](https://en.wikipedia.org/wiki/File:Bitcoin_Teller_SIBOS_Boston_2014_2.jpg)
A [Bitcoin ATM](https://en.wikipedia.org/wiki/Bitcoin_ATM "Bitcoin ATM")
Jordan Kelley, founder of [Robocoin](https://en.wikipedia.org/wiki/Bitcoin_ATM "Bitcoin ATM"), launched the first [bitcoin ATM](https://en.wikipedia.org/wiki/Bitcoin_ATM "Bitcoin ATM") in the United States in February 2014. The kiosk installed in Austin, Texas, is similar to bank ATMs but has scanners to read government-issued identification such as a driver's license, or a passport to confirm users' identities.[\[113\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-113)
### Initial coin offerings
An [initial coin offering](https://en.wikipedia.org/wiki/Initial_coin_offering "Initial coin offering") (ICO) is a controversial means of raising funds for a new cryptocurrency venture. An ICO may be used by startups with the intention of avoiding regulation. However, securities regulators in many jurisdictions, including in the U.S. and Canada, have indicated that if a coin or token is an "investment contract" (e.g., under the Howey test, i.e., an investment of money with a reasonable expectation of profit based significantly on the entrepreneurial or managerial efforts of others), it is a security and is subject to securities regulation. In an ICO campaign, a percentage of the cryptocurrency (usually in the form of "tokens") is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, often bitcoin or Ether.[\[114\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-114)[\[115\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-115)[\[116\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-116)
According to [PricewaterhouseCoopers](https://en.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers"), four of the 10 biggest proposed initial coin offerings have used [Switzerland](https://en.wikipedia.org/wiki/Switzerland "Switzerland") as a base, where they are frequently registered as non-profit foundations. The Swiss regulatory agency [FINMA](https://en.wikipedia.org/wiki/Swiss_Financial_Market_Supervisory_Authority "Swiss Financial Market Supervisory Authority") stated that it would take a "balanced approach" to ICO projects and would allow "legitimate innovators to navigate the regulatory landscape and so launch their projects in a way consistent with national laws protecting investors and the integrity of the financial system." In response to numerous requests by industry representatives, a legislative ICO working group began to issue legal guidelines in 2018, which are intended to remove uncertainty from cryptocurrency offerings and to establish sustainable business practices.[\[117\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-117)
### Price trends
The [market capitalization](https://en.wikipedia.org/wiki/Market_capitalization "Market capitalization") of a cryptocurrency is calculated by multiplying the price by the number of coins in circulation. The total cryptocurrency market cap has historically been dominated by bitcoin accounting for at least 50% of the market cap value where altcoins have increased and decreased in market cap value in relation to bitcoin. Bitcoin's value is largely determined by speculation among other technological limiting factors known as blockchain rewards coded into the architecture technology of bitcoin itself.[\[118\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-auto-118)
The cryptocurrency market cap follows a trend known as the "halving", which is when the block rewards received from bitcoin are halved due to technological mandated limited factors instilled into bitcoin which in turn limits the supply of bitcoin. As the date reaches near of a halving (twice thus far historically) the cryptocurrency market cap increases, followed by a downtrend.[\[118\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-auto-118)
By June 2021, cryptocurrency had begun to be offered by some wealth managers in the US for [401(k)s](https://en.wikipedia.org/wiki/401\(k\) "401(k)").[\[119\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-119)[\[120\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-120)[\[121\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-121)
### Volatility
Cryptocurrency prices are much more volatile than established financial assets such as [stocks](https://en.wikipedia.org/wiki/Stock "Stock"). For example, over one week in May 2022, bitcoin lost 20% of its value and Ethereum lost 26%, while [Solana](https://en.wikipedia.org/wiki/Solana_\(blockchain_platform\) "Solana (blockchain platform)") and [Cardano](https://en.wikipedia.org/wiki/Cardano_\(blockchain_platform\) "Cardano (blockchain platform)") lost 41% and 35% respectively. The falls were attributed to warnings about inflation. By comparison, in the same week, the [Nasdaq](https://en.wikipedia.org/wiki/Nasdaq-100 "Nasdaq-100") tech stock index fell 7.6 per cent and the [FTSE 100](https://en.wikipedia.org/wiki/FTSE_100_Index "FTSE 100 Index") was 3.6 per cent down.[\[122\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-122)
In the longer term, of the [10 leading cryptocurrencies](https://en.wikipedia.org/wiki/List_of_cryptocurrencies "List of cryptocurrencies") identified by the total value of coins in circulation in January 2018, only four (bitcoin, Ethereum, Cardano and [Ripple](https://en.wikipedia.org/wiki/Ripple_\(payment_protocol\) "Ripple (payment protocol)") (XRP)) were still in that position in early 2022.[\[123\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-123) The total value of all cryptocurrencies was \$2 trillion at the end of 2021, but had halved nine months later.[\[124\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-124)[\[125\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-125) The *Wall Street Journal* has commented that the crypto sector has become "intertwined" with the rest of the capital markets and "sensitive to the same forces that drive tech stocks and other risk assets," such as inflation forecasts.[\[126\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-126)
### Databases
There are also *centralized* databases, outside of blockchains, that store crypto market data. Compared to the blockchain, databases perform fast as there is no verification process. Four of the most popular cryptocurrency market databases are [CoinMarketCap](https://en.wikipedia.org/wiki/CoinMarketCap "CoinMarketCap"), CoinGecko, BraveNewCoin, and Cryptocompare.[\[127\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-127)
## Social and political aspects
See also: [Crypto-anarchism](https://en.wikipedia.org/wiki/Crypto-anarchism "Crypto-anarchism") and [Cypherpunk](https://en.wikipedia.org/wiki/Cypherpunk "Cypherpunk")
According to Alan Feuer of *[The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times")*, [libertarians](https://en.wikipedia.org/wiki/Libertarian "Libertarian") and [anarcho-capitalists](https://en.wikipedia.org/wiki/Anarcho-capitalist "Anarcho-capitalist") were attracted to the philosophical idea behind bitcoin. Early bitcoin supporter [Roger Ver](https://en.wikipedia.org/wiki/Roger_Ver "Roger Ver") said: "At first, almost everyone who got involved did so for philosophical reasons. We saw bitcoin as a great idea, as a way to separate money from the state."[\[128\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-128) Economist [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman") argues that cryptocurrencies like bitcoin are "something of a cult" based in "paranoid fantasies" of government power.[\[129\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-129)
[David Golumbia](https://en.wikipedia.org/wiki/David_Golumbia "David Golumbia") says that the ideas influencing bitcoin advocates emerge from right-wing extremist movements such as the [Liberty Lobby](https://en.wikipedia.org/wiki/Liberty_Lobby "Liberty Lobby") and the [John Birch Society](https://en.wikipedia.org/wiki/John_Birch_Society "John Birch Society") and their anti-Central Bank rhetoric, or, more recently, [Ron Paul](https://en.wikipedia.org/wiki/Ron_Paul "Ron Paul") and [Tea Party](https://en.wikipedia.org/wiki/Tea_Party_movement "Tea Party movement")\-style libertarianism.[\[130\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-130) [Steve Bannon](https://en.wikipedia.org/wiki/Steve_Bannon "Steve Bannon"), who owns a "good stake" in bitcoin, sees cryptocurrency as a form of disruptive populism, taking control back from central authorities.[\[131\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-131)
Bitcoin's founder, [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto"), supported the idea that cryptocurrencies go well with libertarianism. "It's very attractive to the libertarian viewpoint if we can explain it properly," Nakamoto said in 2008.[\[132\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-132)
According to the [European Central Bank](https://en.wikipedia.org/wiki/European_Central_Bank "European Central Bank"), the decentralization of money offered by bitcoin has its theoretical roots in the [Austrian school of economics](https://en.wikipedia.org/wiki/Austrian_school_of_economics "Austrian school of economics"), especially with [Friedrich von Hayek](https://en.wikipedia.org/wiki/Friedrich_von_Hayek "Friedrich von Hayek") in his book [*Denationalisation of Money: The Argument Refined*](https://en.wikipedia.org/wiki/The_Denationalisation_of_Money "The Denationalisation of Money"),[\[133\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-133) in which Hayek advocates a complete [free market](https://en.wikipedia.org/wiki/Free_market "Free market") in the production, distribution and management of money to end the monopoly of [central banks](https://en.wikipedia.org/wiki/Central_banks "Central banks").[\[134\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-134)[\[135\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-135)
## Usage
### International transfers
Monthly cryptocurrency transfers under \$10,000 to and from Africa reached \$316 million in June 2020, according to Chainalysis data. Reuters reported that bitcoin and other cryptocurrencies are unregulated in many countries and their legal status is unclear, meaning there is no safety net and little recourse for lost funds.[\[136\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-136)
Some migrants in the United Arab Emirates used cryptocurrencies to send remittances home, claiming lower fees compared with traditional remittance services.[\[137\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-137)
### Institutional balance-sheet holdings
In 2025, some publicly traded companies announced plans to raise capital to buy and hold bitcoin and other cryptocurrencies as treasury assets.[\[138\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-138) Reuters reported that the inherent volatility of crypto tokens makes them a poor fit for boards with a low risk appetite, potentially limiting their appeal beyond core industry players.[\[139\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-139)
## Regulation
Main article: [Regulation of cryptocurrency](https://en.wikipedia.org/wiki/Regulation_of_cryptocurrency "Regulation of cryptocurrency")
The rise in the popularity of cryptocurrencies and their adoption by financial institutions has led some governments to assess whether regulation is needed to protect users. The [Financial Action Task Force](https://en.wikipedia.org/wiki/Financial_Action_Task_Force "Financial Action Task Force") (FATF) has defined cryptocurrency-related services as "virtual asset service providers" (VASPs) and recommended that they be regulated with the same [money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering") ([AML](https://en.wikipedia.org/wiki/Money_laundering#Combating "Money laundering")) and [know your customer](https://en.wikipedia.org/wiki/Know_your_customer "Know your customer") (KYC) requirements as financial institutions.[\[140\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-140)
In May 2020, the Joint Working Group on interVASP Messaging Standards published "IVMS 101", a universal common language for communication of required originator and beneficiary information between VASPs. The FATF and financial regulators were informed as the data model was developed.[\[141\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-141)
In June 2020, FATF updated its guidance to include the "Travel Rule" for cryptocurrencies, a measure which mandates that VASPs obtain, hold, and exchange information about the originators and beneficiaries of virtual asset transfers.[\[142\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-142) Subsequent standardized protocol specifications recommended using [JSON](https://en.wikipedia.org/wiki/JSON "JSON") for relaying data between VASPs and identity services. As of December 2020, the IVMS 101 data model has yet to be finalized and ratified by the three global standard setting bodies that created it.[\[143\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-143)
The European Commission published a digital finance strategy in September 2020. This included a draft regulation on Markets in Crypto-Assets (MiCA), which aimed to provide a comprehensive regulatory framework for digital assets in the EU.[\[144\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-144)[\[145\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-145)
In June 2021, the [Basel Committee on Banking Supervision](https://en.wikipedia.org/wiki/Basel_Committee_on_Banking_Supervision "Basel Committee on Banking Supervision") proposed that banks that held cryptocurrency assets must set aside capital to cover all potential losses. For instance, if a bank were to hold bitcoin worth \$2 billion, it would be required to set aside enough capital to cover the entire \$2 billion. This is a more extreme standard than banks are usually held to when it comes to other assets. However, this is a proposal and not a regulation.
The IMF has sought seeking a coordinated, consistent and comprehensive approach to supervising cryptocurrencies. [Tobias Adrian](https://en.wikipedia.org/wiki/Tobias_Adrian "Tobias Adrian"), the IMF's financial counsellor and head of its monetary and capital markets department said in a January 2022 interview that "Agreeing global regulations is never quick. But if we start now, we can achieve the goal of maintaining financial stability while also enjoying the benefits which the underlying technological innovations bring,"[\[146\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-146)
In May 2024, 15 years after the advent of the first blockchain, bitcoin, the [US Congress](https://en.wikipedia.org/wiki/US_Congress "US Congress") advanced a bill to the full [House of Representatives](https://en.wikipedia.org/wiki/United_States_House_of_Representatives "United States House of Representatives") to provide regulatory clarity for digital assets. The [Financial Innovation and Technology for the 21st Century Act](https://en.wikipedia.org/wiki/Financial_Innovation_and_Technology_for_the_21st_Century_Act "Financial Innovation and Technology for the 21st Century Act"), which defines responsibilities between various US agencies, notably between the [Commodity Futures Trading Commission](https://en.wikipedia.org/wiki/Commodity_Futures_Trading_Commission "Commodity Futures Trading Commission") (CFTC) for decentralized blockchains and the [Securities and Exchange Commission](https://en.wikipedia.org/wiki/Securities_and_Exchange_Commission "Securities and Exchange Commission") (SEC) for blockchains that are functional but not decentralized. [Stablecoins](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin") are excluded from both CFTC and SEC regulation in this bill, "except for fraud and certain activities by registered firms."[\[147\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-cfins20240510-147)
### China
In September 2017, China banned [ICOs](https://en.wikipedia.org/wiki/Initial_coin_offering "Initial coin offering") to cause [abnormal return](https://en.wikipedia.org/wiki/Abnormal_return "Abnormal return") from cryptocurrency decreasing during announcement window. The liquidity changes by banning ICOs in China was temporarily negative while the liquidity effect became positive after news.[\[148\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-148)
On 18 May 2021, China banned financial institutions and payment companies from being able to provide cryptocurrency transaction related services.[\[149\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-149) This led to a sharp fall in the price of the biggest [proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") cryptocurrencies. For instance, [bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") fell 31%, [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum") fell 44%, [Binance Coin](https://en.wikipedia.org/wiki/Binance#BNB "Binance") fell 32% and [Dogecoin](https://en.wikipedia.org/wiki/Dogecoin "Dogecoin") fell 30%.[\[150\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-150) Proof of work mining was the next focus, with regulators in popular mining regions citing the use of electricity generated from highly polluting sources such as coal to create bitcoin and Ethereum.[\[151\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-151)
In September 2021, the Chinese government declared all cryptocurrency transactions of any kind illegal, completing its crackdown on cryptocurrency.[\[29\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-BBC_News-29)
### Cook Islands
In April 2024, [TVNZ](https://en.wikipedia.org/wiki/TVNZ "TVNZ")'s [1News](https://en.wikipedia.org/wiki/1News "1News") reported that the [Cook Islands](https://en.wikipedia.org/wiki/Cook_Islands "Cook Islands") government was proposing legislation that would allow "recovery agents" to use various means including hacking to investigate or find cryptocurrency that may have been used for illegal means or is the "proceeds of crime." The Tainted Cryptocurrency Recovery Bill was drafted by two lawyers hired by US-based debt collection company Drumcliffe. The proposed legislation was criticised by Cook Islands Crown Law's deputy solicitor general David Greig, who described it as "flawed" and said that some provisions were "clearly unconstitutional". The Cook Islands Financial Services Development Authority described Drumcliffe's involvement as a conflict of interest.[\[152\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-1_News_Cook_Islands-152)
Similar criticism was echoed by [Auckland University of Technology](https://en.wikipedia.org/wiki/Auckland_University_of_Technology "Auckland University of Technology") cryptocurrency specialist and senior lecturer Jeff Nijsse and [University of Otago](https://en.wikipedia.org/wiki/University_of_Otago "University of Otago") [political scientist](https://en.wikipedia.org/wiki/Political_science "Political science") Professor [Robert Patman](https://en.wikipedia.org/w/index.php?title=Robert_Patman&action=edit&redlink=1 "Robert Patman (page does not exist)"), who described it as government overreach and described it as inconsistent with international law. Since the Cook Islands is an [associated state](https://en.wikipedia.org/wiki/Associated_state "Associated state") that is part of the [Realm of New Zealand](https://en.wikipedia.org/wiki/Realm_of_New_Zealand "Realm of New Zealand"), Patman said that the law would have "implications for New Zealand's governance arrangements." A spokesperson for [New Zealand Foreign Minister](https://en.wikipedia.org/wiki/Minister_of_Foreign_Affairs_\(New_Zealand\) "Minister of Foreign Affairs (New Zealand)") [Winston Peters](https://en.wikipedia.org/wiki/Winston_Peters "Winston Peters") confirmed that New Zealand officials were discussing the legislation with their Cook Islands counterparts. [Cook Islands Prime Minister](https://en.wikipedia.org/wiki/Prime_Minister_of_the_Cook_Islands "Prime Minister of the Cook Islands") [Mark Brown](https://en.wikipedia.org/wiki/Mark_Brown_\(Cook_Islands\) "Mark Brown (Cook Islands)") defended the legislation as part of the territory's fight against international cybercrime.[\[152\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-1_News_Cook_Islands-152)
### El Salvador
| | |
|---|---|
|  | This section needs to be **updated**. Please help update this article to reflect recent events or newly available information. *(November 2025)* |
On 9 June 2021, [El Salvador](https://en.wikipedia.org/wiki/El_Salvador "El Salvador") announced that it will adopt [bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") as legal tender, becoming the first country to do so.[\[153\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-reuters.com-153)
### EU
Main article: [Markets in Crypto-Assets](https://en.wikipedia.org/wiki/Markets_in_Crypto-Assets "Markets in Crypto-Assets")
The EU defines crypto assets as "a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology."[\[154\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-154) The EU regulation Markets in Crypto-Assets (MiCA) covering asset-referenced tokens (ARTs) and electronic money tokens (EMTs) (also known as stablecoins) came into force on 30 June 2024. As of 17 January 2025, the [European Securities and Markets Authority](https://en.wikipedia.org/wiki/European_Securities_and_Markets_Authority "European Securities and Markets Authority") (ESMA) issued guidance to crypto-asset service providers (CASPs) allowing them to maintain crypto-asset services for non-compliant ARTs and EMTs until the end of March 2025.[\[155\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-155)[\[156\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-156)
The rest of MiCA came into force as of 30 December 2024, covering crypto-assets other than ART and EMT and CASPs. MiCA excludes crypto-assets if they qualify as financial instruments according to ESMA guidelines published on 17 December 2024 as well as crypto-assets that are unique and not fungible with other crypto-assets.[\[157\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-157)[\[158\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-158)
### India
At present, India neither prohibits nor allows investment in the cryptocurrency market. In 2020, the Supreme Court of India had lifted the ban on cryptocurrency, which was imposed by the Reserve Bank of India.[\[159\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-159)[\[160\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-160)[\[161\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-161)[\[162\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-162) Since then, an investment in cryptocurrency is considered legitimate, though there is still ambiguity about the issues regarding the extent and payment of tax on the income accrued thereupon and also its regulatory regime. But it is being contemplated that the Indian Parliament will soon pass a specific law to either ban or regulate the cryptocurrency market in India.[\[163\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-163)
Expressing his public policy opinion on the Indian cryptocurrency market to a well-known online publication, a leading [public policy](https://en.wikipedia.org/wiki/Public_policy "Public policy") lawyer and Vice President of [SAARCLAW](https://en.wikipedia.org/wiki/South_Asian_Association_for_Regional_Cooperation "South Asian Association for Regional Cooperation") (South Asian Association for Regional Co-operation in Law) [Hemant Batra](https://en.wikipedia.org/w/index.php?title=Hemant_Batra&action=edit&redlink=1 "Hemant Batra (page does not exist)") has said that the "cryptocurrency market has now become very big with involvement of billions of dollars in the market hence, it is now unattainable and irreconcilable for the government to completely ban all sorts of cryptocurrency and its trading and investment".[\[164\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-164) He mooted regulating the cryptocurrency market rather than completely banning it. He favoured following [IMF](https://en.wikipedia.org/wiki/International_Monetary_Fund "International Monetary Fund") and [FATF](https://en.wikipedia.org/wiki/Financial_Action_Task_Force "Financial Action Task Force") guidelines in this regard.
### Singapore
### South Africa
South Africa, which has seen a large number of scams related to cryptocurrency, is said to be putting a regulatory timeline in place that will produce a regulatory framework.[\[165\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-165) The largest scam occurred in April 2021, where the two founders of an African-based cryptocurrency exchange called Africrypt, Raees Cajee and Ameer Cajee, disappeared with \$3.8 billion worth of [bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin").[\[166\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-regulations-166) Additionally, [Mirror Trading International](https://en.wikipedia.org/wiki/Mirror_Trading_International "Mirror Trading International") disappeared with \$170 million worth of cryptocurrency in January 2021.[\[166\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-regulations-166)
### South Korea
In March 2021, South Korea implemented new legislation to strengthen their oversight of digital assets. This legislation requires all digital asset managers, providers and exchanges to be registered with the Korea Financial Intelligence Unit in order to operate in South Korea.[\[167\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-thediplomat.com-167) Registering with this unit requires that all exchanges are certified by the Information Security Management System and that they ensure all customers have real name bank accounts. It also requires that the CEO and board members of the exchanges have not been convicted of any crimes and that the exchange holds sufficient levels of deposit insurance to cover losses arising from hacks.[\[167\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-thediplomat.com-167)
### Switzerland
Switzerland was one of the first countries to implement the FATF's Travel Rule. FINMA, the Swiss regulator, issued its own guidance to VASPs in 2019. The guidance followed the FATF's Recommendation 16, with stricter requirements. According to FINMA's[\[168\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-168) requirements, VASPs need to verify the identity of the beneficiary of the transfer.
### Turkey
In April 2021, the [Central Bank of the Republic of Turkey](https://en.wikipedia.org/wiki/Central_Bank_of_the_Republic_of_Turkey "Central Bank of the Republic of Turkey") banned the use of cryptocurrencies and [cryptoassets](https://en.wikipedia.org/wiki/Cryptoassets "Cryptoassets") for making purchases on the grounds that the use of cryptocurrencies for such payments poses significant transaction risks.[\[169\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-169)
### United Kingdom
In the United Kingdom, as of 10 January 2021, all cryptocurrency firms, such as exchanges, advisors and professionals that have either a presence, market product or provide services within the UK market must register with the [Financial Conduct Authority](https://en.wikipedia.org/wiki/Financial_Conduct_Authority "Financial Conduct Authority"). On 27 June 2021, the financial watchdog demanded that [Binance](https://en.wikipedia.org/wiki/Binance "Binance") cease all regulated activities in the UK.[\[170\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-ft.com-170)
In November 2024, the incoming Labour government confirmed that it will proceed with the regulation of cryptoassets and new UK requirements are expected to come into force in 2026.[\[171\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-171)
### United States
In 2021, 17 US states passed laws and resolutions concerning cryptocurrency regulation.[\[172\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-172) This led the Securities and Exchange Commission to start considering what steps to take. On 8 July 2021, [Senator Elizabeth Warren](https://en.wikipedia.org/wiki/Elizabeth_Warren "Elizabeth Warren"), part of the [Senate Banking Committee](https://en.wikipedia.org/wiki/United_States_Senate_Committee_on_Banking,_Housing,_and_Urban_Affairs "United States Senate Committee on Banking, Housing, and Urban Affairs"), wrote to the chairman of the SEC and demanded answers on cryptocurrency regulation due to the increase in cryptocurrency exchange use and the danger this posed to consumers. On 5 August 2021, the chairman, [Gary Gensler](https://en.wikipedia.org/wiki/Gary_Gensler "Gary Gensler"), responded to Warren's letter and called for legislation focused on "crypto trading, lending and DeFi platforms," because of how vulnerable investors could be when they traded on crypto trading platforms without a broker. He also argued that many tokens in the crypto market may be unregistered securities without required disclosures or market oversight. Additionally, Gensler did not hold back in his criticism of stablecoins. These tokens, which are pegged to the value of fiat currencies, may allow individuals to bypass important public policy goals related to traditional banking and financial systems, such as anti-money laundering, tax compliance, and sanctions.[\[173\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-173)
On 19 October 2021, the first bitcoin-linked exchange-traded fund (ETF) from [ProShares](https://en.wikipedia.org/wiki/ProShares "ProShares") started trading on the NYSE under the ticker "BITO." [ProShares](https://en.wikipedia.org/wiki/ProShares "ProShares") CEO Michael L. Sapir said the ETF would expose bitcoin to a wider range of investors without the hassle of setting up accounts with cryptocurrency providers. Ian Balina, the CEO of Token Metrics, stated that SEC approval of the ETF was a significant endorsement for the crypto industry because many regulators globally were not in favor of crypto, and retail investors were hesitant to accept crypto. This event would eventually open more opportunities for new capital and new people in this space.[\[174\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-174)
The [Department of the Treasury](https://en.wikipedia.org/wiki/United_States_Department_of_the_Treasury "United States Department of the Treasury"), on 20 May 2021, announced that it would require any transfer worth \$10,000 or more to be reported to the [Internal Revenue Service](https://en.wikipedia.org/wiki/Internal_Revenue_Service "Internal Revenue Service") since cryptocurrency already posed a problem where illegal activity like tax evasion was facilitated broadly. This release from the IRS was a part of efforts to promote better compliance and consider more severe penalties for tax evaders.[\[175\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-175)
On 17 February 2022, the [Department of Justice](https://en.wikipedia.org/wiki/United_States_Department_of_Justice "United States Department of Justice") named Eun Young Choi as the first director of a National Cryptocurrency Enforcement Team to help identify and deal with misuse of cryptocurrencies and other digital assets.[\[176\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-176)
The Biden administration faced a dilemma as it tried to develop regulations for the cryptocurrency industry. On one hand, officials were hesitant to restrict a growing industry. On the other hand, they were committed to preventing illegal cryptocurrency transactions. To reconcile these conflicting goals, on 9 March 2022, Biden issued an executive order.[\[177\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-177) Followed this, on 16 September 2022, the Comprehensive Framework for Responsible Development of Digital Assets document was released[\[178\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-178) to support development of cryptocurrencies and restrict their illegal use. The executive order included all digital assets, but cryptocurrencies posed both the greatest security risks and potential economic benefits. Though this might not address all of the challenges in crypto industry, it was a significant milestone in the US cryptocurrency regulation history.[\[179\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-179)
In February 2023, the SEC ruled that cryptocurrency exchange [Kraken](https://en.wikipedia.org/wiki/Kraken_\(company\) "Kraken (company)")'s estimated \$42 billion in staked assets globally operated as an illegal securities seller. The company agreed to a \$30 million settlement with the SEC and to cease selling its staking service in the US. The case would impact other major crypto exchanges operating staking programs.[\[180\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-180)
On 23 March 2023, the SEC issued an alert to investors stating that firms offering crypto asset securities might not be complying with US laws. The SEC argued that unregistered offerings of crypto asset securities might not include important information.[\[181\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-181)
On 23 January 2025, President Donald Trump signed [Executive Order 14178](https://en.wikipedia.org/wiki/Executive_Order_14178 "Executive Order 14178"), *Strengthening American Leadership in Digital Financial Technology*[\[182\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-182) revoking [Executive Order 14067](https://en.wikipedia.org/wiki/Executive_Order_14067 "Executive Order 14067") of 9 March 2022, *Ensuring Responsible Development of Digital Assets* and the Department of the Treasury's *Framework for International Engagement on Digital Assets* of 7 July 2022. In addition the order prohibits the establishment, issuance or promotion of [Central bank digital currency](https://en.wikipedia.org/wiki/Central_bank_digital_currency "Central bank digital currency") and establishes a group tasked with proposing a federal regulatory framework for digital assets within 180 days.[\[183\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-183)
## Legality
Main article: [Legality of cryptocurrency by country or territory](https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory "Legality of cryptocurrency by country or territory")
The [legal status of cryptocurrencies](https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory "Legality of cryptocurrency by country or territory") varies substantially from country to country and is still undefined or changing in many of them. At least one study has shown that broad generalizations about the use of bitcoin in illicit finance are significantly overstated and that blockchain analysis is an effective crime fighting and intelligence gathering tool.[\[184\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-184) While some countries have explicitly allowed their use and trade,[\[185\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-185) others have banned or restricted it.
According to the [Library of Congress](https://en.wikipedia.org/wiki/Library_of_Congress "Library of Congress") in 2021, an "absolute ban" on trading or using cryptocurrencies applies in 9 countries: Algeria, Bangladesh, Bolivia, China, Egypt, Iraq, Morocco, Nepal, and the United Arab Emirates. An "implicit ban" applies in another 39 countries or regions, which include: Bahrain, Benin, Burkina Faso, Burundi, Cameroon, Chad, Côte d'Ivoire, the Dominican Republic, Ecuador, Gabon, Georgia, Guyana, Indonesia, Iran, Jordan, Kazakhstan, Kuwait, Lebanon, Lesotho, Macau, Maldives, Mali, Moldova, Namibia, Niger, Nigeria, Oman, Pakistan, Palau, Republic of Congo, Saudi Arabia, Senegal, Tajikistan, Tanzania, Togo, Turkey, Turkmenistan, Qatar and Vietnam.[\[186\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-RCAWNov2021LOC-186)
In the United States and Canada, state and provincial securities regulators, coordinated through the [North American Securities Administrators Association](https://en.wikipedia.org/wiki/North_American_Securities_Administrators_Association "North American Securities Administrators Association"), are investigating "Bitcoin scams" and [ICOs](https://en.wikipedia.org/wiki/Initial_coin_offering "Initial coin offering") in 40 jurisdictions.[\[187\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-WaPo52118-187)
Various government agencies, departments, and courts have classified bitcoin differently. [China Central Bank](https://en.wikipedia.org/wiki/China_Central_Bank "China Central Bank") banned the handling of bitcoins by financial institutions in [China](https://en.wikipedia.org/wiki/China "China") in early 2014.
In Russia, though owning cryptocurrency is legal, its residents are only allowed to purchase goods from other residents using the [Russian ruble](https://en.wikipedia.org/wiki/Russian_ruble "Russian ruble") while nonresidents are allowed to use foreign currency.[\[188\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-188) Regulations and bans that apply to bitcoin probably extend to similar cryptocurrency systems.[\[189\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-189)
In August 2018, the [Bank of Thailand](https://en.wikipedia.org/wiki/Bank_of_Thailand "Bank of Thailand") announced its plans to create its own cryptocurrency, the Central Bank Digital Currency (CBDC).[\[190\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-190)
### Advertising bans
Cryptocurrency advertisements have been banned on the following platforms:
- [Baidu](https://en.wikipedia.org/wiki/Baidu "Baidu")
- [Bing](https://en.wikipedia.org/wiki/Bing_\(search_engine\) "Bing (search engine)")[\[191\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-bing51418-191)—Ended June 2022[\[192\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Search_Engine_Land_2022-06-01-192)
- [Facebook](https://en.wikipedia.org/wiki/Facebook "Facebook")[\[193\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-ToISW-193)—Ended December 2021[\[194\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-CNBC_2021-12-01-194)
- [Google](https://en.wikipedia.org/wiki/Google "Google")[\[193\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-ToISW-193)—Ended August 2021[\[195\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Search_Engine_Land_2021-06-03-195)
- [Line](https://en.wikipedia.org/wiki/Line_Corporation "Line Corporation")
- [LinkedIn](https://en.wikipedia.org/wiki/LinkedIn "LinkedIn")[\[196\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:3-196)
- [MailChimp](https://en.wikipedia.org/wiki/MailChimp "MailChimp")[\[197\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-3key-197)
- [Snapchat](https://en.wikipedia.org/wiki/Snapchat "Snapchat")
- [Tencent](https://en.wikipedia.org/wiki/Tencent "Tencent")
- [Twitter](https://en.wikipedia.org/wiki/Twitter "Twitter")[\[193\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-ToISW-193)
- [Weibo](https://en.wikipedia.org/wiki/Weibo_\(company\) "Weibo (company)")
- [Yandex](https://en.wikipedia.org/wiki/Yandex "Yandex")[\[196\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:3-196)
### U.S. tax status
In March 2014, the United States [Internal Revenue Service](https://en.wikipedia.org/wiki/Internal_Revenue_Service "Internal Revenue Service") (IRS) ruled that bitcoin will be treated as property for tax purposes. Therefore, virtual currencies are considered commodities subject to capital gains tax.[\[198\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-198)
### Legal concerns relating to an unregulated global economy
As the popularity and demand for cryptocurrencies has increased,[\[199\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-199) so have concerns that they offer an unregulated person-to-person global economy that may become a threat to society. Concerns abound that they may become tools for anonymous web criminals.[\[200\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:1-200)
Cryptocurrency networks display a lack of regulation that has been criticized as enabling criminals who seek to evade taxes and [launder money](https://en.wikipedia.org/wiki/Money_laundering "Money laundering"). Money laundering issues [are also present in regular bank transfers](https://en.wikipedia.org/wiki/FinCEN_Files "FinCEN Files"), however with bank-to-bank wire transfers for instance, the account holder must [provide a proven identity](https://en.wikipedia.org/wiki/Wire_transfer#Security "Wire transfer").
Transactions that occur through the use and exchange of these cryptocurrencies are independent from formal banking systems, and therefore can make tax evasion simpler for individuals. Since charting taxable income is based upon what a recipient reports to the revenue service, it becomes extremely difficult to account for transactions made using cryptocurrencies, a mode of exchange that is complex and difficult to track.[\[200\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:1-200)
Systems of anonymity that most cryptocurrencies offer can also serve as a means to launder money. Rather than laundering money through an intricate network of financial actors and [offshore bank accounts](https://en.wikipedia.org/wiki/Offshore_bank_account "Offshore bank account"), laundering money through cryptocurrencies can be achieved through anonymous transactions.[\[200\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:1-200)
Cryptocurrency makes legal enforcement against extremist groups more complicated, which consequently strengthens them.[\[201\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-201) [White supremacist](https://en.wikipedia.org/wiki/White_supremacist "White supremacist") [Richard Spencer](https://en.wikipedia.org/wiki/Richard_B._Spencer "Richard B. Spencer") declared bitcoin the "currency of the [alt-right](https://en.wikipedia.org/wiki/Alt-right "Alt-right")".[\[202\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-202)
### Loss, theft, and fraud
Main article: [Cryptocurrency and crime](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime "Cryptocurrency and crime")
In February 2014, the world's largest bitcoin exchange, [Mt. Gox](https://en.wikipedia.org/wiki/Mt._Gox "Mt. Gox"), declared [bankruptcy](https://en.wikipedia.org/wiki/Bankruptcy "Bankruptcy"). Likely due to theft, the company claimed that it had lost nearly 750,000 bitcoins belonging to their clients. This added up to approximately 7% of all bitcoins in existence, worth a total of \$473 million. Mt. Gox blamed hackers, who had exploited the [transaction malleability problems](https://en.wikipedia.org/wiki/Transaction_malleability_problem "Transaction malleability problem") in the network. The price of a bitcoin fell from a high of about \$1,160 in December to under \$400 in February.[\[203\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-203)
On 21 November 2017, [Tether](https://en.wikipedia.org/wiki/Tether_\(cryptocurrency\) "Tether (cryptocurrency)") announced that it had been hacked, losing \$31 million in USDT from its core treasury wallet.[\[204\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-204)
On 7 December 2017, Slovenian cryptocurrency exchange [Nicehash](https://en.wikipedia.org/wiki/NiceHash "NiceHash") reported that hackers had stolen over \$70 million using a hijacked company computer.[\[205\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-205)
On 19 December 2017, Yapian, the owner of South Korean exchange Youbit, filed for bankruptcy after suffering two hacks that year.[\[206\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-206)[\[207\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-207) Customers were still granted access to 75% of their assets.
In May 2018, [Bitcoin Gold](https://en.wikipedia.org/wiki/Bitcoin_Gold "Bitcoin Gold") had its transactions hijacked and abused by unknown hackers.[\[208\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-208) Exchanges lost an estimated \$18m and bitcoin Gold was delisted from Bittrex after it refused to pay its share of the damages.
On 13 September 2018, Homero Josh Garza was sentenced to 21 months of imprisonment, followed by three years of supervised release.[\[209\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-209) Garza had founded the cryptocurrency startups GAW Miners and ZenMiner in 2014, acknowledged in a [plea agreement](https://en.wikipedia.org/wiki/Plea_agreement "Plea agreement") that the companies were part of a [pyramid scheme](https://en.wikipedia.org/wiki/Pyramid_scheme "Pyramid scheme"), and pleaded guilty to [wire fraud](https://en.wikipedia.org/wiki/Wire_fraud "Wire fraud") in 2015. The SEC separately brought a civil enforcement action in the US against Garza, who was eventually ordered to pay a judgment of \$9.1 million plus \$700,000 in interest. The SEC's complaint stated that Garza, through his companies, had fraudulently sold "investment contracts representing shares in the profits they claimed would be generated" from mining.[\[210\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-210)
In January 2018, Japanese exchange [Coincheck](https://en.wikipedia.org/wiki/Coincheck "Coincheck") reported that hackers had stolen cryptocurrency worth \$530 million.[\[211\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-211)
In June 2018, South Korean exchange Coinrail was hacked, losing over \$37 million in crypto.[\[212\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-212) The hack worsened a cryptocurrency selloff by an additional \$42 billion.[\[213\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-213)
On 9 July 2018, the exchange Bancor, whose code and fundraising had been subjects of controversy, had \$23.5 million in crypto stolen.[\[214\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Bancorhack-214)
A 2020 EU report found that users had lost crypto-assets worth hundreds of millions of US dollars in security breaches at exchanges and storage providers. Between 2011 and 2019, reported breaches ranged from four to twelve a year. In 2019, more than a billion dollars' worth of cryptoassets was reported stolen. Stolen assets "typically find their way to illegal markets and are used to fund further criminal activity".[\[215\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-215)
According to a 2020 report produced by the [United States Attorney General](https://en.wikipedia.org/wiki/United_States_Attorney_General "United States Attorney General")'s Cyber-Digital Task Force, three categories make up the majority of illicit cryptocurrency uses: "(1) financial transactions associated with the commission of crimes; (2) [money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering") and the [shielding of legitimate activity from tax](https://en.wikipedia.org/wiki/Tax_evasion "Tax evasion"), reporting, or other legal requirements; or (3) crimes, such as theft, directly implicating the cryptocurrency marketplace itself." The report concluded that "for cryptocurrency to realize its truly transformative potential, it is imperative that these risks be addressed" and that "the government has legal and regulatory tools available at its disposal to confront the threats posed by cryptocurrency's illicit uses".[\[216\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-216)[\[217\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-217)
According to the UK 2020 national risk assessment—a comprehensive assessment of money laundering and terrorist financing risk in the UK—the risk of using cryptoassets such as bitcoin for money laundering and terrorism financing is assessed as "medium" (from "low" in the previous 2017 report).[\[218\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-218) Legal scholars suggested that the money laundering opportunities may be more perceived than real.[\[219\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-219) [Blockchain analysis](https://en.wikipedia.org/wiki/Blockchain_analysis "Blockchain analysis") company Chainalysis concluded that illicit activities like [cybercrime](https://en.wikipedia.org/wiki/Cybercrime "Cybercrime"), [money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering") and [terrorism financing](https://en.wikipedia.org/wiki/Terrorism_financing "Terrorism financing") made up only 0.15% of all crypto transactions conducted in 2021, representing a total of \$14 billion.[\[220\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-220)[\[221\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-221)[\[222\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-222)
In December 2021, Monkey Kingdom, a NFT project based in Hong Kong, lost US\$1.3 million worth of cryptocurrencies via a phishing link used by the hacker.[\[223\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-223)
On 2 November 2023, [Sam Bankman-Fried](https://en.wikipedia.org/wiki/Sam_Bankman-Fried "Sam Bankman-Fried") was pronounced guilty on seven counts of fraud related to [FTX](https://en.wikipedia.org/wiki/FTX "FTX").[\[224\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-cnbc-guilty-224) Federal criminal court sentencing experts speculated on the potential amount of prison time likely to be meted out.[\[225\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Livni-225)[\[226\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Clifford-226)[\[227\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-227) On 28 March 2024, the court sentenced Bankman-Fried to 25 years in prison.[\[228\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-228)
### Money laundering
See also: [Cryptocurrency and crime](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime "Cryptocurrency and crime")
According to blockchain data company [Chainalysis](https://en.wikipedia.org/wiki/Chainalysis "Chainalysis"), criminals laundered \$8.6 billion worth of cryptocurrency in 2021, up 30% from the previous year.[\[229\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-229) The data suggests that rather than managing numerous illicit havens, cybercriminals make use of a small group of purpose-built centralized exchanges for sending and receiving illicit cryptocurrency. In 2021, those exchanges received 47% of funds sent by crime-linked addresses.[\[230\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-230) Almost \$2.2 billion worth of cryptocurrencies was embezzled from [decentralized finance](https://en.wikipedia.org/wiki/Decentralized_finance "Decentralized finance") protocols in 2021, which represents 72% of all cryptocurrency theft in 2021.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\]
According to *Bloomberg* and the *New York Times*, Federation Tower, a complex in the heart of Moscow, is home to many cryptocurrency businesses under suspicion of facilitating extensive money laundering, including accepting illicit cryptocurrency funds obtained through scams, [darknet markets](https://en.wikipedia.org/wiki/Darknet_market "Darknet market"), and [ransomware](https://en.wikipedia.org/wiki/Ransomware "Ransomware").[\[231\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:0-231) Notable businesses include [Garantex](https://en.wikipedia.org/wiki/Garantex "Garantex"),[\[232\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-232) Eggchange, Cashbank, Buy-Bitcoin, Tetchange, Bitzlato, and Suex, which was sanctioned by the U.S. in 2021. Bitzlato founder and owner Anatoly Legkodymov was arrested following money-laundering charges by the United States Department of Justice.[\[233\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-233)
Dark money has also been flowing into Russia through a dark web marketplace called Hydra, which is powered by cryptocurrency, and enjoyed more than \$1 billion in sales in 2020, according to Chainalysis.[\[234\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-234) The platform demands that sellers liquidate cryptocurrency only through certain regional exchanges, which has made it difficult for investigators to trace the money.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\]
Almost 74% of ransomware revenue in 2021 — over \$400 million worth of cryptocurrency — went to software strains likely affiliated with Russia, where oversight is notoriously limited.[\[231\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:0-231) However, Russians are also leaders in the benign adoption of cryptocurrencies, as the ruble is unreliable, and [President Putin](https://en.wikipedia.org/wiki/Vladimir_Putin "Vladimir Putin") favours the idea of "overcoming the excessive domination of the limited number of reserve currencies."[\[235\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-235)
In 2022, RenBridge—an unregulated alternative to exchanges for transferring value between blockchains—was found to be responsible for the laundering of at least \$540 million since 2020. It is especially popular with people attempting to launder money from theft. This includes a cyberattack on Japanese crypto exchange Liquid that has been linked to [North Korea](https://en.wikipedia.org/wiki/North_Korea "North Korea").[\[236\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-236)
### Darknet markets
Main article: [Darknet market](https://en.wikipedia.org/wiki/Darknet_market "Darknet market")
Properties of cryptocurrencies gave them popularity in applications such as a safe haven in banking crises and means of payment, which also led to the cryptocurrency use in controversial settings in the form of [online black markets](https://en.wikipedia.org/wiki/Darknet_market "Darknet market"), such as [Silk Road](https://en.wikipedia.org/wiki/Silk_Road_\(marketplace\) "Silk Road (marketplace)").[\[200\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:1-200) The original Silk Road was shut down in October 2013 and there have been two more versions in use since then. In the year following the initial shutdown of Silk Road, the number of prominent dark markets increased from four to twelve, while the amount of drug listings increased from 18,000 to 32,000.[\[200\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:1-200)
Darknet markets present challenges in regard to their legality. Cryptocurrency used in dark markets are not clearly or legally classified in almost all parts of the world. In the US, bitcoins are regarded as "virtual assets".\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] This type of ambiguous classification puts pressure on law enforcement agencies around the world to adapt to the shifting drug trade of dark markets.[\[237\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:2-237)\[*[unreliable source?](https://en.wikipedia.org/wiki/Wikipedia:Reliable_sources "Wikipedia:Reliable sources")*\]
### Wash trades
Various studies have found that crypto-trading is rife with [wash trading](https://en.wikipedia.org/wiki/Wash_trade "Wash trade"), a process, illegal in some jurisdictions, involving buyers and sellers being the same person or group, and which may be used to manipulate the price of a cryptocurrency or inflate volume artificially. Exchanges with higher volumes can demand higher premiums from token issuers.[\[238\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:4-238) A study from 2019 concluded that up to 80% of trades on unregulated cryptocurrency exchanges could be wash trades.[\[238\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:4-238) A 2019 report by Bitwise Asset Management claimed that 95% of all bitcoin trading volume reported on major website CoinMarketCap had been artificially generated, and of 81 exchanges studied, only 10 provided legitimate volume figures.[\[239\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-239)
### As a tool to evade sanctions
In 2022, cryptocurrencies attracted attention when Western nations imposed severe economic sanctions on Russia in the aftermath of [its invasion of Ukraine](https://en.wikipedia.org/wiki/2022_Russian_invasion_of_Ukraine "2022 Russian invasion of Ukraine") in February. However, American sources warned in March that some crypto-transactions could potentially be used to evade economic sanctions against Russia and Belarus.[\[240\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-240)
In April 2022, the computer programmer [Virgil Griffith](https://en.wikipedia.org/wiki/Virgil_Griffith "Virgil Griffith") received a five-year prison sentence in the US for attending a Pyongyang cryptocurrency conference, where he gave a presentation on blockchains which might be used for sanctions evasion.[\[241\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-241)
## Impacts and analysis
| External videos |
|---|
| [](https://en.wikipedia.org/wiki/File:Nuvola_apps_kaboodle.svg) [Cryptocurrencies: looking beyond the hype](https://www.youtube.com/watch?v=vo6s1mUjxQQ), [Hyun Song Shin](https://en.wikipedia.org/wiki/Hyun_Song_Shin "Hyun Song Shin"), [Bank for International Settlements](https://en.wikipedia.org/wiki/Bank_for_International_Settlements "Bank for International Settlements"), 2:48[\[242\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-bis_report-242) |
The [Bank for International Settlements](https://en.wikipedia.org/wiki/Bank_for_International_Settlements "Bank for International Settlements") summarized several criticisms of cryptocurrencies in Chapter V of their 2018 annual report. The criticisms include the lack of stability in their price, the high energy consumption, high and variable transactions costs, the poor security and fraud at cryptocurrency exchanges, vulnerability to debasement (from forking), and the influence of miners.[\[242\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-bis_report-242)[\[243\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-chapterV-243)[\[244\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-LATHiltzik-244)
### Speculation, fraud, and adoption
See also: [Cryptocurrency bubble](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble"), [Cryptocurrency and crime](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime "Cryptocurrency and crime"), and [Criminal activity on Bitcoin's network](https://en.wikipedia.org/wiki/Bitcoin_network "Bitcoin network")
Cryptocurrencies have been compared to [Ponzi schemes](https://en.wikipedia.org/wiki/Ponzi_schemes "Ponzi schemes"), [pyramid schemes](https://en.wikipedia.org/wiki/Pyramid_scheme "Pyramid scheme")[\[245\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-245) and [economic bubbles](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble"),[\[246\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-246) such as [housing market bubbles](https://en.wikipedia.org/wiki/Housing_market_bubble "Housing market bubble").[\[247\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-247) [Howard Marks](https://en.wikipedia.org/wiki/Howard_Marks_\(investor\) "Howard Marks (investor)") of [Oaktree Capital Management](https://en.wikipedia.org/wiki/Oaktree_Capital_Management "Oaktree Capital Management") stated in 2017 that digital currencies were "nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it", and compared them to the [tulip mania](https://en.wikipedia.org/wiki/Tulip_mania "Tulip mania") (1637), [South Sea Bubble](https://en.wikipedia.org/wiki/South_Sea_Bubble "South Sea Bubble") (1720), and [dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble") (1999), which all experienced profound price booms and busts.[\[248\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-248)
Regulators in several countries have warned against cryptocurrency and some have taken measures to dissuade users.[\[249\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-249) However, research in 2021 by the UK's financial regulator suggests such warnings either went unheard, or were ignored. Fewer than one in 10 potential cryptocurrency buyers were aware of consumer warnings on the [Financial Conduct Authority](https://en.wikipedia.org/wiki/Financial_Conduct_Authority "Financial Conduct Authority") (FCA) website, and 12% of crypto users were not aware that their holdings were not protected by [statutory compensation](https://en.wikipedia.org/wiki/Financial_Services_Compensation_Scheme "Financial Services Compensation Scheme").[\[250\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-250)[\[251\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-251) Of 1,000 respondents between the ages of eighteen and forty, 70% wrongly assumed cryptocurrencies were regulated, 75% of younger crypto investors claimed to be driven by competition with friends and family, and 58% said that social media enticed them to make high risk investments.[\[252\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-252) The FCA recommends making use of its warning list, which flags unauthorized financial firms.[\[253\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-253)
Many banks do not offer virtual currency services themselves and can refuse to do business with virtual currency companies.[\[254\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-254) In 2014, Gareth Murphy, a senior banking officer, suggested that the widespread adoption of cryptocurrencies may lead to too much money being [obfuscated](https://en.wikipedia.org/wiki/Obfuscation "Obfuscation"), blinding economists who would use such information to better steer the economy.[\[255\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-255) While traditional financial products have strong consumer protections in place, there is no intermediary with the power to limit consumer losses if bitcoins are lost or stolen. One of the features cryptocurrency lacks in comparison to credit cards, for example, is consumer protection against fraud, such as [chargebacks](https://en.wikipedia.org/wiki/Chargeback "Chargeback").\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\]
The French regulator [Autorité des marchés financiers](https://en.wikipedia.org/wiki/Autorit%C3%A9_des_march%C3%A9s_financiers_\(France\) "Autorité des marchés financiers (France)") (AMF) lists 16 websites of companies that solicit investment in cryptocurrency without being authorized to do so in France.[\[256\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-256)
An October 2021 paper by the [National Bureau of Economic Research](https://en.wikipedia.org/wiki/National_Bureau_of_Economic_Research "National Bureau of Economic Research") found that bitcoin suffers from systemic risk as the top 10,000 addresses control about one-third of all bitcoin in circulation.[\[257\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-257) It is even worse for miners, with 0.01% controlling 50% of the capacity. According to researcher Flipside Crypto, less than 2% of anonymous accounts control 95% of all available bitcoin supply.[\[258\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-258) This is considered risky as a great deal of the market is in the hands of a few entities.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\]
A paper by John Griffin, a finance professor at the [University of Texas](https://en.wikipedia.org/wiki/University_of_Texas_at_Austin "University of Texas at Austin"), and Amin Shams, a graduate student, found that in 2017 the price of bitcoin had been substantially inflated using another cryptocurrency, Tether.[\[259\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-259)
[Roger Lowenstein](https://en.wikipedia.org/wiki/Roger_Lowenstein "Roger Lowenstein"), author of "*Bank of America: The Epic Struggle to Create the Federal Reserve,*" said in a 2022 New York Times story that [FTX](https://en.wikipedia.org/wiki/FTX "FTX") currency exchange will face over \$8 billion in claims.[\[260\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-260)
### Non-fungible tokens
[Non-fungible tokens](https://en.wikipedia.org/wiki/Non-fungible_token "Non-fungible token") (NFTs) are digital assets that represent art, collectibles, gaming, etc. Like crypto, their data is stored on the blockchain. NFTs are bought and traded using cryptocurrency. The Ethereum blockchain was the first place where NFTs were implemented, but now many other blockchains have created their own versions of NFTs.
### Banks
See also: [2023 United States banking crisis](https://en.wikipedia.org/wiki/2023_United_States_banking_crisis "2023 United States banking crisis")
According to Vanessa Grellet, renowned panelist in blockchain conferences,[\[261\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-261) there was an increasing interest from traditional [stock exchanges](https://en.wikipedia.org/wiki/Stock_exchange "Stock exchange") in crypto-assets at the end of the 2010s, while crypto-exchanges such as [Coinbase](https://en.wikipedia.org/wiki/Coinbase "Coinbase") were gradually entering the traditional [financial markets](https://en.wikipedia.org/wiki/Financial_market "Financial market"). This convergence marked a significant trend where conventional financial actors were adopting blockchain technology to enhance operational efficiency, while the crypto world introduced innovations like [Security Token Offering](https://en.wikipedia.org/wiki/Security_token_offering "Security token offering") (STO), enabling new ways of [fundraising](https://en.wikipedia.org/wiki/Fundraising "Fundraising"). Tokenization, turning assets such as [real estate](https://en.wikipedia.org/wiki/Real_estate "Real estate"), [investment funds](https://en.wikipedia.org/wiki/Investment_fund "Investment fund"), and [private equity](https://en.wikipedia.org/wiki/Private_equity "Private equity") into blockchain-based tokens, had the potential to make traditionally illiquid assets more accessible to investors. Despite the regulatory risks associated with such developments, major financial institutions, including [JPMorgan Chase](https://en.wikipedia.org/wiki/JPMorgan_Chase "JPMorgan Chase"), were actively working on blockchain initiatives, exemplified by the creation of Quorum, a private blockchain platform.[\[262\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-LT-262)
As the first big Wall Street bank to embrace cryptocurrencies, [Morgan Stanley](https://en.wikipedia.org/wiki/Morgan_Stanley "Morgan Stanley") announced on 17 March 2021 that they will be offering access to bitcoin funds for their wealthy clients through three funds which enable bitcoin ownership for investors with an aggressive risk tolerance.[\[263\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-263) BNY Mellon on 11 February 2021 announced that it would begin offering cryptocurrency services to its clients.[\[264\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-264)
On 20 April 2021,[\[265\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-265) [Venmo](https://en.wikipedia.org/wiki/Venmo "Venmo") added support to its platform to enable customers to buy, hold and sell cryptocurrencies.[\[266\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-266)
In October 2021, financial services company [Mastercard](https://en.wikipedia.org/wiki/Mastercard "Mastercard") announced it is working with digital asset manager [Bakkt](https://en.wikipedia.org/wiki/Bakkt "Bakkt") on a platform that would allow any bank or merchant on the Mastercard network to offer cryptocurrency services.[\[267\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-267)
### Environmental effects
See also: [Environmental effects of bitcoin](https://en.wikipedia.org/wiki/Environmental_effects_of_bitcoin "Environmental effects of bitcoin")
Mining for [proof-of-work](https://en.wikipedia.org/wiki/Proof-of-work "Proof-of-work") (PoW) cryptocurrencies requires enormous amounts of electricity and consequently comes with a large [carbon footprint](https://en.wikipedia.org/wiki/Carbon_footprint "Carbon footprint") due to causing [greenhouse gas emissions](https://en.wikipedia.org/wiki/Greenhouse_gas_emissions "Greenhouse gas emissions").[\[268\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-268) Proof-of-work blockchains such as bitcoin, [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum"), [Litecoin](https://en.wikipedia.org/wiki/Litecoin "Litecoin"), and [Monero](https://en.wikipedia.org/wiki/Monero "Monero") were estimated to have added between 3 million and 15 million tons of [carbon dioxide (CO2) to the atmosphere](https://en.wikipedia.org/wiki/Carbon_dioxide_in_Earth%27s_atmosphere "Carbon dioxide in Earth's atmosphere") in the period from 1 January 2016 to 30 June 2017.[\[269\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-269) By November 2018, bitcoin was estimated to have an annual [energy consumption](https://en.wikipedia.org/wiki/Energy_consumption "Energy consumption") of 45.8TWh, generating 22.0 to 22.9 million tons of CO2, rivalling nations like [Jordan](https://en.wikipedia.org/wiki/Jordan "Jordan") and [Sri Lanka](https://en.wikipedia.org/wiki/Sri_Lanka "Sri Lanka").[\[270\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-270) By the end of 2021, bitcoin was estimated to produce 65.4 million tons of CO2, as much as [Greece](https://en.wikipedia.org/wiki/Greece "Greece"),[\[271\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-271) and consume between 91 and 177 terawatt-hours annually.[\[272\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-272)[\[273\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-273)
Critics have also identified a large [electronic waste](https://en.wikipedia.org/wiki/Electronic_waste "Electronic waste") problem in disposing of [mining rigs](https://en.wikipedia.org/wiki/Bitcoin_mining "Bitcoin mining").[\[274\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-274) Mining hardware is improving at a fast rate, quickly resulting in older generations of hardware.[\[275\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-275)
Bitcoin is the least energy-efficient cryptocurrency, using 707.6 kilowatt-hours of electricity per transaction.[\[276\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-276)
Before June 2021, China was the primary location for bitcoin mining. However, due to concerns over power usage and other factors, China forced out bitcoin operations, at least temporarily. As a result, the United States promptly emerged as the top global leader in the industry. An example of a gross amount of electronic waste associated with bitcoin mining operations in the US is a facility located in Dalton, Georgia which is consuming nearly the same amount of electricity as the combined power usage of 97,000 households in its vicinity. Another example is that Riot Platforms operates a bitcoin mining facility in Rockdale, Texas, which consumes approximately as much electricity as the nearby 300,000 households. This makes it the most energy-intensive bitcoin mining operation in the United States.[\[277\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-277)
The world's second-largest cryptocurrency, Ethereum, uses 62.56 kilowatt-hours of electricity per transaction.[\[278\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-278) [XRP](https://en.wikipedia.org/wiki/XRP "XRP") is the world's most energy efficient cryptocurrency, using 0.0079 kilowatt-hours of electricity per transaction.[\[279\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-laptopmag-279)
Although the biggest PoW blockchains consume energy on the scale of medium-sized countries, the annual power demand from [proof-of-stake](https://en.wikipedia.org/wiki/Proof_of_stake "Proof of stake") (PoS) blockchains is on a scale equivalent to a housing estate. *The Times* identified six "environmentally friendly" cryptocurrencies: Bitgreen, [Cardano](https://en.wikipedia.org/wiki/Cardano_\(blockchain_platform\) "Cardano (blockchain platform)"), [Chia](https://en.wikipedia.org/wiki/Chia_\(cryptocurrency\) "Chia (cryptocurrency)"), [IOTA](https://en.wikipedia.org/wiki/IOTA_\(technology\) "IOTA (technology)"), [Nano](https://en.wikipedia.org/wiki/Nano_\(cryptocurrency\) "Nano (cryptocurrency)"), and Solarcoin.[\[280\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-280) Academics and researchers have used various methods for estimating the energy use and energy efficiency of blockchains. A study of the six largest PoS networks in May 2021 concluded:
- [Cardano](https://en.wikipedia.org/wiki/Cardano_\(blockchain_platform\) "Cardano (blockchain platform)") has the lowest electricity use per node;
- [Polkadot](https://en.wikipedia.org/wiki/Polkadot_\(cryptocurrency\) "Polkadot (cryptocurrency)") has the lowest electricity use overall; and
- [Solana](https://en.wikipedia.org/wiki/Solana_\(blockchain_platform\) "Solana (blockchain platform)") has the lowest electricity use per transaction.
In terms of annual consumption (kWh/year), the figures were: Polkadot (70,237), [Tezos](https://en.wikipedia.org/wiki/Tezos "Tezos") (113,249), [Avalanche](https://en.wikipedia.org/wiki/Avalanche_\(blockchain_platform\) "Avalanche (blockchain platform)") (489,311), [Algorand](https://en.wikipedia.org/wiki/Algorand "Algorand") (512,671), Cardano (598,755) and Solana (1,967,930). This equates to Polkadot consuming 7 times the electricity of an average U.S. home, Cardano 57 homes and Solana 200 times as much. The research concluded that PoS networks consumed 0.001% the electricity of the bitcoin network.[\[281\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-281) University College London researchers reached a similar conclusion.[\[282\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-282)
[Variable renewable energy](https://en.wikipedia.org/wiki/Variable_renewable_energy "Variable renewable energy") power stations could invest in bitcoin mining to reduce [curtailment](https://en.wikipedia.org/wiki/Curtailment_\(electricity\) "Curtailment (electricity)"), [hedge](https://en.wikipedia.org/wiki/Hedge_\(finance\) "Hedge (finance)") [electricity price risk](https://en.wikipedia.org/wiki/Electricity_market#Risk_management "Electricity market"), stabilize the grid, increase the [profitability of renewable energy](https://en.wikipedia.org/wiki/Energy_return_on_investment "Energy return on investment") power stations and therefore accelerate [transition to sustainable energy](https://en.wikipedia.org/wiki/Transition_to_sustainable_energy "Transition to sustainable energy").[\[283\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Fridgen2021-283)[\[284\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-284)[\[285\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-285)[\[286\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-286)[\[287\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-287)
### Technological limitations
There are also purely technical elements in play. For example, technological advancement in cryptocurrencies such as bitcoin result in high up-front costs to miners in the form of specialized [hardware](https://en.wikipedia.org/wiki/Computer_hardware "Computer hardware") and [software](https://en.wikipedia.org/wiki/Software "Software").[\[288\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-288) Cryptocurrency transactions are normally irreversible after a number of blocks confirm the transaction. Additionally, cryptocurrency private keys can be permanently lost from local storage due to malware, data loss, or simply carelessness. This precludes the cryptocurrency from any usage whatsoever, permanently, thus removing it from the market.[\[289\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-289)
### Academic studies
Main article: [Ledger (journal)](https://en.wikipedia.org/wiki/Ledger_\(journal\) "Ledger (journal)")
In September 2015, the establishment of the [peer-reviewed](https://en.wikipedia.org/wiki/Peer-reviewed "Peer-reviewed") [academic journal](https://en.wikipedia.org/wiki/Academic_journal "Academic journal") *[Ledger](https://en.wikipedia.org/wiki/Ledger_\(journal\) "Ledger (journal)")* ([ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [2379-5980](https://search.worldcat.org/issn/2379-5980)) was announced. It covers studies of cryptocurrencies and related technologies, and is published by the [University of Pittsburgh](https://en.wikipedia.org/wiki/University_of_Pittsburgh "University of Pittsburgh").[\[290\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-290)
The journal encourages authors to [digitally sign](https://en.wikipedia.org/wiki/Digital_signature "Digital signature") a [file hash](https://en.wikipedia.org/wiki/Hash_function "Hash function") of submitted papers, which will then be [timestamped](https://en.wikipedia.org/wiki/Trusted_timestamping "Trusted timestamping") into the bitcoin [blockchain](https://en.wikipedia.org/wiki/Blockchain_\(database\) "Blockchain (database)"). Authors are also asked to include a personal bitcoin address in the first page of their papers.[\[291\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-291)[\[292\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-292)
### Aid agencies
A number of [aid agencies](https://en.wikipedia.org/wiki/Aid_agency "Aid agency") have started accepting donations in cryptocurrencies, including [UNICEF](https://en.wikipedia.org/wiki/UNICEF "UNICEF").[\[293\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-ibtimesunicef-293) Christopher Fabian, principal adviser at UNICEF Innovation, said the children's fund would uphold donor protocols, meaning that people making donations online would have to pass checks before they were allowed to deposit funds.[\[294\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-294)[\[295\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-295)
However, in 2021, there was a backlash against donations in bitcoin because of the environmental emissions it caused. Some agencies stopped accepting bitcoin and others turned to "greener" cryptocurrencies.[\[296\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-296) The [U.S. arm of Greenpeace](https://en.wikipedia.org/wiki/Greenpeace_USA "Greenpeace USA") stopped accepting bitcoin donations after seven years. It said: "As the amount of energy needed to run bitcoin became clearer, this policy became no longer tenable."[\[297\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-297)
In 2022, the [Ukrainian government](https://en.wikipedia.org/wiki/Ukrainian_government "Ukrainian government") raised over [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")10,000,000 worth of aid through cryptocurrency following the [2022 Russian invasion of Ukraine](https://en.wikipedia.org/wiki/2022_Russian_invasion_of_Ukraine "2022 Russian invasion of Ukraine").[\[298\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-298)
### Criticism
[Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") was characterized as a [speculative bubble](https://en.wikipedia.org/wiki/Speculative_bubble "Speculative bubble") in 2014–2018 by eight [winners of the Nobel Memorial Prize in Economic Sciences](https://en.wikipedia.org/wiki/Winners_of_the_Nobel_Memorial_Prize_in_Economic_Sciences "Winners of the Nobel Memorial Prize in Economic Sciences"): [Angus Deaton](https://en.wikipedia.org/wiki/Angus_Deaton "Angus Deaton"),[\[299\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-4Nobels-299) [Oliver Hart](https://en.wikipedia.org/wiki/Oliver_Hart_\(economist\) "Oliver Hart (economist)"),[\[299\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-4Nobels-299) [James Heckman](https://en.wikipedia.org/wiki/James_Heckman "James Heckman"),[\[299\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-4Nobels-299) [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman"),[\[300\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-300) [Thomas Sargent](https://en.wikipedia.org/wiki/Thomas_Sargent "Thomas Sargent"),[\[299\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-4Nobels-299) [Robert J. Shiller](https://en.wikipedia.org/wiki/Robert_J._Shiller "Robert J. Shiller"),[\[301\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Shiller_2014-301) [Joseph Stiglitz](https://en.wikipedia.org/wiki/Joseph_Stiglitz "Joseph Stiglitz"),[\[302\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Stiglitz-302) and [Richard Thaler](https://en.wikipedia.org/wiki/Richard_Thaler "Richard Thaler");[\[303\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Thaler-303) and in 2013–2018 by central bank officials including [Agustín Carstens](https://en.wikipedia.org/wiki/Agust%C3%ADn_Carstens "Agustín Carstens") (Mexico),[\[304\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Carstens-304) [Vítor Constâncio](https://en.wikipedia.org/wiki/V%C3%ADtor_Const%C3%A2ncio "Vítor Constâncio") (Portugal),[\[305\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Constancio-305) [Alan Greenspan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan") (US),[\[306\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Kearns-306) and [Nout Wellink](https://en.wikipedia.org/wiki/Nout_Wellink "Nout Wellink") (Netherlands).[\[307\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-tulip_mania-307)
Investors [Warren Buffett](https://en.wikipedia.org/wiki/Warren_Buffett "Warren Buffett") and [George Soros](https://en.wikipedia.org/wiki/George_Soros "George Soros") have respectively characterized it in 2014–2018 as a "mirage"[\[308\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-308) and a "bubble".[\[309\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-GnMSoros-309) Business executives [Jack Ma](https://en.wikipedia.org/wiki/Jack_Ma "Jack Ma") and [JP Morgan Chase](https://en.wikipedia.org/wiki/JP_Morgan_Chase "JP Morgan Chase") CEO [Jamie Dimon](https://en.wikipedia.org/wiki/Jamie_Dimon "Jamie Dimon") have called it in 2017–2018 a "bubble"[\[310\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Yang_Ma-310) and a "fraud",[\[311\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Buffet_and_Dimon-311) respectively, although Jamie Dimon later said in 2018 that he regretted stating bitcoin was a fraud.[\[312\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-312) [BlackRock](https://en.wikipedia.org/wiki/BlackRock "BlackRock") CEO [Laurence D. Fink](https://en.wikipedia.org/wiki/Laurence_D._Fink "Laurence D. Fink") in 2017 called bitcoin an "index of [money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering")".[\[313\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-313)
In June 2022, business magnate [Bill Gates](https://en.wikipedia.org/wiki/Bill_Gates "Bill Gates") said that cryptocurrencies are "100% based on [greater fool theory](https://en.wikipedia.org/wiki/Greater_fool_theory "Greater fool theory")".[\[314\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-314)
Legal scholars criticize the lack of regulation, which hinders conflict resolution when crypto assets are at the center of a legal dispute, for example a divorce or an inheritance. In Switzerland, jurists generally deny that cryptocurrencies are objects that fall under [property law](https://en.wikipedia.org/wiki/Property_law "Property law"), as cryptocurrencies do not belong to any class of legally defined objects (*Typenzwang*, the legal [numerus clausus](https://en.wikipedia.org/wiki/Numerus_clausus_\(law\) "Numerus clausus (law)")). Therefore, it is debated whether anybody could even be sued for [embezzlement](https://en.wikipedia.org/wiki/Embezzlement "Embezzlement") of cryptocurrency if they had access to someone's wallet. However, in the [law of obligations](https://en.wikipedia.org/wiki/Law_of_obligations "Law of obligations") and [contract law](https://en.wikipedia.org/wiki/Contract "Contract"), any kind of object would be legally valid, but the object would have to be tied to an identified [counterparty](https://en.wikipedia.org/wiki/Counterparty "Counterparty"). However, inasmuch the more popular cryptocurrencies can be freely and quickly exchanged into legal tender, they are financial assets and have to be taxed and accounted for as such.[\[315\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-315)[\[316\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-316)
Losses associated with cryptocurrency investments have been linked to suicides.[\[317\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-317)[\[318\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-318) In 2018, an increase in crypto-related suicides was noticed after the cryptocurrency market crashed in August.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] The situation was particularly critical in Korea as crypto traders were on "suicide watch".\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] The May 2022 collapse of the Luna currency operated by [Terra](https://en.wikipedia.org/wiki/Terra_\(blockchain\) "Terra (blockchain)") also led to reports of suicidal investors in crypto-related subreddits.[\[319\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-319)
## See also
- [](https://en.wikipedia.org/wiki/File:Emblem-money.svg)[Business and economics portal](https://en.wikipedia.org/wiki/Portal:Business_and_economics "Portal:Business and economics")
- [Free and open-source software portal](https://en.wikipedia.org/wiki/Portal:Free_and_open-source_software "Portal:Free and open-source software")
- [Money portal](https://en.wikipedia.org/wiki/Portal:Money "Portal:Money")
- [Numismatics portal](https://en.wikipedia.org/wiki/Portal:Numismatics "Portal:Numismatics")
- [2018 crypto crash](https://en.wikipedia.org/wiki/2018_crypto_crash "2018 crypto crash") – Speculative bubble involving cryptocurrency pricesPages displaying short descriptions of redirect targets
- [Blockchain-based remittances company](https://en.wikipedia.org/wiki/Blockchain-based_remittances_company "Blockchain-based remittances company") – Money transfer by a foreign worker to their home countryPages displaying short descriptions of redirect targets
- [Cryptocurrency bubble](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble") – Speculative bubble involving cryptocurrency prices
- [Cryptocurrency exchange](https://en.wikipedia.org/wiki/Cryptocurrency_exchange "Cryptocurrency exchange") – Trading exchange for crypto- and digital currencies
- [Cryptographic protocol](https://en.wikipedia.org/wiki/Cryptographic_protocol "Cryptographic protocol") – Aspect of cryptography
- [Cryptojacking](https://en.wikipedia.org/wiki/Cryptojacking "Cryptojacking") – Hijacking computers to mine currency
- [Ponzi scheme](https://en.wikipedia.org/wiki/Ponzi_scheme "Ponzi scheme") – Type of financial fraud
- [List of cryptocurrencies](https://en.wikipedia.org/wiki/List_of_cryptocurrencies "List of cryptocurrencies")
- [Virtual currency law in the United States](https://en.wikipedia.org/wiki/Virtual_currency_law_in_the_United_States "Virtual currency law in the United States") – Federal financial regulations
## References
1. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:02_1-0)**
Milutinović, Monia (2018). ["Cryptocurrency"](http://scindeks.ceon.rs/Article.aspx?artid=0350-137X1801105M). *Ekonomika*. **64** (1): 105–122\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.5937/ekonomika1801105M](https://doi.org/10.5937%2Fekonomika1801105M). [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0350-137X](https://search.worldcat.org/issn/0350-137X). [Archived](https://web.archive.org/web/20220416074304/http://scindeks.ceon.rs/Article.aspx?artid=0350-137X1801105M) from the original on 16 April 2022. Retrieved 18 April 2022.
2. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-2)** Hartill, Robin. "[Why you might one day use stablecoins in place of credit cards or bank accounts](https://finance.yahoo.com/news/why-you-might-one-day-use-stablecoins-in-place-of-credit-cards-or-bank-accounts-161301509.html)", [Yahoo Finance](https://en.wikipedia.org/wiki/Yahoo_Finance "Yahoo Finance") (26 July 2025).
3. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:5_3-0)**
Pagliery, Jose (2014). [*Bitcoin: And the Future of Money*](https://books.google.com/books?id=_-wuBAAAQBAJ). Triumph Books. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1629370361](https://en.wikipedia.org/wiki/Special:BookSources/978-1629370361 "Special:BookSources/978-1629370361")
. [Archived](https://web.archive.org/web/20180121071329/https://books.google.com.au/books?id=_-wuBAAAQBAJ) from the original on 21 January 2018. Retrieved 20 January 2018.
4. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-crypto_currency_4-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-crypto_currency_4-1)
Andy Greenberg (20 April 2011). ["Crypto Currency"](https://www.forbes.com/forbes/2011/0509/technology-psilocybin-bitcoins-gavin-andresen-crypto-currency.html). *Forbes*. [Archived](https://web.archive.org/web/20140831001109/http://www.forbes.com/forbes/2011/0509/technology-psilocybin-bitcoins-gavin-andresen-crypto-currency.html) from the original on 31 August 2014. Retrieved 8 August 2014.
5. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-reuterspricing_5-0)**
Polansek, Tom (2 May 2016). ["CME, ICE prepare pricing data that could boost bitcoin"](https://www.reuters.com/article/us-cme-group-bitcoin-idUSKCN0XT1G1). *[Reuters](https://en.wikipedia.org/wiki/Reuters "Reuters")*. [Archived](https://web.archive.org/web/20220423185213/https://www.reuters.com/article/us-cme-group-bitcoin-idUSKCN0XT1G1) from the original on 23 April 2022. Retrieved 3 May 2016.
6. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-6)**
Pernice, Ingolf G. A.; Scott, Brett (20 May 2021). ["Cryptocurrency"](https://policyreview.info/glossary/cryptocurrency). *Internet Policy Review*. **10** (2). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.14763/2021.2.1561](https://doi.org/10.14763%2F2021.2.1561). [hdl](https://en.wikipedia.org/wiki/Hdl_\(identifier\) "Hdl (identifier)"):[10419/235962](https://hdl.handle.net/10419%2F235962). [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [2197-6775](https://search.worldcat.org/issn/2197-6775). [Archived](https://web.archive.org/web/20211023191023/https://policyreview.info/glossary/cryptocurrency) from the original on 23 October 2021. Retrieved 23 October 2021.
7. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-7)**
Nicolini, Gianni; Intini, Silvia (16 August 2023). [*The Cryptocurrency Phenomenon*](https://books.google.com/books?id=Y7zHEAAAQBAJ&pg=PT53). Abingdon, Oxon New York, NY: Taylor & Francis. p. 53. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1-000-92384-1](https://en.wikipedia.org/wiki/Special:BookSources/978-1-000-92384-1 "Special:BookSources/978-1-000-92384-1")
.
8. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-8)**
["Bitcoin not a currency says Japan government"](https://www.bbc.com/news/business-26478059). *BBC News*. 7 March 2014. [Archived](https://web.archive.org/web/20220125102155/https://www.bbc.com/news/business-26478059) from the original on 25 January 2022. Retrieved 25 January 2022.
9. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-9)**
["Is it a currency? A commodity? Bitcoin has an identity crisis"](https://www.reuters.com/article/us-crypto-currencies-idUSKBN20Q0LK). *Reuters*. 3 March 2020. [Archived](https://web.archive.org/web/20220125102143/https://www.reuters.com/article/us-crypto-currencies-idUSKBN20Q0LK) from the original on 25 January 2022. Retrieved 25 January 2022.
10. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-10)**
Brown, Aaron (7 November 2017). ["Are Cryptocurrencies an Asset Class? Yes and No"](https://www.bloomberg.com/opinion/articles/2017-11-07/are-cryptocurrencies-an-asset-class-yes-and-no). *www.bloomberg.com*. [Archived](https://web.archive.org/web/20220401021540/https://www.bloomberg.com/opinion/articles/2017-11-07/are-cryptocurrencies-an-asset-class-yes-and-no) from the original on 1 April 2022. Retrieved 25 January 2022.
11. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-11)**
["Cryptocurrencies: What Are They?"](https://www.schwab.com/learn/story/cryptocurrencies-what-are-they). *Schwab Brokerage*. [Archived](https://web.archive.org/web/20230914003432/https://www.schwab.com/learn/story/cryptocurrencies-what-are-they) 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"
12. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-12)**
["Cryptocurrency prices today by market cap"](https://www.forbes.com/digital-assets/crypto-prices). *www.forbes.com*. Retrieved 18 April 2025.
13. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-13)**
[Chaum, David](https://en.wikipedia.org/wiki/David_Chaum "David Chaum") (2013) \[1983\]. ["Blind Signatures for Untraceable Payments"](https://web.archive.org/web/20141218034712/http://www.hit.bme.hu/~buttyan/courses/BMEVIHIM219/2009/Chaum.BlindSigForPayment.1982.PDF) (PDF). In David Chaum (ed.). *Advances in Cryptology: Proceedings of Crypto 82*. Springer. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1475706048](https://en.wikipedia.org/wiki/Special:BookSources/978-1475706048 "Special:BookSources/978-1475706048")
. Archived from [the original](http://www.hit.bme.hu/~buttyan/courses/BMEVIHIM219/2009/Chaum.BlindSigForPayment.1982.PDF) (PDF) on 18 December 2014. Retrieved 26 October 2014 – via www.hit.bme.hu.
14. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-14)**
[Chaum, David](https://en.wikipedia.org/wiki/David_Chaum "David Chaum"); Fiat, Amos; Naor, Moni (1990). ["Untraceable Electronic Cash"](https://web.archive.org/web/20110903023027/http://blog.koehntopp.de/uploads/chaum_fiat_naor_ecash.pdf) (PDF). In Shafi Goldwasser (ed.). *Advances in Cryptology - CRYPTO '88: Proceedings*. Springer. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0387971964](https://en.wikipedia.org/wiki/Special:BookSources/978-0387971964 "Special:BookSources/978-0387971964")
. Archived from [the original](http://blog.koehntopp.de/uploads/chaum_fiat_naor_ecash.pdf) (PDF) on 3 September 2011. Retrieved 10 October 2012 – via blog.koehntopp.de.
15. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-15)**
Pitta, Julie. ["Requiem for a Bright Idea"](https://www.forbes.com/forbes/1999/1101/6411390a.html). *[Forbes](https://en.wikipedia.org/wiki/Forbes "Forbes")*. [Archived](https://web.archive.org/web/20170830214226/https://www.forbes.com/forbes/1999/1101/6411390a.html) from the original on 30 August 2017. Retrieved 11 January 2018.
16. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-16)**
Law, Laurie; Sabett, Susan; Solinas, Jerry (April 1997). ["How to Make a Mint: The Cryptography of Anonymous Electronic Cash"](http://digitalcommons.wcl.american.edu/aulr/vol46/iss4/6/). *The American University Law Review*. **46** (4). [Archived](https://web.archive.org/web/20180112043050/http://digitalcommons.wcl.american.edu/aulr/vol46/iss4/6/) from the original on 12 January 2018. Retrieved 11 January 2018.
17. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-17)**
Wei Dai (1998). ["B-Money"](http://www.weidai.com/bmoney.txt). www.weidai.com. [Archived](https://web.archive.org/web/20111105071114/http://www.weidai.com/bmoney.txt) from the original on 5 November 2011.
18. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-18)**
Peck, Morgen E. (30 May 2012). ["Bitcoin: The Cryptoanarchists' Answer to Cash"](https://spectrum.ieee.org/bitcoin-the-cryptoanarchists-answer-to-cash). *[IEEE Spectrum](https://en.wikipedia.org/wiki/IEEE_Spectrum "IEEE Spectrum")*. [Archived](https://web.archive.org/web/20191221171012/https://spectrum.ieee.org/computing/software/bitcoin-the-cryptoanarchists-answer-to-cash) from the original on 21 December 2019. Retrieved 2 February 2020. "Around the same time, Nick Szabo, a computer scientist who now blogs about law and the history of money, was one of the first to imagine a new digital currency from the ground up. Although many consider his scheme, which he calls 'bit gold', to be a precursor to Bitcoin..."
19. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-primer_19-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-primer_19-1)
Jerry Brito and Andrea Castillo (2013). ["Bitcoin: A Primer for Policymakers"](http://mercatus.org/sites/default/files/Brito_BitcoinPrimer.pdf) (PDF). *Mercatus Center*. George Mason University. [Archived](https://web.archive.org/web/20130921060724/http://mercatus.org/sites/default/files/Brito_BitcoinPrimer.pdf) (PDF) from the original on 21 September 2013. Retrieved 22 October 2013.
20. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-20)**
Niccolai, James (19 May 2013). ["Bitcoin developer chats about regulation, open source, and the elusive Satoshi Nakamoto"](https://www.pcworld.com/article/451943/bitcoin-developer-talks-regulation-open-source-and-the-elusive-satoshi-nakamoto.html). *PCWorld*. [Archived](https://web.archive.org/web/20141003104345/http://www.pcworld.com/article/2039184/bitcoin-developer-talks-regulation-open-source-and-the-elusive-satoshi-nakamoto.html) from the original on 3 October 2014. Retrieved 17 August 2022.
21. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Steadman2013_21-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Steadman2013_21-1) [***c***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Steadman2013_21-2) [***d***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Steadman2013_21-3)
Steadman, Ian (11 May 2013). ["Wary of Bitcoin? A guide to some other cryptocurrencies"](https://arstechnica.com/information-technology/2013/05/wary-of-bitcoin-a-guide-to-some-other-cryptocurrencies/). *Ars Technica*. [Archived](https://web.archive.org/web/20140116040533/http://arstechnica.com/business/2013/05/wary-of-bitcoin-a-guide-to-some-other-cryptocurrencies/) from the original on 16 January 2014. Retrieved 17 August 2022.
22. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-22)**
["'Crypto winter' has come. And it's looking more like an ice age"](https://www.washingtonpost.com/business/2022/12/18/crypto-winter-ftx-collapse-bitcoin-prices/). *The Washington Post*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0190-8286](https://search.worldcat.org/issn/0190-8286). [Archived](https://web.archive.org/web/20221229181753/https://www.washingtonpost.com/business/2022/12/18/crypto-winter-ftx-collapse-bitcoin-prices/) from the original on 29 December 2022. Retrieved 13 April 2023.
23. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-23)**
["What Is Crypto Winter?"](https://www.forbes.com/advisor/investing/cryptocurrency/what-is-crypto-winter/). Forbes Advisor. *Forbes*. [Archived](https://web.archive.org/web/20230413220125/https://www.forbes.com/advisor/investing/cryptocurrency/what-is-crypto-winter/) from the original on 13 April 2023. Retrieved 13 April 2023.
24. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Crypto_currencyUK_24-0)**
["UK launches initiative to explore potential of virtual currencies"](http://www.theuknews.com/index.php/sid/224504231). The UK News. 7 August 2014. [Archived](https://web.archive.org/web/20141110202812/http://www.theuknews.com/index.php/sid/224504231) from the original on 10 November 2014. Retrieved 8 August 2014.
25. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-25)**
["Cryptoassets Taskforce: final report"](https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf) (PDF). *assets.publishing.service.gov.uk*. HM Treasury. October 2018. [Archived](https://web.archive.org/web/20210923211025/https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf) (PDF) from the original on 23 September 2021. Retrieved 1 October 2021.
26. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-26)**
["UK regulatory approach to cryptoassets and stablecoins: Consultation and call for evidence"](https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/950206/HM_Treasury_Cryptoasset_and_Stablecoin_consultation.pdf) (PDF). HM Treasury. [Archived](https://web.archive.org/web/20221125202157/https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/950206/HM_Treasury_Cryptoasset_and_Stablecoin_consultation.pdf) (PDF) from the original on 25 November 2022. Retrieved 1 October 2021.
27. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-27)**
["Bitcoin legal tender in El Salvador, first country ever"](https://en.mercopress.com/2021/06/10/bitcoin-legal-tender-in-el-salvador-first-country-ever). *Mercopress*. 10 June 2021. [Archived](https://web.archive.org/web/20230217114607/https://en.mercopress.com/2021/06/10/bitcoin-legal-tender-in-el-salvador-first-country-ever) from the original on 17 February 2023. Retrieved 11 June 2021.
28. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-28)**
Sigalos, MacKenzie (27 August 2021). ["Cuba's central bank now recognizes cryptocurrencies such as bitcoin"](https://www.cnbc.com/2021/08/27/cubas-central-bank-now-recognizes-cryptocurrencies-like-bitcoin.html). CNBC. [Archived](https://web.archive.org/web/20230217114606/https://www.cnbc.com/2021/08/27/cubas-central-bank-now-recognizes-cryptocurrencies-like-bitcoin.html) from the original on 17 February 2023. Retrieved 6 September 2021.
29. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-BBC_News_29-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-BBC_News_29-1)
["China declares all crypto-currency transactions illegal"](https://www.bbc.com/news/technology-58678907). BBC News. 24 September 2021. [Archived](https://web.archive.org/web/20230217120109/https://www.bbc.com/news/technology-58678907) from the original on 17 February 2023. Retrieved 24 September 2021.
30. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-30)**
["Ethereum Finishes Long-Awaited Energy-Saving 'Merge' Upgrade"](https://www.bloomberg.com/news/articles/2022-09-15/ethereum-completes-long-awaited-energy-saving-merge-upgrade). Bloomberg News. 15 September 2022.
31. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-valued_31-0)**
Osipovich, Alexander (20 July 2017). ["Crypto Exchange FTX Valued at \$18 Billion in Funding Round"](https://www.wsj.com/articles/crypto-exchange-ftx-valued-at-18-billion-in-funding-round-11626800455). *[The Wall Street Journal](https://en.wikipedia.org/wiki/The_Wall_Street_Journal "The Wall Street Journal")*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0099-9660](https://search.worldcat.org/issn/0099-9660). [Archived](https://web.archive.org/web/20221118075444/https://www.wsj.com/articles/crypto-exchange-ftx-valued-at-18-billion-in-funding-round-11626800455) from the original on 18 November 2022. Retrieved 28 December 2022.
32. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-filed_32-0)**
Hill, Jeremy (11 November 2022). ["FTX Goes Bankrupt in Stunning Reversal for Crypto Exchange"](https://www.bloomberg.com/news/articles/2022-11-11/ftx-com-goes-bankrupt-in-stunning-reversal-for-crypto-exchange). [Bloomberg News](https://en.wikipedia.org/wiki/Bloomberg_News "Bloomberg News"). [Archived](https://web.archive.org/web/20221111143533/https://www.bloomberg.com/news/articles/2022-11-11/ftx-com-goes-bankrupt-in-stunning-reversal-for-crypto-exchange) from the original on 11 November 2022. Retrieved 28 December 2022.
33. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-far_33-0)**
Khalili, Joel (11 November 2022). ["The Fallout of the FTX Collapse"](https://www.wired.com/story/the-fallout-of-the-ftx-collapse/). *[Wired](https://en.wikipedia.org/wiki/Wired_\(magazine\) "Wired (magazine)")*. [Archived](https://web.archive.org/web/20230111122757/https://www.wired.com/story/the-fallout-of-the-ftx-collapse/) from the original on 11 January 2023. Retrieved 28 December 2022.
34. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-protect_34-0)**
Chatterjee, Sumeet; Davies, Megan; Aftab, Ahmed; McCrank, John; Nguyen, Lananh; Howcroft, Elizabeth; Azhar, Saeed; Sinclair Foley, John (2 December 2022). ["After FTX collapse, pressure builds for tougher crypto rules"](https://www.reuters.com/business/finance/after-ftx-collapse-pressure-builds-tougher-crypto-rules-2022-12-02/). [Reuters](https://en.wikipedia.org/wiki/Reuters "Reuters"). [Archived](https://web.archive.org/web/20221228173516/https://www.reuters.com/business/finance/after-ftx-collapse-pressure-builds-tougher-crypto-rules-2022-12-02/) from the original on 28 December 2022. Retrieved 28 December 2022.
35. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-ton_35-0)**
Wile, Rob (28 December 2022). ["After FTX's spectacular collapse, where does crypto go from here?"](https://www.nbcnews.com/business/business-news/cryptocurrency-2023-predictions-bitcoin-ftx-collapse-sam-bankman-fried-rcna61548). [NBC News](https://en.wikipedia.org/wiki/NBC_News "NBC News"). [Archived](https://web.archive.org/web/20221228150920/https://www.nbcnews.com/business/business-news/cryptocurrency-2023-predictions-bitcoin-ftx-collapse-sam-bankman-fried-rcna61548) from the original on 28 December 2022. Retrieved 28 December 2022.
36. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-36)**
Faverio, Michelle; Dawson, Wyatt; Sidoti, Olivia (24 October 2024). ["Majority of Americans aren't confident in the safety and reliability of cryptocurrency"](https://www.pewresearch.org/short-reads/2024/10/24/majority-of-americans-arent-confident-in-the-safety-and-reliability-of-cryptocurrency/). *[Pew Research Center](https://en.wikipedia.org/wiki/Pew_Research_Center "Pew Research Center")*. Retrieved 8 March 2025.
37. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-37)**
Perrin, Andrew (11 November 2021). ["16% of Americans say they have ever invested in, traded or used cryptocurrency"](https://www.pewresearch.org/short-reads/2021/11/11/16-of-americans-say-they-have-ever-invested-in-traded-or-used-cryptocurrency/). *Pew Research Center*. Retrieved 23 November 2025.
38. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-38)**
Lansky, Jan (January 2018). ["Possible State Approaches to Cryptocurrencies"](http://si-journal.org/index.php/JSI/article/viewFile/335/325). *Journal of Systems Integration*. **9/1**: 19–31\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.20470/jsi.v9i1.335](https://doi.org/10.20470%2Fjsi.v9i1.335). [Archived](https://web.archive.org/web/20180212005102/http://si-journal.org/index.php/JSI/article/viewFile/335/325) from the original on 12 February 2018. Retrieved 11 February 2018.
39. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-39)**
["Oxford English Dictionary"](https://www.oed.com/dictionary/cryptocurrency_n?tab=meaning_and_use#1264092500).
40. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-40)**
["cryptocurrency, n. meanings, etymology and more \| Oxford English Dictionary"](https://www.oed.com/dictionary/crypto_n3?tab=compounds_and_derived_words&view=curated#1368484010).
41. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-41)**
["The Dictionary Just Got a Whole Lot Bigger"](https://www.merriam-webster.com/words-at-play/new-words-in-the-dictionary-march-2018). *Merriam-Webster*. March 2018. [Archived](https://web.archive.org/web/20180305144056/https://www.merriam-webster.com/words-at-play/new-words-in-the-dictionary-march-2018) from the original on 5 March 2018. Retrieved 5 March 2018.
42. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-42)**
Yang, Stephanie (31 January 2018). ["Want to Keep Up With Bitcoin Enthusiasts? Learn the Lingo"](https://www.wsj.com/articles/want-to-keep-up-with-bitcoin-enthusiasts-learn-the-lingo-1517394601). *The Wall Street Journal*. [Archived](https://web.archive.org/web/20180612143411/https://www.wsj.com/articles/want-to-keep-up-with-bitcoin-enthusiasts-learn-the-lingo-1517394601) from the original on 12 June 2018. Retrieved 25 October 2020.
43. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-43)**
Katz, Lily (24 May 2017). ["Cryptocurrency Mania Goes Beyond Bitcoin"](https://www.bloomberg.com/news/articles/2017-05-24/cryptocurrency-mania-goes-beyond-bitcoin-as-altcoins-lead-gains). *Bloomberg*. [Archived](https://web.archive.org/web/20201016210755/https://www.bloomberg.com/news/articles/2017-05-24/cryptocurrency-mania-goes-beyond-bitcoin-as-altcoins-lead-gains) from the original on 16 October 2020. Retrieved 25 October 2020.
44. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-44)**
Browne, Ryan (5 December 2017). ["Bitcoin is not a bubble but other cryptocurrencies are 'cannibalizing themselves,' fintech exec says"](https://www.cnbc.com/2017/12/05/bitcoin-is-not-a-bubble-other-cryptocurrencies-are-glint-co-founder.html). *CNBC*. [Archived](https://web.archive.org/web/20201028234837/https://www.cnbc.com/2017/12/05/bitcoin-is-not-a-bubble-other-cryptocurrencies-are-glint-co-founder.html) from the original on 28 October 2020. Retrieved 25 October 2020.
45. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-aumatell2021_45-0)**
Coll Aumatell, Roger (7 July 2021). [*Analysis and Development of Blockchain Rollups*](https://upcommons.upc.edu/handle/2117/359879) (Master's Thesis). Barcelona, Spain: [Universitat Politècnica de Catalunya](https://en.wikipedia.org/wiki/Polytechnic_University_of_Catalonia "Polytechnic University of Catalonia"). [Archived](https://web.archive.org/web/20240317142718/https://upcommons.upc.edu/handle/2117/359879) from the original on 17 March 2024. Retrieved 17 March 2024.
46. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-46)**
Kharif, Olga (15 January 2018). ["These Digital Coins Soar (or Fall) With Bitcoin"](https://www.bloomberg.com/news/articles/2018-01-15/these-digital-coins-soar-or-fall-with-bitcoin-quicktake-q-a). *Bloomberg*. [Archived](https://web.archive.org/web/20201028204826/https://www.bloomberg.com/news/articles/2018-01-15/these-digital-coins-soar-or-fall-with-bitcoin-quicktake-q-a) from the original on 28 October 2020. Retrieved 25 October 2020.
47. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-47)**
Hajric, Vildana (21 October 2020). ["Bitcoin Surges to Highest Since July 2019 After PayPal Embrace"](https://news.bloomberglaw.com/banking-law/bitcoin-on-the-brink-of-fresh-2020-high-following-paypal-embrace). *Bloomberg Law*. [Archived](https://web.archive.org/web/20201029001015/https://news.bloomberglaw.com/banking-law/bitcoin-on-the-brink-of-fresh-2020-high-following-paypal-embrace) from the original on 29 October 2020. Retrieved 25 October 2020.
48. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-48)**
["Forget Bitcoin: Inside the insane world of altcoin cryptocurrency trading"](https://www.cnet.com/features/beyond-bitcoin-the-wild-world-of-altcoin-cryptocurrency-trading/). *CNET*. [Archived](https://web.archive.org/web/20211122110234/https://www.cnet.com/features/beyond-bitcoin-the-wild-world-of-altcoin-cryptocurrency-trading/) from the original on 22 November 2021. Retrieved 22 November 2021.
49. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-49)**
Vigna, Paul (19 December 2017). ["Which Digital Currency Will Be the Next Bitcoin?"](https://www.wsj.com/articles/which-digital-currency-will-be-the-next-bitcoin-1513679400). *The Wall Street Journal*. [Archived](https://web.archive.org/web/20180612140843/https://www.wsj.com/articles/which-digital-currency-will-be-the-next-bitcoin-1513679400) from the original on 12 June 2018. Retrieved 25 October 2020.
50. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-50)**
Popper, Nathaniel (1 October 2017). ["Understanding Ethereum, Bitcoin's Virtual Cousin (Published 2017)"](https://www.nytimes.com/2017/10/01/technology/what-is-ethereum.html). *The New York Times*. [Archived](https://web.archive.org/web/20210210094910/https://www.nytimes.com/2017/10/01/technology/what-is-ethereum.html) from the original on 10 February 2021. Retrieved 28 November 2020.
51. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-51)**
["Ethereum Upgrade Adds to Crypto Mania Sparked by Bitcoin's Surge"](https://www.bloomberg.com/news/articles/2020-11-25/ethereum-upgrade-adds-to-crypto-mania-sparked-by-bitcoin-s-surge). *Bloomberg.com*. 25 November 2020. [Archived](https://web.archive.org/web/20201128213844/https://www.bloomberg.com/news/articles/2020-11-25/ethereum-upgrade-adds-to-crypto-mania-sparked-by-bitcoin-s-surge) from the original on 28 November 2020. Retrieved 28 November 2020.
52. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-52)**
Popper, Nathaniel (27 March 2016). ["Ethereum, a Virtual Currency, Enables Transactions That Rival Bitcoin's"](https://www.nytimes.com/2016/03/28/business/dealbook/ethereum-a-virtual-currency-enables-transactions-that-rival-bitcoins.html). *The New York Times*. [Archived](https://web.archive.org/web/20160724214904/http://www.nytimes.com/2016/03/28/business/dealbook/ethereum-a-virtual-currency-enables-transactions-that-rival-bitcoins.html) from the original on 24 July 2016. Retrieved 25 October 2020.
53. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-53)**
Hajric, Vildana (28 August 2019). ["Bitcoin's Surge Means Smaller Rivals May Be Due for Rallies"](https://www.bloomberg.com/news/articles/2019-08-28/technicals-show-alt-coin-season-is-near-amid-bitcoin-mega-gains). *Bloomberg*. [Archived](https://web.archive.org/web/20201031143140/https://www.bloomberg.com/news/articles/2019-08-28/technicals-show-alt-coin-season-is-near-amid-bitcoin-mega-gains) from the original on 31 October 2020. Retrieved 25 October 2020.
54. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-54)**
Saad, Amena (8 July 2020). ["TikTok Takes on Crypto With Dogecoin Soaring 40% in 24 Hours"](https://www.bloomberg.com/news/articles/2020-07-08/tiktok-takes-on-crypto-with-dogecoin-soaring-40-in-24-hours). *Bloomberg*. [Archived](https://web.archive.org/web/20201028214959/https://www.bloomberg.com/news/articles/2020-07-08/tiktok-takes-on-crypto-with-dogecoin-soaring-40-in-24-hours) from the original on 28 October 2020. Retrieved 25 October 2020.
55. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-55)**
["Stablecoin"](https://www.investopedia.com/terms/s/stablecoin.asp). *Investopedia*. [Archived](https://web.archive.org/web/20210925151328/https://www.investopedia.com/terms/s/stablecoin.asp) from the original on 25 September 2021. Retrieved 4 October 2021.
56. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-56)**
Denton, Jack. ["How a Digital Token Designed to be Stable Fueled a Crypto Crash"](https://www.barrons.com/articles/stablecoins-crypto-crash-tether-usdc-terra-luna-bitcoin-51652298703). *www.barrons.com*. [Archived](https://web.archive.org/web/20220512135629/https://www.barrons.com/articles/stablecoins-crypto-crash-tether-usdc-terra-luna-bitcoin-51652298703) from the original on 12 May 2022. Retrieved 12 May 2022.
57. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-57)**
["Turmoil and panic in crypto market as 'stablecoin' slump prompts wider collapse"](https://www.theguardian.com/technology/2022/may/12/stablecoin-tether-breaks-dollar-peg-cryptocurrencies). *the Guardian*. 12 May 2022. [Archived](https://web.archive.org/web/20220512182747/https://www.theguardian.com/technology/2022/may/12/stablecoin-tether-breaks-dollar-peg-cryptocurrencies) from the original on 12 May 2022. Retrieved 12 May 2022.
58. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-58)**
["South Korean founder of failed cryptocurrency Terra denies he is 'on the run'"](https://www.theguardian.com/technology/2022/sep/18/south-korean-founder-of-failed-cryptocurrency-terra-denies-he-is-on-the-run). *the Guardian*. Agence France-Presse. 18 September 2022. [Archived](https://web.archive.org/web/20220919082149/https://www.theguardian.com/technology/2022/sep/18/south-korean-founder-of-failed-cryptocurrency-terra-denies-he-is-on-the-run) from the original on 19 September 2022. Retrieved 19 September 2022.
59. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-59)**
["South Korean prosecutors ask Interpol to issue red notice for Do Kwon"](https://www.ft.com/content/7e9f6182-f545-4e53-9cef-1ae4f6e3bd9f). *Financial Times*. 19 September 2022. [Archived](https://web.archive.org/web/20220919074715/https://www.ft.com/content/7e9f6182-f545-4e53-9cef-1ae4f6e3bd9f) from the original on 19 September 2022. Retrieved 19 September 2022.
60. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-60)**
["HKMA to Roll Out New Licensing Requirements and Regulations on Stablecoins in 2023/2024 \| Perspectives & Events \| Mayer Brown"](https://www.mayerbrown.com/en/perspectives-events/publications/2023/02/hkma-to-roll-out-new-licensing-requirements-and-regulations-on-stablecoins-in-2023-2024). *www.mayerbrown.com*. [Archived](https://web.archive.org/web/20230205140216/https://www.mayerbrown.com/en/perspectives-events/publications/2023/02/hkma-to-roll-out-new-licensing-requirements-and-regulations-on-stablecoins-in-2023-2024) from the original on 5 February 2023. Retrieved 5 February 2023.
61. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Yaffe-Bellany_61-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Yaffe-Bellany_61-1) [***c***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Yaffe-Bellany_61-2) David Yaffe-Bellany, [A Digital Coin Based on Baby Trump? Yup.](https://www.nytimes.com/2024/07/27/technology/memecoins-crypto-surge.html), *New York Times* (27 July 2024).
62. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-62)**
Staff, Numismatic News (23 June 2023). ["Physical Cryptocurrency Sells Big at Auction"](https://www.numismaticnews.net/world-coins/physical-cryptocurrency-sells-big-at-auction). *Numismatic News*. [Archived](https://web.archive.org/web/20240609130325/https://www.numismaticnews.net/world-coins/physical-cryptocurrency-sells-big-at-auction) from the original on 9 June 2024. Retrieved 9 June 2024.
63. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-63)**
Giedroyc, Richard (20 February 2024). ["Promoting Physical Cryptocurrency"](https://www.numismaticnews.net/paper-money/promoting-physical-cryptocurrency). *Numismatic News*. [Archived](https://web.archive.org/web/20240609125954/https://www.numismaticnews.net/paper-money/promoting-physical-cryptocurrency) from the original on 9 June 2024. Retrieved 9 June 2024.
64. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-64)**
Coles-Andrew, Graeme (19 January 2024). ["WisdomTree cuts fees on its European Physical Bitcoin ETP"](https://www.thearmchairtrader.com/wisdomtree-europe-physical-bitcoin-etp-etf/). *The Armchair Trader*. [Archived](https://web.archive.org/web/20240609130325/https://www.thearmchairtrader.com/wisdomtree-europe-physical-bitcoin-etp-etf/) from the original on 9 June 2024. Retrieved 9 June 2024.
65. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-65)**
["Casascius, Titan physical bitcoins give numismatic identity"](https://www.coinworld.com/news/paper-money/bitcoin-coin-world-virtual-currency-titan-bitcoin-casascius-physical-bitcoin-numismatics-coin-collecting.html). *CoinWorld*. Retrieved 19 April 2025.
66. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-te20151031_66-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-te20151031_66-1)
["Blockchains: The great chain of being sure about things"](https://www.economist.com/news/briefing/21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable). *[The Economist](https://en.wikipedia.org/wiki/The_Economist "The Economist")*. 31 October 2015. [Archived](https://web.archive.org/web/20160703000844/http://www.economist.com/news/briefing/21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable) from the original on 3 July 2016. Retrieved 18 June 2016.
67. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-67)** "[How Cryptocurrencies Could Upend Banks' Monetary Role](http://www.americanbanker.com/bankthink/how-cryptocurrencies-could-upend-banks-monetary-role-1057597-1.html?zkPrintable=1&nopagination=1)". [Archived](https://web.archive.org/web/20130927084451/http://www.americanbanker.com/bankthink/how-cryptocurrencies-could-upend-banks-monetary-role-1057597-1.html?zkPrintable=1&nopagination=1) 27 September 2013 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine"), *American Banker*. 26 May 2013
68. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-cryptocurrencytech_68-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-cryptocurrencytech_68-1)
Narayanan, Arvind; Bonneau, Joseph; Felten, Edward; Miller, Andrew; Goldfeder, Steven (2016). *Bitcoin and cryptocurrency technologies: a comprehensive introduction*. Princeton: Princeton University Press. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0-691-17169-2](https://en.wikipedia.org/wiki/Special:BookSources/978-0-691-17169-2 "Special:BookSources/978-0-691-17169-2")
.
69. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-IPblockchain_69-0)**
["Blockchain"](http://www.investopedia.com/terms/b/blockchain.asp). *Investopedia*. [Archived](https://web.archive.org/web/20160323045814/http://www.investopedia.com/terms/b/blockchain.asp) from the original on 23 March 2016. Retrieved 19 March 2016. "Based on the Bitcoin protocol, the blockchain database is shared by all nodes participating in a system."
70. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-hbr201701_70-0)**
Iansiti, Marco; Lakhani, Karim R. (January 2017). ["The Truth About Blockchain"](https://hbr.org/2017/01/the-truth-about-blockchain). *[Harvard Business Review](https://en.wikipedia.org/wiki/Harvard_Business_Review "Harvard Business Review")*. [Harvard University](https://en.wikipedia.org/wiki/Harvard_University "Harvard University"). [Archived](https://web.archive.org/web/20170118052537/https://hbr.org/2017/01/the-truth-about-blockchain) from the original on 18 January 2017. Retrieved 17 January 2017. "The technology at the heart of bitcoin and other virtual currencies, blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way."
71. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-decapp_71-0)**
Raval, Siraj (2016). [*Decentralized Applications: Harnessing Bitcoin's Blockchain Technology*](https://books.google.com/books?id=fvywDAAAQBAJ). O'Reilly Media, Inc. pp. [1](https://books.google.com/books?id=fvywDAAAQBAJ&pg=PA1)–[2](https://books.google.com/books?id=fvywDAAAQBAJ). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1-4919-2452-5](https://en.wikipedia.org/wiki/Special:BookSources/978-1-4919-2452-5 "Special:BookSources/978-1-4919-2452-5")
. [Archived](https://web.archive.org/web/20240628094550/https://books.google.com/books?id=fvywDAAAQBAJ) from the original on 28 June 2024. Retrieved 21 January 2018.
72. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-72)**
Park, Sehyun; Im, Seongwon; Seol, Youhwan; Paek, Jeongyeup (2019). ["Nodes in the Bitcoin Network: Comparative Measurement Study and Survey"](https://doi.org/10.1109%2FACCESS.2019.2914098). *IEEE Access*. **7**: 57009–57022\. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_\(identifier\) "Bibcode (identifier)"):[2019IEEEA...757009P](https://ui.adsabs.harvard.edu/abs/2019IEEEA...757009P). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1109/ACCESS.2019.2914098](https://doi.org/10.1109%2FACCESS.2019.2914098). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [155106629](https://api.semanticscholar.org/CorpusID:155106629).
73. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-computer201709_73-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-computer201709_73-1)
Bedford Taylor, Michael (1 September 2017). ["The Evolution of Bitcoin Hardware"](https://www.computer.org/csdl/magazine/co/2017/09/mco2017090058/13rRUwghdcJ). *Computer*. [Archived](https://web.archive.org/web/20200927165421/https://www.computer.org/csdl/magazine/co/2017/09/mco2017090058/13rRUwghdcJ) from the original on 27 September 2020. Retrieved 14 December 2020.
74. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-74)**
Kent, Peter; Bain, Tyler (13 July 2022). [*Cryptocurrency Mining for Dummies*](https://books.google.com/books?id=HWJ6EAAAQBAJ&dq=Crypto+mining+th%2Fs&pg=PA222). John Wiley & Sons. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[9781119885368](https://en.wikipedia.org/wiki/Special:BookSources/9781119885368 "Special:BookSources/9781119885368")
. [Archived](https://web.archive.org/web/20240628094521/https://books.google.com/books?id=HWJ6EAAAQBAJ&dq=Crypto+mining+th%2Fs&pg=PA222#v=onepage&q=Crypto%20mining%20th%2Fs&f=false) from the original on 28 June 2024. Retrieved 7 February 2023.
75. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-75)**
["Carbon Emissions from AI and Crypto Are Surging and Tax Policy Can Help"](https://www.imf.org/en/Blogs/Articles/2024/08/15/carbon-emissions-from-ai-and-crypto-are-surging-and-tax-policy-can-help). *IMF*. 15 August 2024. Retrieved 27 October 2024.
76. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-76)**
Hern, Alex (17 January 2018). ["Bitcoin's energy usage is huge – we can't afford to ignore it"](https://www.theguardian.com/technology/2018/jan/17/bitcoin-electricity-usage-huge-climate-cryptocurrency). *The Guardian*. [Archived](https://web.archive.org/web/20180123061505/https://www.theguardian.com/technology/2018/jan/17/bitcoin-electricity-usage-huge-climate-cryptocurrency) from the original on 23 January 2018. Retrieved 23 January 2018.
77. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-77)**
Baraniuk, Chris (3 July 2019). ["Bitcoin's global energy use 'equals Switzerland'"](https://www.bbc.com/news/technology-48853230). *BBC News*. [Archived](https://web.archive.org/web/20200116160730/https://www.bbc.com/news/technology-48853230) from the original on 16 January 2020. Retrieved 2 February 2020.
78. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-78)**
["China's Crypto Crackdown Sends Miners Scurrying to Chilly Canada"](https://www.bloomberg.com/news/articles/2018-02-02/china-crypto-exodus-leads-to-cheap-clean-power-in-chilly-canada). *Bloomberg.com*. Bloomberg L.P. 2 February 2018. [Archived](https://web.archive.org/web/20180304090651/https://www.bloomberg.com/news/articles/2018-02-02/china-crypto-exodus-leads-to-cheap-clean-power-in-chilly-canada) from the original on 4 March 2018. Retrieved 3 March 2018.
79. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-79)**
["Why China's bitcoin miners are moving to Texas"](https://www.bbc.com/news/world-us-canada-58414555). *BBC News*. 3 September 2021. [Archived](https://web.archive.org/web/20210904221716/https://www.bbc.com/news/world-us-canada-58414555) from the original on 4 September 2021. Retrieved 4 September 2021.
80. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-80)**
["Cryptocurrency mining operation launched by Iron Bridge Resources"](http://www.worldoil.com/news/2018/1/26/cryptocurrency-mining-operation-launched-by-iron-bridge-resources). *World Oil*. 26 January 2018. [Archived](https://web.archive.org/web/20180130091353/http://www.worldoil.com/news/2018/1/26/cryptocurrency-mining-operation-launched-by-iron-bridge-resources) from the original on 30 January 2018.
81. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-81)**
["Bitcoin and crypto currencies trending up today - Crypto Currency Daily Roundup June 25 - Market Exclusive"](https://marketexclusive.com/bitcoin-major-currencies-today-crypto-currency-daily-roundup-june-25/2018/06/). *marketexclusive.com*. 25 June 2018. [Archived](https://web.archive.org/web/20200413024944/https://marketexclusive.com/bitcoin-major-currencies-today-crypto-currency-daily-roundup-june-25/2018/06/) from the original on 13 April 2020. Retrieved 27 June 2018.
82. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-82)**
["Iceland Expects to Use More Electricity Mining Bitcoin Than Powering Homes This Year"](http://fortune.com/2018/02/13/iceland-bitcoin-mining-electricity/). *Fortune*. [Archived](https://web.archive.org/web/20180420081336/http://fortune.com/2018/02/13/iceland-bitcoin-mining-electricity/) from the original on 20 April 2018. Retrieved 25 March 2018.
83. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-83)**
["Bitcoin Mining Banned for First Time in Upstate New York Town"](https://www.bloomberg.com/news/articles/2018-03-16/bitcoin-mining-banned-for-first-time-in-upstate-new-york-town). *Bloomberg.com*. Bloomberg L.P. 16 March 2018. [Archived](https://web.archive.org/web/20180320170609/https://www.bloomberg.com/news/articles/2018-03-16/bitcoin-mining-banned-for-first-time-in-upstate-new-york-town) from the original on 20 March 2018. Retrieved 20 March 2018.
84. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-84)**
["Inside Kazakhstan's giant crypto-mine"](https://www.bbc.com/news/av/technology-60148754). *BBC*. 31 January 2022. [Archived](https://web.archive.org/web/20220328171928/https://www.bbc.com/news/av/technology-60148754) from the original on 28 March 2022. Retrieved 28 March 2022.
85. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-85)**
["Bitcoin mania is hurting PC gamers by pushing up GPU prices"](https://www.theverge.com/2018/1/30/16949550/bitcoin-graphics-cards-pc-prices-surge). 30 January 2018. [Archived](https://web.archive.org/web/20180202070911/https://www.theverge.com/2018/1/30/16949550/bitcoin-graphics-cards-pc-prices-surge) from the original on 2 February 2018. Retrieved 2 February 2018.
86. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-86)**
["Graphics card shortage leads retailers to take unusual measures"](https://www.polygon.com/2018/1/26/16936984/graphics-card-gpu-prices-nvidia-amd-cryptocurrency-mining-stores). *[Polygon](https://en.wikipedia.org/wiki/Polygon_\(website\) "Polygon (website)")*. 26 January 2018. [Archived](https://web.archive.org/web/20180202190305/https://www.polygon.com/2018/1/26/16936984/graphics-card-gpu-prices-nvidia-amd-cryptocurrency-mining-stores) from the original on 2 February 2018. Retrieved 2 February 2018.
87. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-87)**
["AMD, Nvidia must do more to stop cryptominers from causing PC gaming card shortages, price gouging"](https://www.cnbc.com/2018/01/22/amd-nvidia-must-do-more-to-stop-cryptominers-from-causing-shortages.html). *[CNBC](https://en.wikipedia.org/wiki/CNBC "CNBC")*. 22 January 2018. [Archived](https://web.archive.org/web/20180202094859/https://www.cnbc.com/2018/01/22/amd-nvidia-must-do-more-to-stop-cryptominers-from-causing-shortages.html) from the original on 2 February 2018. Retrieved 2 February 2018.
88. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-88)**
["Nvidia suggests retailers put gamers over cryptocurrency miners in graphics card craze"](https://www.polygon.com/2018/1/23/16921356/nvidia-graphics-cards-sold-out-cryptocurrency-miners). *[Polygon](https://en.wikipedia.org/wiki/Polygon_\(website\) "Polygon (website)")*. 23 January 2018. [Archived](https://web.archive.org/web/20180202190249/https://www.polygon.com/2018/1/23/16921356/nvidia-graphics-cards-sold-out-cryptocurrency-miners) from the original on 2 February 2018. Retrieved 2 February 2018.
89. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-89)**
Cunningham, Andrew (18 April 2023). ["Intel unceremoniously dumps its year-old Blockscale chips for bitcoin mining"](https://arstechnica.com/gadgets/2023/04/intel-introduced-bitcoin-mining-chips-a-year-ago-and-theyre-already-going-away/). *Ars Technica*. [Archived](https://web.archive.org/web/20230419070248/https://arstechnica.com/gadgets/2023/04/intel-introduced-bitcoin-mining-chips-a-year-ago-and-theyre-already-going-away/) from the original on 19 April 2023. Retrieved 19 April 2023.
90. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-90)**
Arnott, Amy (2 August 2021). ["A Basic Glossary of Terms for Crypto Newbies"](https://www.morningstar.com/articles/1050329/a-basic-glossary-of-terms-for-crypto-newbies). *Morningstar.com*. [Archived](https://web.archive.org/web/20210802195320/https://www.morningstar.com/articles/1050329/a-basic-glossary-of-terms-for-crypto-newbies) from the original on 2 August 2021. Retrieved 30 August 2021.
91. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-91)**
Jokić, Stevo; Cvetković, Aleksandar; Adamović, Saša; Ristić, Nenad; Spalević, Petar (2019). ["Comparative analysis of cryptocurrency wallets vs traditional wallets"](https://doi.org/10.5937%2Fekonomika1903065J). *Ekonomika*. **65** (3): 65–75\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.5937/ekonomika1903065J](https://doi.org/10.5937%2Fekonomika1903065J). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [208267171](https://api.semanticscholar.org/CorpusID:208267171).
92. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-92)**
Lee, Justina (13 September 2018). ["Mystery of the \$2 Billion Bitcoin Whale That Fueled a Selloff"](https://www.bloomberg.com/news/articles/2018-09-13/mystery-of-the-2-billion-bitcoin-whale-that-fueled-a-selloff). *Bloomberg.com*. [Archived](https://web.archive.org/web/20181219093844/https://www.bloomberg.com/news/articles/2018-09-13/mystery-of-the-2-billion-bitcoin-whale-that-fueled-a-selloff) from the original on 19 December 2018.
93. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-93)**
Galston, Ezra (16 June 2021). ["Untraceable Bitcoin Is a Myth"](https://www.wsj.com/articles/untraceable-bitcoin-is-a-myth-11623860828). The Wall Street Journal. [Archived](https://web.archive.org/web/20220920170550/https://www.wsj.com/articles/untraceable-bitcoin-is-a-myth-11623860828) from the original on 20 September 2022. Retrieved 16 September 2022.
94. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-94)**
Goodell, Geoff; Aste, Tomaso (2019). ["Can Cryptocurrencies Preserve Privacy and Comply With Regulations?"](https://doi.org/10.3389%2Ffbloc.2019.00004). *Frontiers in Blockchain*. **2** 4. [arXiv](https://en.wikipedia.org/wiki/ArXiv_\(identifier\) "ArXiv (identifier)"):[1811\.12240](https://arxiv.org/abs/1811.12240). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.3389/fbloc.2019.00004](https://doi.org/10.3389%2Ffbloc.2019.00004). [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [2624-7852](https://search.worldcat.org/issn/2624-7852).
95. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-95)**
["What You Need To Know About Zero Knowledge"](https://techcrunch.com/2015/02/07/what-you-need-to-know-about-zero-knowledge/). *TechCrunch*. 7 February 2015. [Archived](https://web.archive.org/web/20190220124117/https://techcrunch.com/2015/02/07/what-you-need-to-know-about-zero-knowledge/) from the original on 20 February 2019. Retrieved 19 December 2018.
96. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-96)**
Greenberg, Andy (25 January 2017). ["Monero, the Drug Dealer's Cryptocurrency of Choice, Is on Fire"](https://www.wired.com/2017/01/monero-drug-dealers-cryptocurrency-choice-fire/). *Wired*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [1059-1028](https://search.worldcat.org/issn/1059-1028). [Archived](https://web.archive.org/web/20181210020727/https://www.wired.com/2017/01/monero-drug-dealers-cryptocurrency-choice-fire/) from the original on 10 December 2018. Retrieved 19 December 2018.
97. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-97)**
Herskind, Lasse; Katsikouli, Panagiota; Dragoni, Nicola (2020). ["Privacy and Cryptocurrencies—A Systematic Literature Review"](https://doi.org/10.1109%2FACCESS.2020.2980950). *IEEE Access*. **8**: 54044–54059\. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_\(identifier\) "Bibcode (identifier)"):[2020IEEEA...854044H](https://ui.adsabs.harvard.edu/abs/2020IEEEA...854044H). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1109/ACCESS.2020.2980950](https://doi.org/10.1109%2FACCESS.2020.2980950). [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [2169-3536](https://search.worldcat.org/issn/2169-3536).
98. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-98)**
["On the Instability of Bitcoin Without the Block Reward"](https://www.cs.princeton.edu/~arvindn/publications/mining_CCS.pdf) (PDF). [Archived](https://web.archive.org/web/20200605042205/https://www.cs.princeton.edu/~arvindn/publications/mining_CCS.pdf) (PDF) from the original on 5 June 2020. Retrieved 5 May 2020.
99. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-99)**
["Price Fluctuations and the Use of Bitcoin: An Empirical Inquiry"](https://www.ecb.europa.eu/pub/conferences/shared/pdf/retpaym_150604/polasik_paper.pdf) (PDF). [Archived](https://web.archive.org/web/20201031161801/https://www.ecb.europa.eu/pub/conferences/shared/pdf/retpaym_150604/polasik_paper.pdf) (PDF) from the original on 31 October 2020. Retrieved 5 May 2020.
100. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-100)**
Yaish, Aviv; Zohar, Aviv (18 June 2020). *Correct Cryptocurrency ASIC Pricing: Are Miners Overpaying?*. Leibniz International Proceedings in Informatics (LIPIcs). Vol. 282. pp. 2:1–2:25. [arXiv](https://en.wikipedia.org/wiki/ArXiv_\(identifier\) "ArXiv (identifier)"):[2002\.11064](https://arxiv.org/abs/2002.11064). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.4230/LIPIcs.AFT.2023.2](https://doi.org/10.4230%2FLIPIcs.AFT.2023.2). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[9783959773034](https://en.wikipedia.org/wiki/Special:BookSources/9783959773034 "Special:BookSources/9783959773034")
. [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [211296648](https://api.semanticscholar.org/CorpusID:211296648).
101. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-101)**
["The Economics of Cryptocurrencies – Bitcoin and Beyond"](https://www.bis.org/events/eopix_1810/chiu_paper.pdf) (PDF). [Archived](https://web.archive.org/web/20201210101527/https://www.bis.org/events/eopix_1810/chiu_paper.pdf) (PDF) from the original on 10 December 2020. Retrieved 5 May 2020.
102. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-102)**
["Electrum: Detailed Review and Full Guide On How To Use It"](https://wallets.com/electrum-review/). *Wallets.com*. Retrieved 17 August 2024.
103. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-103)**
["Coinbase Wallet \> Adjusting network fees"](https://help.coinbase.com/en/wallet/sending-and-receiving/adjusting-miner-fees#adjusting-your-transaction-speed). *Coinbase Help*. Retrieved 17 August 2024.
104. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-104)**
["LiteBit FAQ: Cease of operations"](https://litebit.zendesk.com/hc/en-us/articles/8893147626268-FAQ-Cease-of-operations). *LiteBit@Zendesk.com*. 22 May 2023. Retrieved 17 August 2024.
105. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-105)**
["Ethereum Median Transaction Fee historical chart"](https://bitinfocharts.com/comparison/ethereum-median_transaction_fee.html#3m). *BitInfoCharts*. [Archived](https://web.archive.org/web/20230414021933/https://bitinfocharts.com/comparison/ethereum-median_transaction_fee.html#3m) from the original on 14 April 2023. Retrieved 19 March 2023.
106. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-106)**
["Bitcoin Median Transaction Fee historical chart"](https://bitinfocharts.com/comparison/bitcoin-median_transaction_fee.html#3m). [Archived](https://web.archive.org/web/20230328075302/https://bitinfocharts.com/comparison/bitcoin-median_transaction_fee.html#3m) from the original on 28 March 2023. Retrieved 19 March 2023.
107. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-scalabilityOfBitcoinAndNano_107-0)**
[*Scalability of the Bitcoin and Nano protocols: a comparative analysis*](http://www.diva-portal.org/smash/get/diva2:1229650/FULLTEXT02.pdf) (PDF), Blekinge Institute of Technology, 2018, [archived](https://web.archive.org/web/20191219143645/http://www.diva-portal.org/smash/get/diva2:1229650/FULLTEXT02.pdf) (PDF) from the original on 19 December 2019, retrieved 18 December 2019
108. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-comparativeAnalysis_108-0)**
Pervez, Huma; Muneeb, Muhammad; Irfan, Muhammad Usama; Haq, Irfan Ul (19 December 2018), "A Comparative Analysis of DAG-Based Blockchain Architectures", *2018 12th International Conference on Open Source Systems and Technologies (ICOSST)*, IEEE, pp. 27–34, [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1109/ICOSST.2018.8632193](https://doi.org/10.1109%2FICOSST.2018.8632193), [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1-5386-9564-7](https://en.wikipedia.org/wiki/Special:BookSources/978-1-5386-9564-7 "Special:BookSources/978-1-5386-9564-7")
, [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [59601449](https://api.semanticscholar.org/CorpusID:59601449)
109. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-blockchainCompared_109-0)**
Bencic, Federico Matteo; Podnar Zarko, Ivana (26 April 2018), "Distributed Ledger Technology: Blockchain Compared to Directed Acyclic Graph", *2018 IEEE 38th International Conference on Distributed Computing Systems (ICDCS)*, University of Zagreb, pp. 1569–1570, [arXiv](https://en.wikipedia.org/wiki/ArXiv_\(identifier\) "ArXiv (identifier)"):[1804\.10013](https://arxiv.org/abs/1804.10013), [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1109/ICDCS.2018.00171](https://doi.org/10.1109%2FICDCS.2018.00171), [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1-5386-6871-9](https://en.wikipedia.org/wiki/Special:BookSources/978-1-5386-6871-9 "Special:BookSources/978-1-5386-6871-9")
, [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [13741873](https://api.semanticscholar.org/CorpusID:13741873)
110. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-110)**
["Banks Should Be Allowed to Trade Crypto \| by cxihub \| Nov 2021 \| The Open Finance Journal"](https://web.archive.org/web/20211102044952/https://news.cxihub.com/banks-should-be-allowed-to-trade-crypto-aaee5a23c5ad?gi=bb64c7b5062f). 2 November 2021. Archived from [the original](https://news.cxihub.com/banks-should-be-allowed-to-trade-crypto-aaee5a23c5ad?gi=bb64c7b5062f) on 2 November 2021. Retrieved 17 August 2022.
111. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-111)**
Makarov, Igor; Schoar, Antoinette (2020). ["Trading and arbitrage in cryptocurrency markets"](https://researchonline.lse.ac.uk/id/eprint/100409/). *Journal of Financial Economics*. **135** (2): 293–319\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1016/j.jfineco.2019.07.001](https://doi.org/10.1016%2Fj.jfineco.2019.07.001). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [53072748](https://api.semanticscholar.org/CorpusID:53072748). [Archived](https://web.archive.org/web/20230208233921/https://researchonline.lse.ac.uk/id/eprint/100409/) from the original on 8 February 2023. Retrieved 7 February 2023.
112. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-112)**
Xu, Jiahua; Ackerer, Damien; Dubovitskaya, Alevtina (July 2021). "A Game-Theoretic Analysis of Cross-Chain Atomic Swaps with HTLCS". *2021 IEEE 41st International Conference on Distributed Computing Systems (ICDCS)*. pp. 584–594\. [arXiv](https://en.wikipedia.org/wiki/ArXiv_\(identifier\) "ArXiv (identifier)"):[2011\.11325](https://arxiv.org/abs/2011.11325). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1109/ICDCS51616.2021.00062](https://doi.org/10.1109%2FICDCS51616.2021.00062). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1-6654-4513-9](https://en.wikipedia.org/wiki/Special:BookSources/978-1-6654-4513-9 "Special:BookSources/978-1-6654-4513-9")
. [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [227126965](https://api.semanticscholar.org/CorpusID:227126965).
113. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-113)**
Wahba, Phil (18 February 2014). ["First U.S. bitcoin ATMs to open soon in Seattle, Austin"](https://www.reuters.com/article/us-bitcoin-robocoin-idUSBREA1H05F20140218). *Reuters*. [Archived](https://web.archive.org/web/20151019092802/http://www.reuters.com/article/2014/02/18/us-bitcoin-robocoin-idUSBREA1H05F20140218) from the original on 19 October 2015. Retrieved 17 August 2022.
114. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-114)**
["CSA Staff Notice 46-307 Cryptocurrency Offerings"](http://www.osc.gov.on.ca/en/SecuritiesLaw_csa_20170824_cryptocurrency-offerings.htm). *Ontario Securities Commission*. 24 August 2017. [Archived](https://web.archive.org/web/20170929101456/http://www.osc.gov.on.ca/en/SecuritiesLaw_csa_20170824_cryptocurrency-offerings.htm) from the original on 29 September 2017. Retrieved 20 January 2018.
115. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-115)**
["SEC Issues Investigative Report Concluding DAO Tokens, a Digital Asset, Were Securities"](https://www.sec.gov/news/press-release/2017-131). *sec.gov*. 25 July 2017. [Archived](https://web.archive.org/web/20171010022343/https://www.sec.gov/news/press-release/2017-131) from the original on 10 October 2017. Retrieved 20 January 2018.
116. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-116)**
["Company Halts ICO After SEC Raises Registration Concerns"](https://www.sec.gov/news/press-release/2017-227). *sec.gov*. 11 December 2017. [Archived](https://web.archive.org/web/20180119192823/https://www.sec.gov/news/press-release/2017-227) from the original on 19 January 2018. Retrieved 20 January 2018.
117. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-117)**
["Switzerland sets out guidelines to support initial coin offerings"](https://www.ft.com/content/52820f90-1307-11e8-940e-08320fc2a277). *Financial Times*. 16 February 2018. [Archived](https://web.archive.org/web/20180527201759/https://www.ft.com/content/52820f90-1307-11e8-940e-08320fc2a277) from the original on 27 May 2018. Retrieved 17 August 2022.
118. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-auto_118-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-auto_118-1)
Meynkhard, Artur (28 November 2019). ["Fair market value of bitcoin: halving effect"](https://doi.org/10.21511%2Fimfi.16%284%29.2019.07). *Investment Management and Financial Innovations*. **16** (4): 72–85\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.21511/imfi.16(4).2019.07](https://doi.org/10.21511%2Fimfi.16%284%29.2019.07). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [212850773](https://api.semanticscholar.org/CorpusID:212850773).
119. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-119)**
Harris, Craig (10 June 2021). ["Cryptocurrency to become option for some workers' 401(k) retirement plans, WSJ reports"](https://www.usatoday.com/story/money/2021/06/10/bitcoin-investing-cryptocurrency-401-k-retirement-plans-launched/7640161002/). *USA TODAY*. [Archived](https://web.archive.org/web/20210614041617/https://www.usatoday.com/story/money/2021/06/10/bitcoin-investing-cryptocurrency-401-k-retirement-plans-launched/7640161002/) from the original on 14 June 2021. Retrieved 16 June 2021.
120. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-120)**
Morris, Chris (10 June 2021). ["Coinbase will let you add crypto to your 401(k) through new deal"](https://fortune.com/2021/06/10/coinbase-crypto-401k-roth-offering-forusall/). *Fortune*. [Archived](https://web.archive.org/web/20210620021241/https://fortune.com/2021/06/10/coinbase-crypto-401k-roth-offering-forusall/) from the original on 20 June 2021. Retrieved 16 June 2021.
121. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-121)**
Asymkos, Stephanie (10 June 2021). ["Bitcoin and crypto go mainstream with new 401(k) retirement offering"](https://money.yahoo.com/bitcoin-crypto-investing-goes-mainstream-in-new-401-k-offering-214411478.html). *money.yahoo.com*. [Archived](https://web.archive.org/web/20210617162820/https://money.yahoo.com/bitcoin-crypto-investing-goes-mainstream-in-new-401-k-offering-214411478.html) from the original on 17 June 2021. Retrieved 16 June 2021.
122. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-122)**
Russell-Jones, Lily (15 May 2022). ["What's happening to cryptocurrencies?"](https://www.thetimes.com/business-money/markets/article/whats-happening-to-cryptocurrencies-hdlklltrk). *Sunday Times*. [Archived](https://web.archive.org/web/20220522225818/https://www.thetimes.co.uk/article/whats-happening-to-cryptocurrencies-hdlklltrk) from the original on 22 May 2022. Retrieved 1 June 2022.
123. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-123)**
Tetrina, Kat (1 March 2022). ["Top 10 Cryptocurrencies In March 2022"](https://www.forbes.com/advisor/investing/top-10-cryptocurrencies/). *Forbes*. [Archived](https://web.archive.org/web/20220405164804/https://www.forbes.com/advisor/investing/top-10-cryptocurrencies/) from the original on 5 April 2022. Retrieved 1 June 2022.
124. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-124)**
["A history of cryptocurrency, from gaming tokens to a \$2tn market"](https://www.ft.com/content/78431430-1afb-4712-bb75-424788c60583). *Financial Times*. 30 November 2021. [Archived](https://web.archive.org/web/20221024133432/https://www.ft.com/content/78431430-1afb-4712-bb75-424788c60583) from the original on 24 October 2022. Retrieved 24 October 2022.
125. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-125)**
Russell-Jones, Lily (7 September 2022). ["Cryptocurrency market slumps below \$1trn"](https://www.thetimes.com/article/cryptocurrency-market-slumps-below-1trn-q0rb8ls9v). *[The Times](https://en.wikipedia.org/wiki/The_Times "The Times")*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0140-0460](https://search.worldcat.org/issn/0140-0460). [Archived](https://web.archive.org/web/20220925203033/https://www.thetimes.co.uk/article/cryptocurrency-market-slumps-below-1trn-q0rb8ls9v) from the original on 25 September 2022. Retrieved 24 October 2022.
126. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-126)**
["Bitcoin, Other Cryptos Fall on Hot Inflation Report"](https://www.wsj.com/livecoverage/stock-market-news-today-09-13-2022/card/bitcoin-and-other-cryptos-fall-on-hot-inflation-report-wC8EiM4cyizUxCZcsBzz). *WSJ*. [Archived](https://web.archive.org/web/20221024133432/https://www.wsj.com/livecoverage/stock-market-news-today-09-13-2022/card/bitcoin-and-other-cryptos-fall-on-hot-inflation-report-wC8EiM4cyizUxCZcsBzz) from the original on 24 October 2022. Retrieved 24 October 2022.
127. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-127)**
Vidal-Tomás, David (2022). "Which cryptocurrency data sources should scholars use?". *International Review of Financial Analysis*. **81** 102061. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1016/j.irfa.2022.102061](https://doi.org/10.1016%2Fj.irfa.2022.102061).
128. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-128)**
Feuer, Alan (14 December 2013). ["The Bitcoin Ideology"](https://www.nytimes.com/2013/12/15/sunday-review/the-bitcoin-ideology.html). *The New York Times*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20180701222302/https://www.nytimes.com/2013/12/15/sunday-review/the-bitcoin-ideology.html) from the original on 1 July 2018. Retrieved 1 March 2022.
129. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-129)**
Krugman, Paul (29 January 2018). ["Opinion \| Bubble, Bubble, Fraud and Trouble"](https://www.nytimes.com/2018/01/29/opinion/bitcoin-bubble-fraud.html). *The New York Times*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20180604124251/https://www.nytimes.com/2018/01/29/opinion/bitcoin-bubble-fraud.html) from the original on 4 June 2018. Retrieved 1 March 2022.
130. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-130)**
["Review of "The Politics of Bitcoin: Software as Right-Wing Extremism""](https://www.newsclick.in/review-politics-bitcoin-software-right-wing-extremism). *NewsClick*. 28 October 2016. [Archived](https://web.archive.org/web/20220301164202/https://www.newsclick.in/review-politics-bitcoin-software-right-wing-extremism) from the original on 1 March 2022. Retrieved 1 March 2022.
131. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-131)**
Peters, Jeremy W.; Popper, Nathaniel (14 June 2018). ["Stephen Bannon Buys Into Bitcoin"](https://www.nytimes.com/2018/06/14/technology/steve-bannon-bitcoin.html). *The New York Times*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20180701015803/https://www.nytimes.com/2018/06/14/technology/steve-bannon-bitcoin.html) from the original on 1 July 2018. Retrieved 1 March 2022.
132. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-132)**
["Bitcoin P2P e-cash paper \| Satoshi Nakamoto Institute"](https://satoshi.nakamotoinstitute.org/emails/cryptography/12/). *satoshi.nakamotoinstitute.org*. 14 November 2008. [Archived](https://web.archive.org/web/20220301185407/https://satoshi.nakamotoinstitute.org/emails/cryptography/12/) from the original on 1 March 2022. Retrieved 10 March 2022.
133. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-133)**
Hayek, Friedrich A. von (Friedrich August) (1990). [*Denationalisation of money : the argument refined; an analysis of the theory and practice of concurrent currencies*](http://archive.org/details/denationalisatio0000haye). Internet Archive. London : Institute of Economic Affairs. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0-255-36239-9](https://en.wikipedia.org/wiki/Special:BookSources/978-0-255-36239-9 "Special:BookSources/978-0-255-36239-9")
.
`{{cite book}}`: CS1 maint: publisher location ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_publisher_location "Category:CS1 maint: publisher location"))
134. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-134)**
[*Virtual Currency Schemes*](https://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf) (PDF), European Central Bank, October 2012, [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-92-899-0862-7](https://en.wikipedia.org/wiki/Special:BookSources/978-92-899-0862-7 "Special:BookSources/978-92-899-0862-7")
, [archived](https://web.archive.org/web/20180525031305/http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf) (PDF) from the original on 25 May 2018, retrieved 1 March 2022
135. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-135)**
Baldwin, Jon (2018). ["In digital we trust: Bitcoin discourse, digital currencies, and decentralized network fetishism"](https://doi.org/10.1057%2Fs41599-018-0065-0). *[Palgrave Communications](https://en.wikipedia.org/wiki/Palgrave_Communications "Palgrave Communications")*. **4** (1) 14: 1–10\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1057/s41599-018-0065-0](https://doi.org/10.1057%2Fs41599-018-0065-0).
136. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-136)**
["How bitcoin met the real world in Africa"](https://www.reuters.com/business/finance/how-bitcoin-met-real-world-africa-2020-09-08/). *Reuters*. 8 September 2020. Retrieved 2 March 2026.
137. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-137)**
Farouk, Menna (9 June 2023). ["FEATURE-Migrants in UAE turn to crypto to send remittances home"](https://www.reuters.com/article/world/feature-migrants-in-uae-turn-to-crypto-to-send-remittances-home-idUSL8N37R1Z2/). *Thomson Reuters Foundation*. Reuters. Retrieved 2 March 2026.
138. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-138)**
Zuckerman, Gregory; Huang, Vicky Ge (25 July 2025). ["The Hottest Business Strategy This Summer Is Buying Crypto"](https://www.livemint.com/companies/news/the-hottest-business-strategy-this-summer-is-buying-crypto-11753494891312.html). *The Wall Street Journal*. Retrieved 27 February 2026 – via LiveMint.
139. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-139)**
Nishant, Niket; Saini, Manya (5 August 2025). ["Small public companies snap up ether in new crypto gold rush, even as risks linger"](http://web.archive.org/web/20250809022341/https://www.reuters.com/business/small-public-companies-snap-up-ether-new-crypto-gold-rush-even-risks-linger-2025-08-05/). *Reuters*. Archived from [the original](https://www.reuters.com/business/small-public-companies-snap-up-ether-new-crypto-gold-rush-even-risks-linger-2025-08-05/) on 9 August 2025. Retrieved 27 February 2026.
140. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-140)**
[*Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers*](https://www.fatf-gafi.org/publications/fatfrecommendations/documents/guidance-rba-virtual-assets.html), FATF, 2019, [archived](https://web.archive.org/web/20210726121248/https://www.fatf-gafi.org/publications/fatfrecommendations/documents/guidance-rba-virtual-assets.html) from the original on 26 July 2021, retrieved 22 July 2021
141. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-141)**
["interVASP Messaging Standards"](https://intervasp.org/wp-content/uploads/2020/05/IVMS101-interVASP-data-model-standard-issue-1-FINAL.pdf) (PDF). *intervasp.org*. [Archived](https://web.archive.org/web/20211009220925/https://intervasp.org/wp-content/uploads/2020/05/IVMS101-interVASP-data-model-standard-issue-1-FINAL.pdf) (PDF) from the original on 9 October 2021. Retrieved 13 October 2021.
142. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-142)**
["12-Month Review of the Revised FATF Standards on Virtual Assets and Virtual Asset Service Providers"](https://www.fatf-gafi.org/media/fatf/documents/recommendations/12-Month-Review-Revised-FATF-Standards-Virtual-Assets-VASPS.pdf) (PDF). *www.fatf-gafi.org*. [Archived](https://web.archive.org/web/20211028171409/https://www.fatf-gafi.org/media/fatf/documents/recommendations/12-Month-Review-Revised-FATF-Standards-Virtual-Assets-VASPS.pdf) (PDF) from the original on 28 October 2021. Retrieved 13 October 2021.
143. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-143)**
["Travel Rule Specification - Bitcoin SV Technical Standards"](https://tsc.bitcoinassociation.net/standards/travel-rule-specification/). *tsc.bitcoinassociation.net*. [Archived](https://web.archive.org/web/20211027183645/https://tsc.bitcoinassociation.net/standards/travel-rule-specification/) from the original on 27 October 2021. Retrieved 13 October 2021.
144. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-144)**
[*Proposal for regulation of Markets in Crypto-assets, and amending Directive (EU) 2019/1937*](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52020PC0593&from=EN), European Commission, 24 September 2020, [archived](https://web.archive.org/web/20210823212123/https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52020PC0593&from=EN) from the original on 23 August 2021, retrieved 23 August 2021
145. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-145)**
Zetzsche, Dirk A.; Annunziata, Filippo; Arner, Douglas W.; Holdings, Kerry; Buckley, Ross P. (30 November 2020), [*The Markets in Crypto-Assets Regulation (MiCA) and the EU Digital Finance Strategy*](https://www.law.ox.ac.uk/business-law-blog/blog/2020/11/markets-crypto-assets-regulation-mica-and-eu-digital-finance-strategy), University of Oxford Faculty of Law, [archived](https://web.archive.org/web/20210823212133/https://www.law.ox.ac.uk/business-law-blog/blog/2020/11/markets-crypto-assets-regulation-mica-and-eu-digital-finance-strategy) from the original on 23 August 2021, retrieved 23 August 2021
146. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-146)**
Flood, Chris (31 January 2022). ["Crypto risks 'destabilising' emerging markets, says senior IMF official"](https://www.ft.com/content/45ca2229-485e-4043-b709-deda943e9ddb). *Financial Times*. [Archived](https://web.archive.org/web/20220131120346/https://www.ft.com/content/45ca2229-485e-4043-b709-deda943e9ddb) from the original on 31 January 2022. Retrieved 31 January 2022.
147. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-cfins20240510_147-0)**
Alois, JD (10 May 2024). ["House Digital Asset Legislation, the Financial Innovation and Technology for the 21st Century Act, Takes Another Step Forward"](https://www.crowdfundinsider.com/2024/05/224888-house-digital-asset-legislation-the-financial-innovation-and-technology-for-the-21st-century-act-takes-another-step-forward/). *Crowdfund Insider*. [Archived](https://web.archive.org/web/20240513211635/https://www.crowdfundinsider.com/2024/05/224888-house-digital-asset-legislation-the-financial-innovation-and-technology-for-the-21st-century-act-takes-another-step-forward/) from the original on 13 May 2024. Retrieved 14 May 2024.
148. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-148)**
Zhang, Sijia; Gregoriou, Andros (27 November 2020). ["The price and liquidity impact of China forbidding initial coin offerings on the cryptocurrency market"](https://www.tandfonline.com/doi/full/10.1080/13504851.2020.1713979). *Applied Economics Letters*. **27** (20): 1695–1698\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1080/13504851.2020.1713979](https://doi.org/10.1080%2F13504851.2020.1713979). [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [1350-4851](https://search.worldcat.org/issn/1350-4851). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [214099348](https://api.semanticscholar.org/CorpusID:214099348). [Archived](https://web.archive.org/web/20220804220846/https://www.tandfonline.com/doi/full/10.1080/13504851.2020.1713979) from the original on 4 August 2022. Retrieved 4 August 2022.
149. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-149)**
["China bans financial, payment institutions from cryptocurrency business"](https://www.reuters.com/technology/chinese-financial-payment-bodies-barred-cryptocurrency-business-2021-05-18/). *Reuters*. 18 May 2021. [Archived](https://web.archive.org/web/20210711224318/https://www.reuters.com/technology/chinese-financial-payment-bodies-barred-cryptocurrency-business-2021-05-18/) from the original on 11 July 2021. Retrieved 12 July 2021.
150. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-150)**
Nagarajan, Shalini (19 May 2021). ["Bitcoin tumbles as low as \$30,000 amid a broad crypto sell-off after China signals a crackdown"](https://markets.businessinsider.com/currencies/news/bitcoin-price-cryptocurrencies-china-crypto-crackdown-price-outlook-2021-5). *Business Insider*. [Archived](https://web.archive.org/web/20210712192106/https://markets.businessinsider.com/currencies/news/bitcoin-price-cryptocurrencies-china-crypto-crackdown-price-outlook-2021-5) from the original on 12 July 2021. Retrieved 12 July 2021.
151. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-151)**
Shen, Samuel; John, Alun (19 June 2021). ["China's cryptocurrency-mining crackdown spreads to Sichuan"](https://www.reuters.com/technology/chinas-cryptocurrency-mining-crackdown-spreads-sichuan-2021-06-19/). *Reuters*. [Archived](https://web.archive.org/web/20220520161521/https://www.reuters.com/technology/chinas-cryptocurrency-mining-crackdown-spreads-sichuan-2021-06-19/) from the original on 20 May 2022. Retrieved 9 May 2022.
152. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-1_News_Cook_Islands_152-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-1_News_Cook_Islands_152-1)
Dreaver, Barbara (14 April 2024). ["'Spy film type thing' - Alarm grows over Cook Islands cryptocurrency bill"](https://web.archive.org/web/20240418105529/https://www.1news.co.nz/2024/04/14/spy-film-type-thing-alarm-grows-over-cook-islands-cryptocurrency-bill/). *[1News](https://en.wikipedia.org/wiki/1News "1News")*. [TVNZ](https://en.wikipedia.org/wiki/TVNZ "TVNZ"). Archived from [the original](https://www.1news.co.nz/2024/04/14/spy-film-type-thing-alarm-grows-over-cook-islands-cryptocurrency-bill/) on 18 April 2024. Retrieved 18 April 2024.
153. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-reuters.com_153-0)**
["In a world first, El Salvador makes bitcoin legal tender"](https://www.reuters.com/world/americas/el-salvador-approves-first-law-bitcoin-legal-tender-2021-06-09/). *Reuters*. 9 June 2021. [Archived](https://web.archive.org/web/20210812023227/https://www.reuters.com/world/americas/el-salvador-approves-first-law-bitcoin-legal-tender-2021-06-09/) from the original on 12 August 2021. Retrieved 14 July 2021.
154. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-154)**
["Crypto-assets - European Commission"](https://finance.ec.europa.eu/digital-finance/crypto-assets_en). *finance.ec.europa.eu*.
155. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-155)**
["ESMA\_QA\_2404"](https://www.esma.europa.eu/publications-data/questions-answers/2404). *www.esma.europa.eu*.
156. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-156)**
Hennessy, Ashley (27 January 2025). ["ESMA Statement On services Re Non-MiCAR-Compliant ART/EMTs"](https://www.williamfry.com/knowledge/esma-statement-on-services-re-non-micar-compliant-art-emts/). *WILLIAM FRY*.
157. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-157)**
["EU crypto-assets regulatory framework: application of the landmark Markets in Crypto-Assets Regulation (MiCA)"](https://www.dlapiper.com/en/insights/publications/2025/01/articleeu-crypto-assets-regulatory-framework). *DLA Piper*.
158. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-158)**
["The Regulation on Markets in Crypto-Assets Becomes Fully Applicable in All Member States of the European Union"](https://www.klgates.com/The-Regulation-on-Markets-in-Crypto-Assets-Becomes-Fully-Applicable-in-All-Member-States-of-the-European-Union-1-24-2025). *www.klgates.com*.
159. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-159)**
["RBI Lost Case on Cryptocurrency in Supreme Court, It Must Stop Behaving Like Sore Loser"](https://www.news18.com/news/opinion/rbi-lost-case-on-cryptocurrency-in-supreme-court-it-must-stop-behaving-like-sore-loser-4196594.html). *News18*. 18 September 2021. [Archived](https://web.archive.org/web/20220124051652/https://www.news18.com/news/opinion/rbi-lost-case-on-cryptocurrency-in-supreme-court-it-must-stop-behaving-like-sore-loser-4196594.html) from the original on 24 January 2022. Retrieved 24 January 2022.
160. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-160)**
Perumal, Prashanth (2 June 2021). ["Future of cryptocurrency in India continues to hang in the balance"](https://www.thehindu.com/business/future-of-cryptocurrency-in-india-continues-to-hang-in-the-balance/article34704676.ece). *The Hindu*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0971-751X](https://search.worldcat.org/issn/0971-751X). [Archived](https://web.archive.org/web/20220124053149/https://www.thehindu.com/business/future-of-cryptocurrency-in-india-continues-to-hang-in-the-balance/article34704676.ece) from the original on 24 January 2022. Retrieved 24 January 2022.
161. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-161)**
["From ban to regulation, cryptocurrency's journey so far in India"](https://indianexpress.com/article/technology/crypto/cryptocurrency-in-india-a-look-at-the-regulatory-journey-of-cryptocurrencies-7648767/). *The Indian Express*. 1 December 2021. [Archived](https://web.archive.org/web/20220124051648/https://indianexpress.com/article/technology/crypto/cryptocurrency-in-india-a-look-at-the-regulatory-journey-of-cryptocurrencies-7648767/) from the original on 24 January 2022. Retrieved 24 January 2022.
162. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-162)**
["SC Verdict On Cryptocurrencies: What It Means For Investors"](https://www.moneycontrol.com/news/business/personal-finance/sc-verdict-on-cryptocurrencies-what-it-means-for-investors-5070381.html). *Moneycontrol*. 25 March 2020. [Archived](https://web.archive.org/web/20220124051654/https://www.moneycontrol.com/news/business/personal-finance/sc-verdict-on-cryptocurrencies-what-it-means-for-investors-5070381.html) from the original on 24 January 2022. Retrieved 24 January 2022.
163. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-163)**
["Why is the Indian government cracking down on cryptocurrency?"](https://www.dw.com/en/why-is-the-indian-government-cracking-down-on-cryptocurrency/a-60148889). *Deutsche Welle*. [Archived](https://web.archive.org/web/20220128213818/https://www.dw.com/en/why-is-the-indian-government-cracking-down-on-cryptocurrency/a-60148889) from the original on 28 January 2022. Retrieved 24 January 2022.
164. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-164)**
Shashwat Mishra (15 January 2022). ["The Crypto Effect : Framework, challenges & The way forward"](https://web.archive.org/web/20220124050010/https://www.mumbaiuncensored.com/2022/01/15/the-crypto-effect-framework-challenges-the-way-forward/). Archived from the original on 24 January 2022. Retrieved 24 January 2022.
165. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-165)**
["South Africa Moves to Tighten Crypto Regulation After Scams"](https://www.bloomberg.com/news/articles/2021-06-29/regulatory-clock-ticks-for-cryptocurrency-assets-in-south-africa). *www.bloomberg.com*. 29 June 2021. [Archived](https://web.archive.org/web/20210707023401/https://www.bloomberg.com/news/articles/2021-06-29/regulatory-clock-ticks-for-cryptocurrency-assets-in-south-africa) from the original on 7 July 2021. Retrieved 13 July 2021.
166. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-regulations_166-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-regulations_166-1)
["South Africa's \$4 billion in crypto scams has regulators scrambling to bring in new regulations within the next three to six months"](https://www.businessinsider.in/cryptocurrency/news/south-africas-4-billion-in-crypto-scams-has-regulators-scrambling-to-bring-in-new-regulations-within-the-next-three-to-six-months/articleshow/84015957.cms). *Business Insider*. 1 July 2021. [Archived](https://web.archive.org/web/20210713103423/https://www.businessinsider.in/cryptocurrency/news/south-africas-4-billion-in-crypto-scams-has-regulators-scrambling-to-bring-in-new-regulations-within-the-next-three-to-six-months/articleshow/84015957.cms) from the original on 13 July 2021. Retrieved 13 July 2021.
167. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-thediplomat.com_167-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-thediplomat.com_167-1)
["South Korea Tightens Regulations on Cryptocurrencies"](https://thediplomat.com/2021/07/south-korea-tightens-regulations-on-cryptocurrencies/). *thediplomat.com*. 3 July 2021. [Archived](https://web.archive.org/web/20210714122312/https://thediplomat.com/2021/07/south-korea-tightens-regulations-on-cryptocurrencies/) from the original on 14 July 2021. Retrieved 14 July 2021.
168. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-168)**
["FINMA Guidance 02/2019"](https://finma.ch/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20190826-finma-aufsichtsmitteilung-02-2019.pdf?sc_lang=en) (PDF). [Archived](https://web.archive.org/web/20220814134233/https://www.finma.ch/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20190826-finma-aufsichtsmitteilung-02-2019.pdf?sc_lang=en) (PDF) from the original on 14 August 2022. Retrieved 31 December 2022.
169. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-169)**
["No more kebabs for bitcoins as Turkey's crypto-payment ban looms"](https://www.reuters.com/technology/no-more-kebabs-bitcoins-turkeys-crypto-payment-ban-looms-2021-04-28/). *Reuters*. 28 April 2021. [Archived](https://web.archive.org/web/20210714122309/https://www.reuters.com/technology/no-more-kebabs-bitcoins-turkeys-crypto-payment-ban-looms-2021-04-28/) from the original on 14 July 2021. Retrieved 14 July 2021.
170. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-ft.com_170-0)**
Samson, Adam (27 June 2021). ["Financial watchdog bans crypto exchange Binance from UK"](https://www.ft.com/content/8bc0e5e0-2705-496d-a265-acccaffaee87). *Financial Times*. [Archived](https://web.archive.org/web/20210712022653/https://www.ft.com/content/8bc0e5e0-2705-496d-a265-acccaffaee87) from the original on 12 July 2021. Retrieved 12 July 2021.
171. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-171)**
["The path ahead for digital assets regulation in 2025"](https://www.grantthornton.co.uk/insights/the-path-ahead-for-digital-assets-regulation-in-2025/). *Grant Thornton UK LLP*.
172. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-172)**
Morton, Heather (16 December 2021). ["Cryptocurrency 2021 Legislation"](https://www.ncsl.org/research/financial-services-and-commerce/cryptocurrency-2021-legislation.aspx). *[National Conference of State Legislatures](https://en.wikipedia.org/wiki/National_Conference_of_State_Legislatures "National Conference of State Legislatures")*. [Archived](https://web.archive.org/web/20210210222704/https://www.ncsl.org/research/financial-services-and-commerce/cryptocurrency-2021-legislation.aspx) from the original on 10 February 2021. Retrieved 4 January 2021.
173. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-173)**
Pimentel, Benjamin (11 August 2021). ["SEC chair pleads for power to protect crypto investors in 'volatile sector'"](https://www.protocol.com/fintech/crypto-warren-gensler-sec). *protocol*. [Archived](https://web.archive.org/web/20230403040815/https://www.protocol.com/fintech/crypto-warren-gensler-sec) from the original on 3 April 2023. Retrieved 2 April 2023.
174. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-174)**
Macheel, Tanaya (18 October 2021). ["First bitcoin futures ETF to make its debut Tuesday on the NYSE, ProShares says"](https://www.cnbc.com/2021/10/18/first-bitcoin-futures-etf-to-make-its-debut-on-the-nyse-tuesday-proshares-says.html). *CNBC*. [Archived](https://web.archive.org/web/20230403040805/https://www.cnbc.com/2021/10/18/first-bitcoin-futures-etf-to-make-its-debut-on-the-nyse-tuesday-proshares-says.html) from the original on 3 April 2023. Retrieved 2 April 2023.
175. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-175)**
Franck, Thomas (20 May 2021). ["U.S. Treasury calls for stricter cryptocurrency compliance with IRS, says they pose tax evasion risk"](https://www.cnbc.com/2021/05/20/us-treasury-calls-for-stricter-cryptocurrency-compliance-with-irs.html). *CNBC*. [Archived](https://web.archive.org/web/20230403040807/https://www.cnbc.com/2021/05/20/us-treasury-calls-for-stricter-cryptocurrency-compliance-with-irs.html) from the original on 3 April 2023. Retrieved 2 April 2023.
176. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-176)**
["US Justice Department taps new cryptocurrency czar"](https://www.aljazeera.com/economy/2022/2/17/us-justice-department-taps-new-cryptocurrency-czar). *Aljazeera*. [Archived](https://web.archive.org/web/20220219142640/https://www.aljazeera.com/economy/2022/2/17/us-justice-department-taps-new-cryptocurrency-czar) from the original on 19 February 2022. Retrieved 19 February 2022.
177. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-177)**
["Executive Order on Ensuring Responsible Development of Digital Assets"](https://bidenwhitehouse.archives.gov/briefing-room/presidential-actions/2022/03/09/executive-order-on-ensuring-responsible-development-of-digital-assets/). *The White House*. 9 March 2022. [Archived](https://web.archive.org/web/20220314045129/https://www.whitehouse.gov/briefing-room/presidential-actions/2022/03/09/executive-order-on-ensuring-responsible-development-of-digital-assets/) from the original on 14 March 2022. Retrieved 2 April 2023.
178. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-178)**
["FACT SHEET: White House Releases First-Ever Comprehensive Framework for Responsible Development of Digital Assets"](https://bidenwhitehouse.archives.gov/briefing-room/statements-releases/2022/09/16/fact-sheet-white-house-releases-first-ever-comprehensive-framework-for-responsible-development-of-digital-assets/). *The White House*. 16 September 2022. [Archived](https://web.archive.org/web/20230401023659/https://www.whitehouse.gov/briefing-room/statements-releases/2022/09/16/fact-sheet-white-house-releases-first-ever-comprehensive-framework-for-responsible-development-of-digital-assets/) from the original on 1 April 2023. Retrieved 2 April 2023.
179. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-179)**
Wolff, Josephine (17 October 2022). ["The competing priorities facing U.S. crypto regulations"](https://www.brookings.edu/techstream/the-competing-priorities-facing-u-s-crypto-regulations-bitcoin-ethereum/). *Brookings*. [Archived](https://web.archive.org/web/20230403040807/https://www.brookings.edu/techstream/the-competing-priorities-facing-u-s-crypto-regulations-bitcoin-ethereum/) from the original on 3 April 2023. Retrieved 2 April 2023.
180. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-180)**
["Crypto Exchange Kraken Ends Staking Program in \$30 Million SEC Settlement"](https://www.bloomberg.com/news/articles/2023-02-09/crypto-exchange-kraken-ends-staking-program-in-sec-settlement). *Bloomberg.com*. 9 February 2023. [Archived](https://web.archive.org/web/20230224134003/https://www.bloomberg.com/news/articles/2023-02-09/crypto-exchange-kraken-ends-staking-program-in-sec-settlement) from the original on 24 February 2023. Retrieved 12 February 2023.
181. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-181)**
["US watchdog warns of risks of buying crypto asset securities"](https://www.reuters.com/business/finance/us-sec-warns-investors-about-risks-purchasing-crypto-asset-securities-2023-03-23/). *Reuters.com*. 23 March 2023. [Archived](https://web.archive.org/web/20230402221010/https://www.reuters.com/business/finance/us-sec-warns-investors-about-risks-purchasing-crypto-asset-securities-2023-03-23/) from the original on 2 April 2023. Retrieved 2 April 2023.
182. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-182)**
["Strengthening American Leadership in Digital Financial Technology"](https://www.federalregister.gov/documents/2025/01/31/2025-02123/strengthening-american-leadership-in-digital-financial-technology). *[Federal Register](https://en.wikipedia.org/wiki/Federal_Register "Federal Register")*. 23 January 2025. Retrieved 31 January 2025.
183. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-183)**
["President Trump Signs Executive Order on Digital Assets \| Insights \| Holland & Knight"](https://www.hklaw.com/en/insights/publications/2025/01/president-trump-signs-executive-order-on-digital-assets). *www.hklaw.com*.
184. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-184)**
Ehrlich, Steven. ["Janet Yellen, Bitcoin And Crypto Fearmongers Get Pushback From Former CIA Director"](https://www.forbes.com/sites/stevenehrlich/2021/04/13/janet-yellen-bitcoin-and-crypto-fearmongers-get-pushback-from-former-cia-director/?sh=1741bd89bb7a). *Forbes*. [Archived](https://web.archive.org/web/20210414164851/https://www.forbes.com/sites/stevenehrlich/2021/04/13/janet-yellen-bitcoin-and-crypto-fearmongers-get-pushback-from-former-cia-director/?sh=1741bd89bb7a) from the original on 14 April 2021. Retrieved 14 April 2021.
185. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-185)**
Kharpal, Arjun (12 April 2017). ["Bitcoin value rises over \$1 billion as Japan, Russia move to legitimize cryptocurrency"](https://www.cnbc.com/2017/04/12/bitcoin-price-rises-japan-russia-regulation.html). CNBC. [Archived](https://web.archive.org/web/20180319214207/https://www.cnbc.com/2017/04/12/bitcoin-price-rises-japan-russia-regulation.html) from the original on 19 March 2018. Retrieved 19 March 2018.
186. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-RCAWNov2021LOC_186-0)**
["Regulation of Cryptocurrency Around the World: November 2021 Update"](https://tile.loc.gov/storage-services/service/ll/llglrd/2021687419/2021687419.pdf) (PDF). *Library of Congress*. The Law Library of Congress, Global Legal Research Center. November 2021. pp. 1–61\. [Archived](https://web.archive.org/web/20211224043203/https://tile.loc.gov/storage-services/service/ll/llglrd/2021687419/2021687419.pdf) (PDF) from the original on 24 December 2021. Retrieved 19 October 2023.
187. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-WaPo52118_187-0)**
Fung, Brian (21 May 2018). ["State regulators unveil nationwide crackdown on suspicious cryptocurrency investment schemes"](https://www.washingtonpost.com/news/the-switch/wp/2018/05/21/state-regulators-unveil-nationwide-crackdown-on-suspicious-cryptocurrency-investment-schemes/). *The Washington Post*. [Archived](https://web.archive.org/web/20180527081727/https://www.washingtonpost.com/news/the-switch/wp/2018/05/21/state-regulators-unveil-nationwide-crackdown-on-suspicious-cryptocurrency-investment-schemes/) from the original on 27 May 2018. Retrieved 27 May 2018.
188. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-188)** [Bitcoin's Legality Around The World](https://www.forbes.com/sites/kashmirhill/2014/01/31/bitcoins-legality-around-the-world/) [Archived](https://web.archive.org/web/20170916060759/https://www.forbes.com/sites/kashmirhill/2014/01/31/bitcoins-legality-around-the-world/) 16 September 2017 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine"), Forbes, 31 January 2014
189. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-189)**
Tasca, Paolo (7 September 2015). "Digital Currencies: Principles, Trends, Opportunities, and Risks". [SSRN](https://en.wikipedia.org/wiki/SSRN_\(identifier\) "SSRN (identifier)") [2657598](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2657598).
190. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-190)**
Thompson, Luke (24 August 2018). ["Bank of Thailand to launch its own crypto-currency"](https://asiatimes.com/2018/08/amputee-in-taiwan-gets-new-3d-printed-prosthetic/). *Asia Times*. [Archived](https://web.archive.org/web/20240628094543/https://widgets.outbrain.com/nanoWidget/externals/topics/topics.html?r=https%3A%2F%2Fasiatimes.com) from the original on 28 June 2024. Retrieved 27 August 2018.
191. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-bing51418_191-0)**
Alsoszatai-Petheo, Melissa (14 May 2018). ["Bing Ads to disallow cryptocurrency advertising"](https://advertise.bingads.microsoft.com/en-us/blog/post/may-2018/bing-ads-to-disallow-cryptocurrency-advertising?feed=blogposts). Microsoft. [Archived](https://web.archive.org/web/20180517152920/https://advertise.bingads.microsoft.com/en-us/blog/post/may-2018/bing-ads-to-disallow-cryptocurrency-advertising?feed=blogposts) from the original on 17 May 2018. Retrieved 16 May 2018.
192. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Search_Engine_Land_2022-06-01_192-0)**
["Crypto exchange ads now allowed on Microsoft Ads (with pre-approval)"](https://searchengineland.com/microsoft-allows-crypto-exchange-385507). *[Search Engine Land](https://en.wikipedia.org/wiki/Search_Engine_Land "Search Engine Land")*. 1 June 2022. [Archived](https://web.archive.org/web/20220707174206/https://searchengineland.com/microsoft-allows-crypto-exchange-385507) from the original on 7 July 2022. Retrieved 16 March 2023.
193. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-ToISW_193-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-ToISW_193-1) [***c***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-ToISW_193-2)
Weinglass, Simona (28 March 2018). ["European Union bans binary options, strictly regulates CFDs"](https://www.timesofisrael.com/european-union-bans-binary-options-strictly-regulates-cfds/). *[The Times of Israel](https://en.wikipedia.org/wiki/The_Times_of_Israel "The Times of Israel")*. [Archived](https://web.archive.org/web/20180401084746/https://www.timesofisrael.com/european-union-bans-binary-options-strictly-regulates-cfds/) from the original on 1 April 2018. Retrieved 2 April 2018.
194. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-CNBC_2021-12-01_194-0)**
["Facebook retreats from crypto ad ban"](https://www.cnbc.com/2021/12/01/facebook-ends-ban-on-cryptocurrency-ads.html). *[CNBC](https://en.wikipedia.org/wiki/CNBC "CNBC")*. 1 December 2021. [Archived](https://web.archive.org/web/20220903181837/https://www.cnbc.com/2021/12/01/facebook-ends-ban-on-cryptocurrency-ads.html) from the original on 3 September 2022. Retrieved 16 March 2023.
195. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Search_Engine_Land_2021-06-03_195-0)**
["Google Ads updates cryptocurrency ad policies"](https://searchengineland.com/google-ads-updates-cryptocurrency-ad-policies-349187). *[Search Engine Land](https://en.wikipedia.org/wiki/Search_Engine_Land "Search Engine Land")*. 3 June 2021. [Archived](https://web.archive.org/web/20220116193251/https://searchengineland.com/google-ads-updates-cryptocurrency-ad-policies-349187) from the original on 16 January 2022. Retrieved 16 March 2023.
196. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:3_196-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:3_196-1)
Wilson, Thomas (28 March 2018). ["Twitter and LinkedIn ban cryptocurrency adverts – leaving regulators behind"](https://www.independent.co.uk/news/business/analysis-and-features/twitter-ban-cryptocurrency-adverts-regulators-bitcoin-facebook-social-media-a8277176.html). *Independent*. [Reuters](https://en.wikipedia.org/wiki/Reuters "Reuters"). [Archived](https://web.archive.org/web/20180404074502/https://www.independent.co.uk/news/business/analysis-and-features/twitter-ban-cryptocurrency-adverts-regulators-bitcoin-facebook-social-media-a8277176.html) from the original on 4 April 2018. Retrieved 3 April 2018.
197. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-3key_197-0)**
French, Jordan (2 April 2018). ["3 Key Factors Behind Bitcoin's Current Slide"](https://www.thestreet.com/story/14541510/1/whats-behind-bitcoin-price-slump.html). theStreet.com. [Archived](https://web.archive.org/web/20180403051718/https://www.thestreet.com/story/14541510/1/whats-behind-bitcoin-price-slump.html) from the original on 3 April 2018. Retrieved 2 April 2018.
198. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-198)**
Schaub, Mark; Phares, H. Banker (15 August 2020). "Cryptocurrency value changes in response to national elections: do they behave like money or commodities?". *Applied Economics Letters*. **27** (14): 1135–1140\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1080/13504851.2019.1673297](https://doi.org/10.1080%2F13504851.2019.1673297).
199. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-199)**
Iwamura, Mitsuru; Kitamura, Yukinobu; Matsumoto, Tsutomu (28 February 2014). "Is Bitcoin the Only Cryptocurrency in the Town? Economics of Cryptocurrency and Friedrich A. Hayek". [SSRN](https://en.wikipedia.org/wiki/SSRN_\(identifier\) "SSRN (identifier)") [2405790](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2405790).
200. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:1_200-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:1_200-1) [***c***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:1_200-2) [***d***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:1_200-3) [***e***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:1_200-4) Ali, S, T; Clarke, D; McCorry, P; Bitcoin: Perils of an Unregulated Global P2P Currency. Newcastle upon Tyne: Newcastle University: Computing Science, 2015. Technical Report Series, No. CS-TR-1470
201. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-201)**
["How white supremacists and the far right use Bitcoin to evade the law and get rich"](https://fortune.com/2021/09/28/currency-of-alt-right-how-white-supremacists-and-far-right-use-bitcoin/). *Fortune*. [Archived](https://web.archive.org/web/20220301210303/https://fortune.com/2021/09/28/currency-of-alt-right-how-white-supremacists-and-far-right-use-bitcoin/) from the original on 1 March 2022. Retrieved 1 March 2022.
202. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-202)**
["How white supremacists and the far right use Bitcoin to evade the law and get rich"](https://fortune.com/2021/09/28/currency-of-alt-right-how-white-supremacists-and-far-right-use-bitcoin/). *Fortune*. [Archived](https://web.archive.org/web/20220301210303/https://fortune.com/2021/09/28/currency-of-alt-right-how-white-supremacists-and-far-right-use-bitcoin/) from the original on 1 March 2022. Retrieved 14 May 2022.
203. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-203)** [Mt. Gox Seeks Bankruptcy After \$480 Million Bitcoin Loss](https://www.bloomberg.com/news/2014-02-28/mt-gox-exchange-files-for-bankruptcy.html) [Archived](https://web.archive.org/web/20150112234804/http://www.bloomberg.com/news/2014-02-28/mt-gox-exchange-files-for-bankruptcy.html) 12 January 2015 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine"), Carter Dougherty and Grace Huang, Bloomberg News, 28 February 2014
204. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-204)**
Russell, Jon. ["Tether, a startup that works with bitcoin exchanges, claims a hacker stole \$31M"](https://techcrunch.com/2017/11/20/tether-claims-a-hacker-stole-31m/). *TechCrunch*. [Archived](https://web.archive.org/web/20171121105158/https://techcrunch.com/2017/11/20/tether-claims-a-hacker-stole-31m/) from the original on 21 November 2017. Retrieved 22 November 2017.
205. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-205)**
Iyengar, Rishi (7 December 2017). ["More than \$70 million stolen in bitcoin hack"](https://money.cnn.com/2017/12/07/technology/nicehash-bitcoin-theft-hacking/index.html). *CNNMoney*. [Archived](https://web.archive.org/web/20220920091520/https://money.cnn.com/2017/12/07/technology/nicehash-bitcoin-theft-hacking/index.html) from the original on 20 September 2022. Retrieved 2 March 2022.
206. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-206)**
Haselton, Todd (19 December 2017). ["A South Korean cryptocurrency exchange files for bankruptcy after hack, says users will get 75% of assets for now"](https://www.cnbc.com/2017/12/19/yapian-youbit-exchange-files-bankruptcy.html). *CNBC*. [Archived](https://web.archive.org/web/20220906124744/https://www.cnbc.com/2017/12/19/yapian-youbit-exchange-files-bankruptcy.html) from the original on 6 September 2022. Retrieved 2 March 2022.
207. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-207)**
["South Korean cryptocurrency exchange to file for bankruptcy after hacking"](https://www.reuters.com/article/us-bitcoin-exchange-southkorea-idUSKBN1ED0NJ). *Reuters*. 19 December 2017. [Archived](https://web.archive.org/web/20220528053057/https://www.reuters.com/article/us-bitcoin-exchange-southkorea-idUSKBN1ED0NJ) from the original on 28 May 2022. Retrieved 2 March 2022.
208. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-208)**
Cimpanu, Catalin (4 September 2018). ["Bitcoin Gold delisted from major cryptocurrency exchange after refusing to pay hack damages"](https://www.zdnet.com/article/bitcoin-gold-delisted-from-major-cryptocurrency-exchange-after-refusing-to-pay-hack-damages/). *ZDNet*. [Archived](https://web.archive.org/web/20220524122220/https://www.zdnet.com/article/bitcoin-gold-delisted-from-major-cryptocurrency-exchange-after-refusing-to-pay-hack-damages/) from the original on 24 May 2022. Retrieved 11 February 2020.
209. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-209)**
["Former Virtual Currency CEO Involved in \$9 Million Fraud Scheme Sentenced to Prison"](https://www.justice.gov/usao-ct/pr/former-virtual-currency-ceo-involved-9-million-fraud-scheme-sentenced-prison). *www.justice.gov*. 13 September 2018. [Archived](https://web.archive.org/web/20220302104750/https://www.justice.gov/usao-ct/pr/former-virtual-currency-ceo-involved-9-million-fraud-scheme-sentenced-prison) from the original on 2 March 2022. Retrieved 2 March 2022.
210. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-210)** Cyris Farivar, [GAW Miners founder owes nearly \$10 million to SEC over Bitcoin fraud](https://arstechnica.com/tech-policy/2017/10/bitcoin-fraudster-hit-with-9-1m-civil-judgment-on-top-of-criminal-guilty-plea/) [Archived](https://web.archive.org/web/20171229112405/https://arstechnica.com/tech-policy/2017/10/bitcoin-fraudster-hit-with-9-1m-civil-judgment-on-top-of-criminal-guilty-plea/) 29 December 2017 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine"), *Ars Technica* (5 October 2017).
211. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-211)**
Shane, Daniel (29 January 2018). ["\$530 million cryptocurrency heist may be biggest ever"](https://money.cnn.com/2018/01/29/technology/coincheck-cryptocurrency-exchange-hack-japan/index.html). *CNNMoney*. [Archived](https://web.archive.org/web/20190815202041/https://money.cnn.com/2018/01/29/technology/coincheck-cryptocurrency-exchange-hack-japan/index.html) from the original on 15 August 2019. Retrieved 2 March 2022.
212. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-212)**
Shane, Daniel (11 June 2018). ["Billions in cryptocurrency wealth wiped out after hack"](https://money.cnn.com/2018/06/11/investing/coinrail-hack-bitcoin-exchange/index.html). *CNNMoney*. [Archived](https://web.archive.org/web/20180711032051/https://money.cnn.com/2018/06/11/investing/coinrail-hack-bitcoin-exchange/index.html) from the original on 11 July 2018. Retrieved 2 March 2022.
213. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-213)**
Lam, Eric; Lee, Jiyeun; Robertson, Jordan (10 June 2018), [*Cryptocurrencies Lose \$42 Billion After South Korean Bourse Hack*](https://www.bloomberg.com/news/articles/2018-06-10/bitcoin-tumbles-most-in-two-weeks-amid-south-korea-exchange-hack), [Bloomberg News](https://en.wikipedia.org/wiki/Bloomberg_News "Bloomberg News"), [archived](https://web.archive.org/web/20180612005144/https://www.bloomberg.com/news/articles/2018-06-10/bitcoin-tumbles-most-in-two-weeks-amid-south-korea-exchange-hack) from the original on 12 June 2018, retrieved 12 June 2018
214. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Bancorhack_214-0)**
Roberts, Jeff John (9 July 2018). ["Another Crypto Fail: Hackers Steal \$23.5 Million from Token Service Bancor"](http://fortune.com/2018/07/09/bancor-hack/). *Fortune*. [Archived](https://web.archive.org/web/20180710013104/http://fortune.com/2018/07/09/bancor-hack/) from the original on 10 July 2018. Retrieved 10 July 2018.
215. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-215)**
Houben, Robby; Snyers, Alexander (April 2020), [*Crypto-assets: Key developments, regulatory concerns and responses*](https://www.europarl.europa.eu/RegData/etudes/STUD/2020/648779/IPOL_STU\(2020\)648779_EN.pdf) (PDF), EU Directorate-General for Internal Policies, [archived](https://web.archive.org/web/20210716211640/https://www.europarl.europa.eu/RegData/etudes/STUD/2020/648779/IPOL_STU\(2020\)648779_EN.pdf) (PDF) from the original on 16 July 2021, retrieved 16 July 2021
216. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-216)**
["Attorney General William P. Barr Announces Publication of Cryptocurrency Enforcement Framework"](https://www.justice.gov/opa/pr/attorney-general-william-p-barr-announces-publication-cryptocurrency-enforcement-framework). *www.justice.gov*. 8 October 2020. [Archived](https://web.archive.org/web/20220117092747/https://www.justice.gov/opa/pr/attorney-general-william-p-barr-announces-publication-cryptocurrency-enforcement-framework) from the original on 17 January 2022. Retrieved 17 January 2022.
217. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-217)**
["DOJ Releases Cryptocurrency Enforcement Report"](https://www.natlawreview.com/article/doj-releases-cryptocurrency-enforcement-report). *The National Law Review*. [Archived](https://web.archive.org/web/20220117093115/https://www.natlawreview.com/article/doj-releases-cryptocurrency-enforcement-report) from the original on 17 January 2022. Retrieved 17 January 2022.
218. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-218)**
["National risk assessment of money laundering and terrorist financing 2020"](https://www.gov.uk/government/publications/national-risk-assessment-of-money-laundering-and-terrorist-financing-2020). *GOV.UK*. [Archived](https://web.archive.org/web/20220118182353/https://www.gov.uk/government/publications/national-risk-assessment-of-money-laundering-and-terrorist-financing-2020) from the original on 18 January 2022. Retrieved 17 January 2022.
219. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-219)**
Campbell-Verduyn, Malcolm (March 2018). "Bitcoin, crypto-coins, and global anti-money laundering governance". *Crime, Law and Social Change*. **69** (2): 283–305\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1007/s10611-017-9756-5](https://doi.org/10.1007%2Fs10611-017-9756-5).
220. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-220)**
["Report: Illicit activity actually a tiny part of cryptocurrency use"](https://www.axios.com/2022/01/06/cryptocurrency-scam-crime-popularity-report). 6 January 2022. [Archived](https://web.archive.org/web/20220823124144/https://www.axios.com/2022/01/06/cryptocurrency-scam-crime-popularity-report) from the original on 23 August 2022. Retrieved 23 August 2022.
221. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-221)**
Sun, Mengqi; Smagalla, David (6 January 2022). ["Cryptocurrency-Based Crime Hit a Record \$14 Billion in 2021"](https://www.wsj.com/articles/cryptocurrency-based-crime-hit-a-record-14-billion-in-2021-11641500073). *[The Wall Street Journal](https://en.wikipedia.org/wiki/The_Wall_Street_Journal "The Wall Street Journal")*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0099-9660](https://search.worldcat.org/issn/0099-9660). [Archived](https://web.archive.org/web/20221007151053/https://www.wsj.com/articles/cryptocurrency-based-crime-hit-a-record-14-billion-in-2021-11641500073) from the original on 7 October 2022. Retrieved 16 January 2022.
222. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-222)**
["Crypto Crime Trends for 2022: Illicit Transaction Activity Reaches All-Time High in Value, All-Time Low in Share of All Cryptocurrency Activity"](https://blog.chainalysis.com/reports/2022-crypto-crime-report-introduction/). *Chainalysis*. 6 January 2022. [Archived](https://web.archive.org/web/20220115103636/https://blog.chainalysis.com/reports/2022-crypto-crime-report-introduction/) from the original on 15 January 2022. Retrieved 16 January 2022.
223. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-223)**
Ye, Josh (22 December 2021). ["Hot Hong Kong NFT project Monkey Kingdom loses US\$1.3 million in hack, exposing security concerns"](https://www.scmp.com/tech/tech-trends/article/3160707/hot-hong-kong-nft-project-monkey-kingdom-loses-us13-million-hack). *SCMP*. [Archived](https://web.archive.org/web/20220413032828/https://www.scmp.com/tech/tech-trends/article/3160707/hot-hong-kong-nft-project-monkey-kingdom-loses-us13-million-hack) from the original on 13 April 2022. Retrieved 13 April 2022.
224. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-cnbc-guilty_224-0)**
Sigalos, MacKenzie (2 November 2023). ["Sam Bankman-Fried found guilty on all seven criminal fraud counts"](https://www.cnbc.com/2023/11/02/sam-bankman-fried-found-guilty-on-all-seven-criminal-fraud-counts.html). *CNBC*. [Archived](https://web.archive.org/web/20231103011927/https://www.cnbc.com/2023/11/02/sam-bankman-fried-found-guilty-on-all-seven-criminal-fraud-counts.html) from the original on 3 November 2023. Retrieved 3 November 2023.
225. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Livni_225-0)**
Livni, Ephrat; Warner, Bernhard (11 November 2023). ["Sam Bankman-Fried Could Get 100 Years in Prison. What Is Fair?"](https://www.nytimes.com/2023/11/11/business/dealbook/sam-bankman-fried-sentencing.html). *The New York Times*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20240229233927/https://www.nytimes.com/2023/11/11/business/dealbook/sam-bankman-fried-sentencing.html) from the original on 29 February 2024. Retrieved 16 November 2023.
226. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Clifford_226-0)**
Clifford, Stephanie (8 November 2023). ["Sam Bankman-Fried's trial has ended, but the fallout has just begun"](https://www.fastcompany.com/90977987/sam-bankman-fried-trial-fallout-has-just-begun). *Fast Company*. [Archived](https://web.archive.org/web/20231115084301/https://www.fastcompany.com/90977987/sam-bankman-fried-trial-fallout-has-just-begun) from the original on 15 November 2023. Retrieved 15 November 2023.
227. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-227)**
Bultman, Matthew (2 November 2023). ["Bankman-Fried's Pre-Trial Antics Haunt Him Before Sentencing (1)"](https://news.bloomberglaw.com/securities-law/bankman-frieds-pre-trial-antics-haunt-him-before-sentencing-1). *[Bloomberg Law](https://en.wikipedia.org/wiki/Bloomberg_Law "Bloomberg Law")*. Retrieved 20 February 2024. "Former federal prosecutors predict the fallen FTX co-founder will receive at least 20 years in prison. At the high end, federal sentencing guidelines could recommend what equates to a life sentence for Bankman-Fried, who turned 31 in March. District Judge Lewis A. Kaplan has been critical of the guidelines and often imposed more lenient sentences in previous cases before his court."
`{{cite web}}`: CS1 maint: deprecated archival service ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_deprecated_archival_service "Category:CS1 maint: deprecated archival service"))
228. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-228)**
Ramey, James Fanelli and Corinne. ["FTX Founder Sam Bankman-Fried Sentenced to 25 Years"](https://www.wsj.com/finance/currencies/sam-bankman-fried-sentencing-ftx-fraud-2d92fce9). *[Wall Street Journal](https://en.wikipedia.org/wiki/Wall_Street_Journal "Wall Street Journal")*. [Archived](https://web.archive.org/web/20240424005115/https://www.wsj.com/finance/currencies/sam-bankman-fried-sentencing-ftx-fraud-2d92fce9) from the original on 24 April 2024. Retrieved 28 March 2024.
229. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-229)**
["Crypto money laundering rises 30%, report finds"](https://www.bbc.com/news/technology-60072195). *BBC News*. 26 January 2022. [Archived](https://web.archive.org/web/20220301112734/https://www.bbc.com/news/technology-60072195) from the original on 1 March 2022. Retrieved 2 March 2022.
230. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-230)**
Sackey, Andrew; Shah, Hinesh (4 February 2022). ["Cryptocurrency money laundering on DeFi skyrockets"](https://www.pinsentmasons.com/out-law/analysis/cryptocurrency-money-laundering-on-defi-skyrockets). *Pinsent Masons*. [Archived](https://web.archive.org/web/20220302173858/https://www.pinsentmasons.com/out-law/analysis/cryptocurrency-money-laundering-on-defi-skyrockets) from the original on 2 March 2022. Retrieved 2 March 2022.
231. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:0_231-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:0_231-1)
["Russian Cybercriminals Drive Significant Ransomware and Cryptocurrency-based Money Laundering Activity"](https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-russia-ransomware-money-laundering/). *Chainalysis*. 14 February 2022. [Archived](https://web.archive.org/web/20220303033347/https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-russia-ransomware-money-laundering/) from the original on 3 March 2022. Retrieved 2 March 2022.
232. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-232)**
Bergwick, Angus (13 October 2023). ["The Crypto Exchange Moving Money for Criminal Gangs, Rich Russians and a Hamas-Linked Terror Group"](https://www.wsj.com/finance/currencies/garantex-russian-crypto-hamas-crime-sanctions-a3648357). Wall Street Journal. [Archived](https://web.archive.org/web/20231024213701/https://www.wsj.com/finance/currencies/garantex-russian-crypto-hamas-crime-sanctions-a3648357) from the original on 24 October 2023. Retrieved 24 October 2023.
233. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-233)**
["Founder and Majority Owner of Bitzlato, a Cryptocurrency Exchange, Charged with Unlicensed Money Transmitting"](https://www.justice.gov/usao-edny/pr/founder-and-majority-owner-bitzlato-cryptocurrency-exchange-charged-unlicensed-money). *www.justice.gov*. 18 January 2023. [Archived](https://web.archive.org/web/20230118172451/https://www.justice.gov/usao-edny/pr/founder-and-majority-owner-bitzlato-cryptocurrency-exchange-charged-unlicensed-money) from the original on 18 January 2023. Retrieved 18 January 2023.
234. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-234)**
Flitter, Emily; Yaffe-Bellany, David (23 February 2022). ["Russia Could Use Cryptocurrency to Blunt the Force of U.S. Sanctions"](https://www.nytimes.com/2022/02/23/business/russia-sanctions-cryptocurrency.html). *The New York Times*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20220301145413/https://www.nytimes.com/2022/02/23/business/russia-sanctions-cryptocurrency.html) from the original on 1 March 2022. Retrieved 2 March 2022.
235. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-235)**
Matthews, Owen (18 September 2017). ["Why Russia is finally embracing virtual currencies. Hint: It rhymes with honey wandering"](https://www.newsweek.com/russia-finally-embracing-virtual-currencies-666794). *Newsweek*. [Archived](https://web.archive.org/web/20220302173856/https://www.newsweek.com/russia-finally-embracing-virtual-currencies-666794) from the original on 2 March 2022. Retrieved 2 March 2022.
236. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-236)**
["Cross-chain Crime: More Than Half a Billion Dollars has Been Laundered Through a Cross-chain Bridge"](https://hub.elliptic.co/analysis/cross-chain-crime-more-than-half-a-billion-dollars-has-been-laundered-through-a-cross-chain-bridge/). *Elliptic Connect*. 8 October 2022. [Archived](https://web.archive.org/web/20230402231810/https://hub.elliptic.co/analysis/cross-chain-crime-more-than-half-a-billion-dollars-has-been-laundered-through-a-cross-chain-bridge/) from the original on 2 April 2023. Retrieved 2 April 2023.
237. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:2_237-0)**
Raeesi, Reza (23 April 2015). ["The Silk Road, Bitcoins and the Global Prohibition Regime on the International Trade in Illicit Drugs: Can this Storm Be Weathered?"](http://gjis.journals.yorku.ca/index.php/gjis/article/view/38935). *Glendon Journal of International Studies / Revue d'Études Internationales de Glendon*. **8** (1–2\). [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [2291-3920](https://search.worldcat.org/issn/2291-3920). [Archived](https://web.archive.org/web/20151222084405/http://gjis.journals.yorku.ca/index.php/gjis/article/view/38935) from the original on 22 December 2015.
238. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:4_238-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:4_238-1)
["Six Months After Bitwise, Wash Trading Lives on in Crypto \| Finance Magnates"](https://www.financemagnates.com/cryptocurrency/news/things-are-better-but-wash-trading-persists-in-crypto-heres-why/). *Financial and Business News \| Finance Magnates*. 25 September 2019. [Archived](https://web.archive.org/web/20220303123444/https://www.financemagnates.com/cryptocurrency/news/things-are-better-but-wash-trading-persists-in-crypto-heres-why/) from the original on 3 March 2022. Retrieved 3 March 2022.
239. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-239)**
Bovaird, Charles. ["95% Of Reported Bitcoin Trading Volume Is Fake, Says Bitwise"](https://www.forbes.com/sites/cbovaird/2019/03/22/95-of-reported-bitcoin-trading-volume-is-fake-says-bitwise/). *Forbes*. [Archived](https://web.archive.org/web/20220303123439/https://www.forbes.com/sites/cbovaird/2019/03/22/95-of-reported-bitcoin-trading-volume-is-fake-says-bitwise/) from the original on 3 March 2022. Retrieved 3 March 2022.
240. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-240)** [U.S. Warns Banks, Crypto Firms Against Potential Efforts to Evade Russian Sanctions](https://www.wsj.com/articles/u-s-warns-banks-crypto-firms-against-potential-efforts-to-evade-russian-sanctions-11646696802) [Archived](https://web.archive.org/web/20220310023714/https://www.wsj.com/articles/u-s-warns-banks-crypto-firms-against-potential-efforts-to-evade-russian-sanctions-11646696802) 10 March 2022 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") (9 March 2022) *www.wsj.com*. Retrieved 9 March 2022.
241. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-241)**
["US cryptocurrency expert jailed for helping North Korea evade sanctions"](https://www.bbc.com/news/business-61090064). *BBC News*. 13 April 2022. [Archived](https://web.archive.org/web/20220514131633/https://www.bbc.com/news/business-61090064) from the original on 14 May 2022. Retrieved 14 May 2022.
242. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-bis_report_242-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-bis_report_242-1)
Janda, Michael (18 June 2018). ["Cryptocurrencies like bitcoin cannot replace money, says Bank for International Settlements"](http://www.abc.net.au/news/2018-06-18/cryptocurrencies-cannot-replace-money-bis/9879448). ABC (Australia). [Archived](https://web.archive.org/web/20180618072225/http://www.abc.net.au/news/2018-06-18/cryptocurrencies-cannot-replace-money-bis/9879448) from the original on 18 June 2018. Retrieved 18 June 2018.
243. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-chapterV_243-0)**
Hyun Song Shin (June 2018). ["Chapter V. Cryptocurrencies: looking beyond the hype"](https://www.bis.org/publ/arpdf/ar2018e5.pdf) (PDF). *BIS 2018 Annual Economic Report*. Bank for International Settlements. [Archived](https://web.archive.org/web/20180618080358/https://www.bis.org/publ/arpdf/ar2018e5.pdf) (PDF) from the original on 18 June 2018. Retrieved 19 June 2018. "Put in the simplest terms, the quest for decentralised trust has quickly become an environmental disaster."
244. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-LATHiltzik_244-0)**
Hiltzik, Michael (18 June 2018). ["Is this scathing report the death knell for bitcoin?"](https://www.latimes.com/business/hiltzik/la-fi-hiltzik-bitcoin-bank-20180618-story.html). *Los Angeles Times*. [Archived](https://web.archive.org/web/20180618233532/http://www.latimes.com/business/hiltzik/la-fi-hiltzik-bitcoin-bank-20180618-story.html) from the original on 18 June 2018. Retrieved 19 June 2018.
245. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-245)**
Polgar, David (28 February 2018). ["Cryptocurrency is a giant multi-level marketing scheme"](https://qz.com/1217460/cryptocurrency-is-a-giant-multi-level-marketing-scheme/). *Quartz*. Quartz Media LLC. [Archived](https://web.archive.org/web/20180301150230/https://qz.com/1217460/cryptocurrency-is-a-giant-multi-level-marketing-scheme/) from the original on 1 March 2018. Retrieved 2 March 2018.
246. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-246)**
Chohan, Usman W. (19 December 2017). Bitcoins and Bank Runs: Analysis of Market Imperfections and Investor Hysterics (Report). [SSRN](https://en.wikipedia.org/wiki/SSRN_\(identifier\) "SSRN (identifier)") [3090405](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3090405).
247. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-247)**
McCrum, Dan (10 November 2015), ["Bitcoin's place in the long history of pyramid schemes"](https://www.ft.com/content/1877c388-8797-11e5-90de-f44762bf9896), *Financial Times*, [archived](https://web.archive.org/web/20170323054631/https://www.ft.com/content/1877c388-8797-11e5-90de-f44762bf9896) from the original on 23 March 2017
248. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-248)**
Kim, Tae (27 July 2017), [*Billionaire investor Marks, who called the dotcom bubble, says bitcoin is a 'pyramid scheme'*](https://www.cnbc.com/2017/07/26/billionaire-investor-marks-who-called-the-dotcom-bubble-says-bitcoin-is-a-pyramid-scheme.html), CNBC, [archived](https://web.archive.org/web/20170905042046/https://www.cnbc.com/2017/07/26/billionaire-investor-marks-who-called-the-dotcom-bubble-says-bitcoin-is-a-pyramid-scheme.html) from the original on 5 September 2017
249. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-249)**
Schwartzkopff, Frances (17 December 2013). ["Bitcoins Spark Regulatory Crackdown as Denmark Drafts Rules"](https://www.bloomberg.com/news/2013-12-17/bitcoin-rules-drafted-in-denmark-as-regulator-warns-against-use.html). Bloomberg. [Archived](https://web.archive.org/web/20131229064125/http://www.bloomberg.com/news/2013-12-17/bitcoin-rules-drafted-in-denmark-as-regulator-warns-against-use.html) from the original on 29 December 2013. Retrieved 29 December 2013.
250. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-250)**
Fedorova, Anna (17 June 2021). ["FCA warns on UK crypto use increase despite gaps in understanding"](https://www.investmentweek.co.uk/news/4033010/fca-warns-uk-crypto-increase-despite-gaps-understanding). *Investment Week*. [Archived](https://web.archive.org/web/20220528071437/https://www.investmentweek.co.uk/news/4033010/fca-warns-uk-crypto-increase-despite-gaps-understanding) from the original on 28 May 2022. Retrieved 9 May 2022.
251. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-251)**
Oliver, Joshua (17 June 2021). ["Most would-be crypto investors unaware of UK regulator's warnings"](https://www.ft.com/content/39718cda-5cd1-4f0d-b7e3-0151e45bf25b). *Financial Times*. [Archived](https://web.archive.org/web/20210624204500/https://www.ft.com/content/39718cda-5cd1-4f0d-b7e3-0151e45bf25b) from the original on 24 June 2021. Retrieved 23 June 2021.
252. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-252)**
Browne, Ryan (19 October 2021). ["Most young crypto traders don't realize it's not regulated, UK markets watchdog says"](https://www.cnbc.com/2021/10/19/young-traders-treat-crypto-investing-like-a-competition-fca-says.html). *CNBC*. [Archived](https://web.archive.org/web/20220301121820/https://www.cnbc.com/2021/10/19/young-traders-treat-crypto-investing-like-a-competition-fca-says.html) from the original on 1 March 2022. Retrieved 1 March 2022.
253. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-253)**
["Unauthorised firms and individuals"](https://www.fca.org.uk/consumers/unauthorised-firms-individuals). [Financial Conduct Authority](https://en.wikipedia.org/wiki/Financial_Conduct_Authority "Financial Conduct Authority") (FCA). 19 August 2021. [Archived](https://web.archive.org/web/20220303180513/https://www.fca.org.uk/consumers/unauthorised-firms-individuals) from the original on 3 March 2022. Retrieved 3 March 2022.
254. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-254)**
Sidel, Robin (22 December 2013). ["Banks Mostly Avoid Providing Bitcoin Services. Lenders Don't Share Investors' Enthusiasm for the Virtual-Currency Craze"](https://www.wsj.com/news/articles/SB10001424052702304202204579252850121034702). *The Wall Street Journal*. [Archived](https://web.archive.org/web/20151119021729/http://www.wsj.com/news/articles/SB10001424052702304202204579252850121034702) from the original on 19 November 2015. Retrieved 29 December 2013.
255. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-255)**
["Central Bank official warns on Bitcoin impact"](https://www.rte.ie/news/business/2014/0703/628309-bitfin-conference/). *RTE*. 3 July 2014. [Archived](https://web.archive.org/web/20150209064737/http://www.rte.ie/news/business/2014/0703/628309-bitfin-conference/) from the original on 9 February 2015.
256. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-256)**
["Warnings and blacklists of unauthorized companies and websites: Forex, binary options, miscellaneous goods, crypto-assets derivatives, usurpations"](https://www.amf-france.org/en/warnings/warnings-and-blacklists). *AMF*. [Archived](https://web.archive.org/web/20220302135153/https://www.amf-france.org/en/warnings/warnings-and-blacklists) from the original on 2 March 2022. Retrieved 2 March 2022.
257. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-257)**
["Bitcoin Is Still Concentrated in a Few Hands, Study Finds"](https://time.com/6110392/bitcoin-ownership/). *Time*. [Archived](https://web.archive.org/web/20240618032614/https://time.com/6110392/bitcoin-ownership/) from the original on 18 June 2024. Retrieved 3 March 2022.
258. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-258)**
["Bitcoin's price just passed a huge milestone"](https://fortune.com/2021/01/07/bitcoin-price-today-soars-ether-cryptocurrency-marketcap/). *Fortune*. [Archived](https://web.archive.org/web/20220303161428/https://fortune.com/2021/01/07/bitcoin-price-today-soars-ether-cryptocurrency-marketcap/) from the original on 3 March 2022. Retrieved 3 March 2022.
259. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-259)**
Popper, Nathaniel (13 June 2018). ["Bitcoin's Price Was Artificially Inflated Last Year, Researchers Say"](https://www.cnbc.com/2018/06/13/bitcoins-price-was-artificially-inflated-last-year-researchers-say.html). *CNBC*. [Archived](https://web.archive.org/web/20220303123437/https://www.cnbc.com/2018/06/13/bitcoins-price-was-artificially-inflated-last-year-researchers-say.html) from the original on 3 March 2022. Retrieved 3 March 2022.
260. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-260)**
Lowenstein, Roger (12 November 2022). ["FTX's founder was called a modern-day J.P. Morgan. The analogy still works"](https://www.nytimes.com/2022/11/12/business/dealbook/ftx-bankman-fried-central-banks.html). *The New York Times*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20221113051328/https://www.nytimes.com/2022/11/12/business/dealbook/ftx-bankman-fried-central-banks.html) from the original on 13 November 2022. Retrieved 13 November 2022.
261. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-261)**
Bonelli, Frédéric (21 May 2019). ["État des lieux des NFT au Paris Blockchain Week Summit"](https://www.forbes.fr/technologie/etat-des-lieux-des-nft-au-paris-blockchain-week-summit/). *Forbes* (in French). Retrieved 26 September 2024.
262. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-LT_262-0)**
Cuny, Delphine (23 May 2019). ["Les Bourses traditionnelles vont s'intéresser aux crypto-actifs et vice-versa"](https://www.latribune.fr/entreprises-finance/banques-finance/les-bourses-traditionnelles-vont-s-interesser-aux-crypto-actifs-et-vice-versa-vanessa-grellet-consensys-817978.html). *La Tribune* (in French). Retrieved 29 September 2024.
263. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-263)**
Son, Hugh (17 March 2021). ["Morgan Stanley becomes the first big U.S. bank to offer its wealthy clients access to bitcoin funds"](https://www.cnbc.com/2021/03/17/bitcoin-morgan-stanley-is-the-first-big-us-bank-to-offer-wealthy-clients-access-to-bitcoin-funds.html). *CNBC*. [Archived](https://web.archive.org/web/20210801153726/https://www.cnbc.com/2021/03/17/bitcoin-morgan-stanley-is-the-first-big-us-bank-to-offer-wealthy-clients-access-to-bitcoin-funds.html) from the original on 1 August 2021. Retrieved 1 August 2021.
264. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-264)**
Franck, Thomas (11 February 2021). ["BNY Mellon to offer bitcoin services, a validation of crypto from a key bank in the financial system"](https://www.cnbc.com/2021/02/11/bny-mellon-to-offer-bitcoin-services-a-validation-of-crypto-from-a-key-bank-in-the-financial-system.html). *CNBC*. [Archived](https://web.archive.org/web/20210801153726/https://www.cnbc.com/2021/02/11/bny-mellon-to-offer-bitcoin-services-a-validation-of-crypto-from-a-key-bank-in-the-financial-system.html) from the original on 1 August 2021. Retrieved 1 August 2021.
265. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-265)**
["Venmo adds support for buying, holding and selling cryptocurrencies"](https://techcrunch.com/2021/04/20/venmo-adds-support-for-buying-holding-and-selling-cryptocurrencies/). *TechCrunch*. 20 April 2021. [Archived](https://web.archive.org/web/20210801155827/https://techcrunch.com/2021/04/20/venmo-adds-support-for-buying-holding-and-selling-cryptocurrencies/) from the original on 1 August 2021. Retrieved 1 August 2021.
266. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-266)**
["Buying Cryptocurrency on Venmo"](https://help.venmo.com/hc/en-us/articles/360061922654-Buying-Cryptocurrency-on-Venmo-). *Venmo*. [Archived](https://web.archive.org/web/20210731194526/https://help.venmo.com/hc/en-us/articles/360061922654-Buying-Cryptocurrency-on-Venmo-) from the original on 31 July 2021. Retrieved 1 August 2021.
267. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-267)**
Son, Hugh (25 October 2021). ["Mastercard says any bank or merchant on its vast network can soon offer crypto services"](https://www.cnbc.com/2021/10/25/mastercard-says-any-bank-or-merchant-on-its-vast-network-can-soon-offer-crypto-services.html). *CNBC*. [Archived](https://web.archive.org/web/20211128164748/https://www.cnbc.com/2021/10/25/mastercard-says-any-bank-or-merchant-on-its-vast-network-can-soon-offer-crypto-services.html) from the original on 28 November 2021. Retrieved 29 November 2021.
268. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-268)**
Foteinis, Spyros (7 February 2018). ["Bitcoin's alarming carbon footprint"](https://doi.org/10.1038%2Fd41586-018-01625-x). *Nature*. **554** (7691): 169. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_\(identifier\) "Bibcode (identifier)"):[2018Natur.554..169F](https://ui.adsabs.harvard.edu/abs/2018Natur.554..169F). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1038/d41586-018-01625-x](https://doi.org/10.1038%2Fd41586-018-01625-x).
269. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-269)**
Krause, Max J.; Tolaymat, Thabet (November 2018). "Quantification of energy and carbon costs for mining cryptocurrencies". *Nature Sustainability*. **1** (11): 711–718\. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_\(identifier\) "Bibcode (identifier)"):[2018NatSu...1..711K](https://ui.adsabs.harvard.edu/abs/2018NatSu...1..711K). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1038/s41893-018-0152-7](https://doi.org/10.1038%2Fs41893-018-0152-7). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [169170289](https://api.semanticscholar.org/CorpusID:169170289).
270. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-270)**
Stoll, Christian; Klaaßen, Lena; Gallersdörfer, Ulrich (July 2019). ["The Carbon Footprint of Bitcoin"](https://doi.org/10.1016%2Fj.joule.2019.05.012). *Joule*. **3** (7): 1647–1661\. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_\(identifier\) "Bibcode (identifier)"):[2019Joule...3.1647S](https://ui.adsabs.harvard.edu/abs/2019Joule...3.1647S). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1016/j.joule.2019.05.012](https://doi.org/10.1016%2Fj.joule.2019.05.012).
271. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-271)**
Davies, Pascale (26 February 2022). ["Bitcoin mining is worse for the environment now since China banned it"](https://www.euronews.com/next/2022/02/26/bitcoin-mining-was-actually-worse-for-the-environment-since-china-banned-it-a-new-study-sa). *euronews*. [Archived](https://web.archive.org/web/20220301145948/https://www.euronews.com/next/2022/02/26/bitcoin-mining-was-actually-worse-for-the-environment-since-china-banned-it-a-new-study-sa) from the original on 1 March 2022. Retrieved 1 March 2022.
272. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-272)**
[Huang, Jon](https://en.wikipedia.org/wiki/Hiroko_Tabuchi "Hiroko Tabuchi"); O'Neill, Claire; Tabuchi, Hiroko (3 September 2021). ["Bitcoin Uses More Electricity Than Many Countries. How Is That Possible?"](https://www.nytimes.com/interactive/2021/09/03/climate/bitcoin-carbon-footprint-electricity.html). *The New York Times*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20230217105559/https://www.nytimes.com/interactive/2021/09/03/climate/bitcoin-carbon-footprint-electricity.html) from the original on 17 February 2023. Retrieved 1 March 2022.
273. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-273)**
["Bitcoin energy consumption worldwide 2017-2021"](https://www.statista.com/statistics/881472/worldwide-bitcoin-energy-consumption/). *Statista*. [Archived](https://web.archive.org/web/20220301145404/https://www.statista.com/statistics/881472/worldwide-bitcoin-energy-consumption/) from the original on 1 March 2022. Retrieved 1 March 2022.
274. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-274)**
de Vries, Alex (April 2019). ["Renewable Energy Will Not Solve Bitcoin's Sustainability Problem"](https://doi.org/10.1016%2Fj.joule.2019.02.007). *Joule*. **3** (4): 893–898\. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_\(identifier\) "Bibcode (identifier)"):[2019Joule...3..893D](https://ui.adsabs.harvard.edu/abs/2019Joule...3..893D). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1016/j.joule.2019.02.007](https://doi.org/10.1016%2Fj.joule.2019.02.007). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [169784459](https://api.semanticscholar.org/CorpusID:169784459).
275. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-275)**
Livni, Ephrat (11 October 2021). ["Can Crypto Go Green?"](https://www.nytimes.com/2021/10/10/business/dealbook/crypto-climate.html). *[The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times")*. [Archived](https://web.archive.org/web/20220122074143/https://www.nytimes.com/2021/10/10/business/dealbook/crypto-climate.html) from the original on 22 January 2022. Retrieved 23 January 2022.
276. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-276)**
Ponciano, Jonathan. ["Bill Gates Sounds Alarm On Bitcoin's Energy Consumption–Here's Why Crypto Is Bad For Climate Change"](https://www.forbes.com/sites/jonathanponciano/2021/03/09/bill-gates-bitcoin-crypto-climate-change/). *Forbes*. [Archived](https://web.archive.org/web/20210711110650/https://www.forbes.com/sites/jonathanponciano/2021/03/09/bill-gates-bitcoin-crypto-climate-change/) from the original on 11 July 2021. Retrieved 30 July 2021.
277. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-277)**
Dance, Gabriel J. X.; Wallace, Tim; Levitt, Zach (10 April 2023). ["The Real-World Costs of the Digital Race for Bitcoin"](https://www.nytimes.com/2023/04/09/business/bitcoin-mining-electricity-pollution.html). *The New York Times*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20230410164020/https://www.nytimes.com/2023/04/09/business/bitcoin-mining-electricity-pollution.html) from the original on 10 April 2023. Retrieved 14 April 2023.
278. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-278)**
Harper, Chris (13 May 2021). ["The most energy efficient cryptocurrency after Tesla axed Bitcoin"](https://www.birminghammail.co.uk/news/uk-news/what-most-energy-efficient-cryptocurrency-20588731). *BirminghamLive*. [Archived](https://web.archive.org/web/20210713214357/https://www.birminghammail.co.uk/news/uk-news/what-most-energy-efficient-cryptocurrency-20588731) from the original on 13 July 2021. Retrieved 30 July 2021.
279. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-laptopmag_279-0)**
Gedeon, Kimberly (1 June 2021). ["The most energy-efficient cryptocurrencies — Tesla's top picks to replace Bitcoin"](https://www.laptopmag.com/uk/best-picks/most-energy-efficient-cryptocurrencies-the-best-picks-for-teslas-new-coin). *LaptopMag*. [Archived](https://web.archive.org/web/20210730143102/https://www.laptopmag.com/uk/best-picks/most-energy-efficient-cryptocurrencies-the-best-picks-for-teslas-new-coin) from the original on 30 July 2021. Retrieved 30 July 2021.
280. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-280)**
Lacey, Rachel (1 March 2022). ["Everything you need to know about eco-friendly cryptocurrencies"](https://web.archive.org/web/20220508232743/https://www.thetimes.co.uk/money-mentor/article/eco-friendly-cryptocurrencies/). *[The Times](https://en.wikipedia.org/wiki/The_Times "The Times")*. Archived from [the original](https://www.thetimes.co.uk/money-mentor/article/eco-friendly-cryptocurrencies/) on 8 May 2022. Retrieved 9 May 2022.
281. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-281)**
Ossinger, Joanna (2 February 2022). ["Polkadot Has Least Carbon Footprint, Crypto Researcher Says"](https://www.bloomberg.com/news/articles/2022-02-02/polkadot-has-smallest-carbon-footprint-crypto-researcher-says). *Bloomberg*. [Archived](https://web.archive.org/web/20220412172017/https://www.bloomberg.com/news/articles/2022-02-02/polkadot-has-smallest-carbon-footprint-crypto-researcher-says) from the original on 12 April 2022. Retrieved 9 May 2022.
282. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-282)**
Spencer Jones, Jonathan (13 September 2021). ["Proof-of-stake blockchains – not all are equal"](https://web.archive.org/web/20210925061707/https://www.smart-energy.com/industry-sectors/new-technology/proof-of-stake-blockchains-not-all-are-equal/). *Smart Energy International*. Archived from [the original](https://www.smart-energy.com/industry-sectors/new-technology/proof-of-stake-blockchains-not-all-are-equal/) on 25 September 2021. Retrieved 9 May 2022.
283. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Fridgen2021_283-0)**
Fridgen, Gilbert; Körner, Marc-Fabian; Walters, Steffen; Weibelzahl, Martin (9 March 2021). ["Not All Doom and Gloom: How Energy-Intensive and Temporally Flexible Data Center Applications May Actually Promote Renewable Energy Sources"](https://doi.org/10.1007%2Fs12599-021-00686-z). *Business & Information Systems Engineering*. **63** (3): 243–256\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1007/s12599-021-00686-z](https://doi.org/10.1007%2Fs12599-021-00686-z). [hdl](https://en.wikipedia.org/wiki/Hdl_\(identifier\) "Hdl (identifier)"):[10419/287421](https://hdl.handle.net/10419%2F287421). [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [2363-7005](https://search.worldcat.org/issn/2363-7005). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [233664180](https://api.semanticscholar.org/CorpusID:233664180). "To gain applicable knowledge, this paper evaluates the developed model by means of two use-cases with real-world data, namely AWS computing instances for training Machine Learning algorithms and Bitcoin mining as relevant DC applications. The results illustrate that for both cases the NPV of the IES compared to a stand-alone RES-plant increases, which may lead to a promotion of RES-plants."
284. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-284)**
Dajani, Mona E. (26 April 2021). ["Green Bitcoin Does Not Have to Be an Oxymoron"](https://news.bloomberglaw.com/environment-and-energy/green-bitcoin-does-not-have-to-be-an-oxymoron). *news.bloomberglaw.com*. [Archived](https://web.archive.org/web/20220116122337/https://news.bloomberglaw.com/environment-and-energy/green-bitcoin-does-not-have-to-be-an-oxymoron) from the original on 16 January 2022. Retrieved 16 January 2022. "One way to invest in Bitcoin that has a positive effect on renewable energy is to encourage mining operations near wind or solar sites. This provides a customer for power that might otherwise need to be transmitted or stored, saving money as well as carbon."
285. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-285)**
Eid, Bilal; Islam, Md Rabiul; Shah, Rakibuzzaman; Nahid, Abdullah-Al; Kouzani, Abbas Z.; Mahmud, M. A. Parvez (1 November 2021). "Enhanced Profitability of Photovoltaic Plants By Utilizing Cryptocurrency-Based Mining Load". *IEEE Transactions on Applied Superconductivity*. **31** (8): 1–5\. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_\(identifier\) "Bibcode (identifier)"):[2021ITAS...3196503E](https://ui.adsabs.harvard.edu/abs/2021ITAS...3196503E). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1109/TASC.2021.3096503](https://doi.org/10.1109%2FTASC.2021.3096503). [hdl](https://en.wikipedia.org/wiki/Hdl_\(identifier\) "Hdl (identifier)"):[20\.500.11782/2513](https://hdl.handle.net/20.500.11782%2F2513). [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [1558-2515](https://search.worldcat.org/issn/1558-2515). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [237245955](https://api.semanticscholar.org/CorpusID:237245955). "The grid connected photovoltaic (PV) power plants (PVPPs) are booming nowadays. The main problem facing the PV power plants deployment is the intermittency which leads to instability of the grid. \[...\] This paper investigating the usage of a customized load - cryptocurrency mining rig - to create an added value for the owner of the plant and increase the ROI of the project. \[...\] The developed strategy is able to keep the profitability as high as possible during the fluctuation of the mining network."
286. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-286)**
Bastian-Pinto, Carlos L.; Araujo, Felipe V. de S.; Brandão, Luiz E.; Gomes, Leonardo L. (March 2021). "Hedging renewable energy investments with Bitcoin mining". *Renewable and Sustainable Energy Reviews*. **138** 110520. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_\(identifier\) "Bibcode (identifier)"):[2021RSERv.13810520B](https://ui.adsabs.harvard.edu/abs/2021RSERv.13810520B). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1016/j.rser.2020.110520](https://doi.org/10.1016%2Fj.rser.2020.110520). "Windfarms can hedge electricity price risk by investing in Bitcoin mining. \[...\] These findings, which can also be applied to other renewable energy sources, may be of interest to both the energy generator as well as the system regulator as it creates an incentive for early investment in sustainable and renewable energy sources."
287. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-287)**
Rennie, Ellie (22 April 2024). "Climate Change and the Legitimacy of Bitcoin: Legitimacy and Delegitimisation in Relation to Distributed Ledgers". *Cryptoeconomic Systems*. **3** (1). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.21428/58320208.d891046f](https://doi.org/10.21428%2F58320208.d891046f).
288. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-288)** [Want to make money off Bitcoin mining? Hint: Don't mine](https://theweek.com/article/index/242753/want-to-make-money-off-bitcoin-mining-hint-dont-mine) [Archived](https://web.archive.org/web/20140505181855/http://theweek.com/article/index/242753/want-to-make-money-off-bitcoin-mining-hint-dont-mine) 5 May 2014 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine"), *The Week*, 15 April 2013
289. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-289)** [Keeping Your Cryptocurrency Safe](http://c4ss.org/content/25638) [Archived](https://web.archive.org/web/20140712235229/http://c4ss.org/content/25638) 12 July 2014 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine"), Center for a Stateless Society, 1 April 2014
290. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-290)**
Hertig, Alyssa (15 September 2015). ["Introducing Ledger, the First Bitcoin-Only Academic Journal"](https://www.vice.com/en/article/introducing-ledger-the-first-bitcoin-only-academic-journal/). *Motherboard*. [Archived](https://web.archive.org/web/20170110172807/http://motherboard.vice.com/read/introducing-ledger-the-first-bitcoin-only-academic-journal) from the original on 10 January 2017.
291. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-291)**
["Editorial Policies"](https://web.archive.org/web/20161223135741/http://www.ledgerjournal.org/ojs/index.php/ledger/about/editorialPolicies#custom-0). *ledgerjournal.org*. Archived from [the original](http://ledgerjournal.org/ojs/index.php/ledger/about/editorialPolicies#custom-0) on 23 December 2016. Retrieved 24 September 2015.
292. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-292)**
Rizun, Peter R.; Wilmer, Christopher E.; Burley, Richard Ford; Miller, Andrew (2015). ["How to Write and Format an Article for Ledger"](http://ledger.pitt.edu/ojs/public/journals/1/AuthorGuide.pdf) (PDF). *[Ledger](https://en.wikipedia.org/wiki/Ledger_\(journal\) "Ledger (journal)")*. **1** (1): 1–12\. [Archived](https://web.archive.org/web/20150922190603/http://ledger.pitt.edu/ojs/public/journals/1/AuthorGuide.pdf) (PDF) from the original on 22 September 2015.
293. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-ibtimesunicef_293-0)**
Mendoza, Ron (14 October 2019). ["UNICEF Blockchain Fund: First UN organization To Accept Cryptocurrency Donations"](https://www.ibtimes.com/unicef-blockchain-fund-first-un-organization-accept-cryptocurrency-donations-2845332). *IB Times*. [Archived](https://web.archive.org/web/20191014071136/https://www.ibtimes.com/unicef-blockchain-fund-first-un-organization-accept-cryptocurrency-donations-2845332) from the original on 14 October 2019. Retrieved 14 October 2019.
294. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-294)**
["UNICEF launches Cryptocurrency Fund"](https://www.unicef.org/press-releases/unicef-launches-cryptocurrency-fund). *www.unicef.org*. 9 October 2019. [Archived](https://web.archive.org/web/20191102011325/https://www.unicef.org/press-releases/unicef-launches-cryptocurrency-fund) from the original on 2 November 2019. Retrieved 1 November 2019.
295. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-295)**
Doshi, Vidhi (9 October 2019). ["Unicef now accepting donations through bitcoin and ether"](https://www.theguardian.com/global-development/2019/oct/09/unicef-now-accepting-donations-through-bitcoin-and-ether). *The Guardian*. [Archived](https://web.archive.org/web/20201028034637/https://www.theguardian.com/global-development/2019/oct/09/unicef-now-accepting-donations-through-bitcoin-and-ether) from the original on 28 October 2020. Retrieved 22 October 2020.
296. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-296)**
Murray, Allison (2 March 2022). ["Charities are turning to bitcoin and NFTs to raise money. Not everyone thinks it's a great idea"](https://www.zdnet.com/finance/blockchain/charities-are-turning-to-cryptocurrencies-and-nfts-not-everyone-thinks-its-a-great-idea/). *ZDNet*. [Archived](https://web.archive.org/web/20220512070349/https://www.zdnet.com/finance/blockchain/charities-are-turning-to-cryptocurrencies-and-nfts-not-everyone-thinks-its-a-great-idea/) from the original on 12 May 2022. Retrieved 9 May 2022.
297. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-297)**
Martin, Katie; Nauman, Billy (20 May 2021). ["Bitcoin's growing energy problem: 'It's a dirty currency'"](https://www.ft.com/content/1aecb2db-8f61-427c-a413-3b929291c8ac). *Financial Times*. [Archived](https://web.archive.org/web/20220209142620/https://www.ft.com/content/1aecb2db-8f61-427c-a413-3b929291c8ac) from the original on 9 February 2022. Retrieved 8 February 2022.
298. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-298)**
Browne, Ryan (27 February 2022). ["Ukraine government raises over \$10 million in cryptocurrency donations"](https://www.cnbc.com/2022/02/27/ukraine-government-raises-over-10-million-in-cryptocurrency-donations.html). *CNBC*. [Archived](https://web.archive.org/web/20220325115433/https://www.cnbc.com/2022/02/27/ukraine-government-raises-over-10-million-in-cryptocurrency-donations.html) from the original on 25 March 2022. Retrieved 27 February 2022.
299. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-4Nobels_299-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-4Nobels_299-1) [***c***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-4Nobels_299-2) [***d***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-4Nobels_299-3)
Wolff-Mann, Ethan (27 April 2018). ["'Only good for drug dealers': More Nobel prize winners snub bitcoin"](https://finance.yahoo.com/news/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html). Yahoo Finance. [Archived](https://web.archive.org/web/20180612141128/https://finance.yahoo.com/news/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html) from the original on 12 June 2018.
300. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-300)**
Frank, Jacqui; Chin, Kara; Ciolli, Joe (15 December 2017). ["Paul Krugman says bitcoin is a bubble"](https://www.businessinsider.com/paul-krugman-says-bitcoin-is-a-bubble-2017-12). *Business Insider*. [Archived](https://web.archive.org/web/20220301153645/https://www.businessinsider.com/paul-krugman-says-bitcoin-is-a-bubble-2017-12) from the original on 1 March 2022. Retrieved 1 March 2022.
301. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Shiller_2014_301-0)**
Shiller, Robert (1 March 2014). ["In Search of a Stable Electronic Currency"](https://www.nytimes.com/2014/03/02/business/in-search-of-a-stable-electronic-currency.html?_r=0). *[The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times")*. [Archived](https://web.archive.org/web/20141024120222/http://www.nytimes.com/2014/03/02/business/in-search-of-a-stable-electronic-currency.html?_r=0) from the original on 24 October 2014.
302. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Stiglitz_302-0)**
Costelloe, Kevin (29 November 2017). ["Bitcoin 'Ought to Be Outlawed,' Nobel Prize Winner Stiglitz Says"](https://www.bloomberg.com/news/articles/2017-11-29/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd). Bloomberg. [Archived](https://web.archive.org/web/20180612224313/https://www.bloomberg.com/news/articles/2017-11-29/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd) from the original on 12 June 2018. "It doesn't serve any socially useful function."
303. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Thaler_303-0)**
["Economics Nobel prize winner, Richard Thaler: 'The market that looks most like a bubble to me is Bitcoin and its brethren'"](https://econews.pt/2018/01/22/economics-nobel-prize-winner-richard-thaler-the-market-that-looks-most-like-a-bubble-to-me-is-bitcoin-and-its-brethren/). ECO Portuguese Economy. 22 January 2018. [Archived](https://web.archive.org/web/20180612140603/https://econews.pt/2018/01/22/economics-nobel-prize-winner-richard-thaler-the-market-that-looks-most-like-a-bubble-to-me-is-bitcoin-and-its-brethren/) from the original on 12 June 2018.
304. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Carstens_304-0)**
["Central banker takes stab at bitcoin 'bubble'"](https://phys.org/news/2018-02-central-banker-stab-bitcoin.html). Phys.org. AFP. 6 February 2018. [Archived](https://web.archive.org/web/20180612143028/https://phys.org/news/2018-02-central-banker-stab-bitcoin.html) from the original on 12 June 2018.
305. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Constancio_305-0)**
["Bitcoin is like Tulipmania, says ECB vice-president"](https://www.ft.com/content/18507a26-9fb4-11e7-8cd4-932067fbf946). The Financial Times. 22 September 2017. [Archived](https://web.archive.org/web/20170930234500/https://www.ft.com/content/18507a26-9fb4-11e7-8cd4-932067fbf946) from the original on 30 September 2017.
306. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Kearns_306-0)**
Kearns, Jeff (4 December 2013). ["Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value"](https://www.bloomberg.com/news/2013-12-04/greenspan-says-bitcoin-a-bubble-without-intrinsic-currency-value.html). *bloomberg.com*. Bloomberg LP. [Archived](https://web.archive.org/web/20131229054844/http://www.bloomberg.com/news/2013-12-04/greenspan-says-bitcoin-a-bubble-without-intrinsic-currency-value.html) from the original on 29 December 2013.
307. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-tulip_mania_307-0)**
Hern, Alex (4 December 2013). ["Bitcoin hype worse than 'tulip mania', says Dutch central banker"](https://www.theguardian.com/technology/2013/dec/04/bitcoin-bubble-tulip-dutch-banker). *The Guardian*. [Archived](https://web.archive.org/web/20170320051840/https://www.theguardian.com/technology/2013/dec/04/bitcoin-bubble-tulip-dutch-banker) from the original on 20 March 2017.
308. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-308)**
Crippen, Alex (14 March 2014). ["Bitcoin? Here's what Warren Buffett is saying"](https://www.cnbc.com/2014/03/14/buffett-blasts-bitcoin-as-mirage-stay-away.html). *CNBC*. [Archived](https://web.archive.org/web/20170113070447/http://www.cnbc.com/2014/03/14/buffett-blasts-bitcoin-as-mirage-stay-away.html) from the original on 13 January 2017. Retrieved 11 January 2017.
309. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-GnMSoros_309-0)**
Porzecanski, Katia (25 January 2018). ["George Soros: Bitcoin is a bubble, Trump is a 'danger to the world'"](https://www.theglobeandmail.com/globe-investor/investment-ideas/george-soros-says-bitcoin-bubble-wont-have-sharp-break-like-others/article37739168/). Globe and Mail. Bloomberg News. [Archived](https://web.archive.org/web/20180609071424/https://www.theglobeandmail.com/globe-investor/investment-ideas/george-soros-says-bitcoin-bubble-wont-have-sharp-break-like-others/article37739168/) from the original on 9 June 2018. Retrieved 7 June 2018.
310. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Yang_Ma_310-0)**
Yang, Yingzhi (18 May 2018). ["There's a bitcoin bubble, says Alibaba executive chairman Jack Ma"](https://www.scmp.com/tech/enterprises/article/2146648/theres-bitcoin-bubble-says-alibaba-executive-chairman-jack-ma). South China Morning Post. [Archived](https://web.archive.org/web/20180610214759/http://www.scmp.com/tech/enterprises/article/2146648/theres-bitcoin-bubble-says-alibaba-executive-chairman-jack-ma) from the original on 10 June 2018. Retrieved 10 June 2018.
311. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Buffet_and_Dimon_311-0)**
Cheng, Evelyn (7 June 2018). ["Warren Buffett and Jamie Dimon on bitcoin: Beware"](https://www.cnbc.com/2018/06/07/warren-buffett-and-jamie-dimon-on-bitcoin-beware.html). CNBC. [Archived](https://web.archive.org/web/20180609122312/https://www.cnbc.com/2018/06/07/warren-buffett-and-jamie-dimon-on-bitcoin-beware.html) from the original on 9 June 2018. Retrieved 7 June 2018.
312. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-312)**
Kim, Tae (9 January 2018). ["Jamie Dimon says he regrets calling bitcoin a fraud and believes in the technology behind it"](https://www.cnbc.com/2018/01/09/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html). *CNBC*. [Archived](https://web.archive.org/web/20180113085325/https://www.cnbc.com/2018/01/09/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html) from the original on 13 January 2018. Retrieved 31 December 2020.
313. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-313)**
Imbert, Fred (13 October 2017). ["BlackRock CEO Larry Fink calls bitcoin an 'index of money laundering'"](https://www.cnbc.com/2017/10/13/blackrock-ceo-larry-fink-calls-bitcoin-an-index-of-money-laundering.html). *[CNBC](https://en.wikipedia.org/wiki/CNBC "CNBC")*. [Archived](https://web.archive.org/web/20171030202248/https://www.cnbc.com/2017/10/13/blackrock-ceo-larry-fink-calls-bitcoin-an-index-of-money-laundering.html) from the original on 30 October 2017. Retrieved 19 November 2017.
314. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-314)**
Browne, Ryan (15 June 2022). ["Bill Gates says crypto and NFTs are '100% based on greater fool theory'"](https://www.cnbc.com/2022/06/15/bill-gates-says-crypto-and-nfts-are-based-on-greater-fool-theory.html). *[CNBC](https://en.wikipedia.org/wiki/CNBC "CNBC")*. [Archived](https://web.archive.org/web/20220615081326/https://www.cnbc.com/2022/06/15/bill-gates-says-crypto-and-nfts-are-based-on-greater-fool-theory.html) from the original on 15 June 2022. Retrieved 15 June 2022.
315. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-315)**
Müller, Lukas; Ong, Malik (17 February 2020). ["Aktuelles zum Recht der Kryptowährungen"](https://www.alexandria.unisg.ch/259362/1/MUELLER_ONG_AJP_02_2020_198-212.pdf) \[Current state of the law of crypto currencies\] (PDF). *Aktuelle Juristische Praxis / Pratique Juridique Actuelle* (in German) (2). [Archived](https://web.archive.org/web/20220210174829/https://www.alexandria.unisg.ch/259362/1/MUELLER_ONG_AJP_02_2020_198-212.pdf) (PDF) from the original on 10 February 2022. Retrieved 17 February 2023.
316. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-316)**
Baer, Katherine; De Mooij, Ruud; Hebous, Shafik; Keen, Michael (2023). ["Taxing cryptocurrencies"](https://doi.org/10.1093%2Foxrep%2Fgrad035). *[Oxford Review of Economic Policy](https://en.wikipedia.org/wiki/Oxford_Review_of_Economic_Policy "Oxford Review of Economic Policy")*. **39** (3): 478–497\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1093/oxrep/grad035](https://doi.org/10.1093%2Foxrep%2Fgrad035).
317. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-317)**
Emem, Mark (12 June 2019). ["Chinese Bitcoin Trader Commits Suicide after Losing 2,000 BTC on 100x Leverage Bet"](https://www.ccn.com/bitcoin-margin-100x-leverage-trader-suicide/). *CCN.com*. Retrieved 31 October 2025.
318. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-318)**
Evans, Holly; Sharman, Laura (17 February 2022). ["Bitcoin trader, 23, takes own life after break-up and losing all his money"](https://www.mirror.co.uk/news/uk-news/heartbroken-man-took-life-after-26260173). *Mirror*. [Archived](https://web.archive.org/web/20220502035724/https://www.mirror.co.uk/news/uk-news/heartbroken-man-took-life-after-26260173) from the original on 2 May 2022. Retrieved 2 May 2022.
319. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-319)**
Sarlin, Jon (17 May 2022). ["Stablecoins were supposed to be 'stable.' Then the crash came"](https://www.cnn.com/2022/05/17/investing/luna-terra-losses-crypto-traders/index.html). CNN. [Archived](https://web.archive.org/web/20220529222016/https://www.cnn.com/2022/05/17/investing/luna-terra-losses-crypto-traders/index.html) from the original on 29 May 2022. Retrieved 30 May 2022.
## Further reading
- Chayka, Kyle (2 July 2013). ["What Comes After Bitcoin?"](https://psmag.com/economics/what-comes-after-bitcoin-future-of-cryptocurrency-61660). *Pacific Standard*. Retrieved 18 January 2014.
- Guadamuz, Andres; Marsden, Chris (2015). ["Blockchains and Bitcoin: Regulatory Responses to Cryptocurrencies"](http://sro.sussex.ac.uk/id/eprint/58872/1/bitcoin.pdf) (PDF). *First Monday*. **20** (12). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.5210/fm.v20i12.6198](https://doi.org/10.5210%2Ffm.v20i12.6198). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [811921](https://api.semanticscholar.org/CorpusID:811921).
- Haynie, Dana L.; Duxbury, Scott W. (2024). "[Online Illegal Cryptomarkets](https://www.annualreviews.org/content/journals/10.1146/annurev-soc-090523-052916)". *Annual Review of Sociology*.
- [Jed S. Rakoff](https://en.wikipedia.org/wiki/Jed_S._Rakoff "Jed S. Rakoff"), "It's a Racket!", *[The New York Review of Books](https://en.wikipedia.org/wiki/The_New_York_Review_of_Books "The New York Review of Books")*, vol.LXXII, no. 20 (18 December 2025), pp. 61–62. "Cryptocurrency ... has often become a vehicle for [fraud](https://en.wikipedia.org/wiki/Fraud "Fraud") and [criminality](https://en.wikipedia.org/wiki/Criminality "Criminality"). ... The only way a cryptocurrency investor could make money was by selling his tokens when their price rose. And such selling, untethered to any underlying economic reality, could cause the price of [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") to fall rapidly, as it did ... in 2022, leading to billions of dollars in losses." (p. 61.)
## External links
- [](https://en.wikipedia.org/wiki/File:Commons-logo.svg) Media related to [Cryptocurrency](https://commons.wikimedia.org/wiki/Category:Cryptocurrency "commons:Category:Cryptocurrency") at Wikimedia Commons
-  Quotations related to [Cryptocurrency](https://en.wikiquote.org/wiki/Special:Search/Cryptocurrency "wikiquote:Special:Search/Cryptocurrency") at Wikiquote
- [](https://en.wikipedia.org/wiki/File:Wikiversity_logo_2017.svg) Learning materials related to [Should cryptocurrencies be banned?](https://en.wikiversity.org/wiki/Should_cryptocurrencies_be_banned%3F "v:Should cryptocurrencies be banned?") at Wikiversity
| [v](https://en.wikipedia.org/wiki/Template:Cryptocurrencies "Template:Cryptocurrencies") [t](https://en.wikipedia.org/wiki/Template_talk:Cryptocurrencies "Template talk:Cryptocurrencies") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Cryptocurrencies "Special:EditPage/Template:Cryptocurrencies")[Cryptocurrencies]() | |
|---|---|
| Technology | [Blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain") [Cryptocurrency tumbler](https://en.wikipedia.org/wiki/Cryptocurrency_tumbler "Cryptocurrency tumbler") [Cryptocurrency wallet](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet") [Cryptographic hash function](https://en.wikipedia.org/wiki/Cryptographic_hash_function "Cryptographic hash function") [Decentralized exchange](https://en.wikipedia.org/wiki/Decentralized_finance#Decentralized_exchanges "Decentralized finance") [Decentralized finance](https://en.wikipedia.org/wiki/Decentralized_finance "Decentralized finance") [Distributed ledger](https://en.wikipedia.org/wiki/Distributed_ledger "Distributed ledger") [Fork](https://en.wikipedia.org/wiki/Fork_\(blockchain\) "Fork (blockchain)") [Lightning Network](https://en.wikipedia.org/wiki/Lightning_Network "Lightning Network") [MetaMask](https://en.wikipedia.org/wiki/MetaMask "MetaMask") [Smart contract](https://en.wikipedia.org/wiki/Smart_contract "Smart contract") [Web3](https://en.wikipedia.org/wiki/Web3 "Web3") |
| [Consensus](https://en.wikipedia.org/wiki/Consensus_\(computer_science\) "Consensus (computer science)") mechanisms | [Proof of authority](https://en.wikipedia.org/wiki/Proof_of_authority "Proof of authority") [Proof of space](https://en.wikipedia.org/wiki/Proof_of_space "Proof of space") [Proof of stake](https://en.wikipedia.org/wiki/Proof_of_stake "Proof of stake") [Proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") |
| [Proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") currencies | |
| | |
| [SHA-256](https://en.wikipedia.org/wiki/SHA-2 "SHA-2")\-based | [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") [Bitcoin Cash](https://en.wikipedia.org/wiki/Bitcoin_Cash "Bitcoin Cash") [Counterparty](https://en.wikipedia.org/wiki/Counterparty_\(platform\) "Counterparty (platform)") [LBRY](https://en.wikipedia.org/wiki/LBRY "LBRY") [MazaCoin](https://en.wikipedia.org/wiki/MazaCoin "MazaCoin") [Namecoin](https://en.wikipedia.org/wiki/Namecoin "Namecoin") [Peercoin](https://en.wikipedia.org/wiki/Peercoin "Peercoin") [Titcoin](https://en.wikipedia.org/wiki/Titcoin "Titcoin") |
| [Ethash](https://en.wikipedia.org/wiki/Ethereum "Ethereum")\-based | [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum") (1.0) [Ethereum Classic](https://en.wikipedia.org/wiki/Ethereum_Classic "Ethereum Classic") |
| [Scrypt](https://en.wikipedia.org/wiki/Scrypt "Scrypt")\-based | [Auroracoin](https://en.wikipedia.org/wiki/Auroracoin "Auroracoin") [Bitconnect](https://en.wikipedia.org/wiki/Bitconnect "Bitconnect") [Coinye](https://en.wikipedia.org/wiki/Coinye "Coinye") [Dogecoin](https://en.wikipedia.org/wiki/Dogecoin "Dogecoin") [Litecoin](https://en.wikipedia.org/wiki/Litecoin "Litecoin") |
| [Equihash](https://en.wikipedia.org/wiki/Equihash "Equihash")\-based | [Bitcoin Gold](https://en.wikipedia.org/wiki/Bitcoin_Gold "Bitcoin Gold") [Zcash](https://en.wikipedia.org/wiki/Zcash "Zcash") |
| RandomX-based | [Monero](https://en.wikipedia.org/wiki/Monero "Monero") |
| [X11](https://en.wikipedia.org/wiki/Dash_\(cryptocurrency\)#X11 "Dash (cryptocurrency)")\-based | [Dash](https://en.wikipedia.org/wiki/Dash_\(cryptocurrency\) "Dash (cryptocurrency)") [Petro](https://en.wikipedia.org/wiki/Petro_\(token\) "Petro (token)") |
| Other | [AmbaCoin](https://en.wikipedia.org/wiki/AmbaCoin "AmbaCoin") [Firo](https://en.wikipedia.org/wiki/Firo_\(cryptocurrency\) "Firo (cryptocurrency)") [IOTA](https://en.wikipedia.org/wiki/IOTA_\(technology\) "IOTA (technology)") [Nervos Network](https://en.wikipedia.org/wiki/Nervos_Network "Nervos Network") [Primecoin](https://en.wikipedia.org/wiki/Primecoin "Primecoin") [Verge](https://en.wikipedia.org/wiki/Verge_\(cryptocurrency\) "Verge (cryptocurrency)") [Vertcoin](https://en.wikipedia.org/wiki/Vertcoin "Vertcoin") |
| [Proof of stake](https://en.wikipedia.org/wiki/Proof_of_stake "Proof of stake") currencies | [Algorand](https://en.wikipedia.org/wiki/Algorand "Algorand") [Avalanche](https://en.wikipedia.org/wiki/Avalanche_\(blockchain_platform\) "Avalanche (blockchain platform)") [Cardano](https://en.wikipedia.org/wiki/Cardano_\(blockchain_platform\) "Cardano (blockchain platform)") [EOS.IO](https://en.wikipedia.org/wiki/EOS.IO "EOS.IO") [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum") (2.0) [Gridcoin](https://en.wikipedia.org/wiki/Gridcoin "Gridcoin") [ICON](https://en.wikipedia.org/wiki/ICON_\(blockchain_platform\) "ICON (blockchain platform)") [Injective](https://en.wikipedia.org/wiki/Injective_\(blockchain\) "Injective (blockchain)") [Kin](https://en.wikipedia.org/wiki/Kin_\(cryptocurrency\) "Kin (cryptocurrency)") [Nxt](https://en.wikipedia.org/wiki/Nxt "Nxt") [Peercoin](https://en.wikipedia.org/wiki/Peercoin "Peercoin") [Polkadot](https://en.wikipedia.org/wiki/Polkadot_\(blockchain_platform\) "Polkadot (blockchain platform)") [Solana](https://en.wikipedia.org/wiki/Solana_\(blockchain_platform\) "Solana (blockchain platform)") [Steem](https://en.wikipedia.org/wiki/Steemit "Steemit") [Tezos](https://en.wikipedia.org/wiki/Tezos "Tezos") [TON](https://en.wikipedia.org/wiki/The_Open_Network "The Open Network") |
| [ERC-20](https://en.wikipedia.org/wiki/ERC-20 "ERC-20") tokens | [Augur](https://en.wikipedia.org/wiki/Augur_\(software\) "Augur (software)") [Aventus](https://en.wikipedia.org/wiki/Aventus_\(protocol\) "Aventus (protocol)") [Basic Attention Token](https://en.wikipedia.org/wiki/Brave_\(web_browser\)#Basic_Attention_Token "Brave (web browser)") [Chainlink](https://en.wikipedia.org/wiki/Chainlink_\(blockchain_oracle\) "Chainlink (blockchain oracle)") [Kin](https://en.wikipedia.org/wiki/Kin_\(cryptocurrency\) "Kin (cryptocurrency)") [KodakCoin](https://en.wikipedia.org/wiki/KodakCoin "KodakCoin") [Minds](https://en.wikipedia.org/wiki/Minds_\(social_network\) "Minds (social network)") [Polygon](https://en.wikipedia.org/wiki/Polygon_\(blockchain\) "Polygon (blockchain)") [Shiba Inu](https://en.wikipedia.org/wiki/Shiba_Inu_\(cryptocurrency\) "Shiba Inu (cryptocurrency)") [The DAO](https://en.wikipedia.org/wiki/The_DAO "The DAO") [TRON](https://en.wikipedia.org/wiki/Tron_\(blockchain\) "Tron (blockchain)") |
| [Stablecoins](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin") | [Dai](https://en.wikipedia.org/wiki/Dai_\(cryptocurrency\) "Dai (cryptocurrency)") [Diem](https://en.wikipedia.org/wiki/Diem_\(digital_currency\) "Diem (digital currency)") [Pax](https://en.wikipedia.org/wiki/Paxos_Trust_Company#Paxos_Standard "Paxos Trust Company") [Terra](https://en.wikipedia.org/wiki/Terra_\(blockchain\) "Terra (blockchain)") [Tether](https://en.wikipedia.org/wiki/Tether_\(cryptocurrency\) "Tether (cryptocurrency)") [USD Coin](https://en.wikipedia.org/wiki/USDC_\(cryptocurrency\) "USDC (cryptocurrency)") |
| [Meme coins](https://en.wikipedia.org/wiki/Meme_coins "Meme coins") | [CAR](https://en.wikipedia.org/wiki/$CAR "$CAR") [Chill Guy](https://en.wikipedia.org/wiki/$CHILLGUY "$CHILLGUY") [Coinye](https://en.wikipedia.org/wiki/Coinye "Coinye") [Dogecoin](https://en.wikipedia.org/wiki/Dogecoin "Dogecoin") [LGBcoin](https://en.wikipedia.org/wiki/LGBcoin "LGBcoin") [Libra](https://en.wikipedia.org/wiki/$Libra "$Libra") [Melania](https://en.wikipedia.org/wiki/$Melania "$Melania") [Pawthereum](https://en.wikipedia.org/wiki/Pawthereum "Pawthereum") [Trump](https://en.wikipedia.org/wiki/$Trump "$Trump") |
| Other currencies | [Chia](https://en.wikipedia.org/wiki/Chia_\(cryptocurrency\) "Chia (cryptocurrency)") [Filecoin](https://en.wikipedia.org/wiki/Filecoin "Filecoin") [HBAR (Hashgraph)](https://en.wikipedia.org/wiki/Hashgraph "Hashgraph") [Helium](https://en.wikipedia.org/wiki/Helium_Network "Helium Network") [Luna](https://en.wikipedia.org/wiki/Terra_\(blockchain\) "Terra (blockchain)") [MobileCoin](https://en.wikipedia.org/wiki/MobileCoin "MobileCoin") [Nano](https://en.wikipedia.org/wiki/Nano_\(cryptocurrency\) "Nano (cryptocurrency)") [NEO](https://en.wikipedia.org/wiki/NEO_\(cryptocurrency\) "NEO (cryptocurrency)") [SafeMoon](https://en.wikipedia.org/wiki/SafeMoon "SafeMoon") [Stellar](https://en.wikipedia.org/wiki/Stellar_\(payment_network\) "Stellar (payment network)") [WhopperCoin](https://en.wikipedia.org/wiki/WhopperCoin "WhopperCoin") [XRP Ledger](https://en.wikipedia.org/wiki/XRP_Ledger "XRP Ledger") |
| [Inactive currencies](https://en.wikipedia.org/wiki/List_of_cryptocurrencies#Inactive_currencies "List of cryptocurrencies") | [BitConnect](https://en.wikipedia.org/wiki/Bitconnect "Bitconnect") [Coinye](https://en.wikipedia.org/wiki/Coinye "Coinye") [KodakCoin](https://en.wikipedia.org/wiki/KodakCoin "KodakCoin") [OneCoin](https://en.wikipedia.org/wiki/OneCoin "OneCoin") [Petro](https://en.wikipedia.org/wiki/Petro_\(token\) "Petro (token)") |
| Crypto service companies | [Hyperledger](https://en.wikipedia.org/wiki/Hyperledger "Hyperledger") [IQ.Wiki](https://en.wikipedia.org/wiki/IQ.Wiki "IQ.Wiki") [Initiative Q](https://en.wikipedia.org/wiki/Quahl "Quahl") |
| Related topics | [\$Libra cryptocurrency scandal](https://en.wikipedia.org/wiki/$Libra_cryptocurrency_scandal "$Libra cryptocurrency scandal") [2023 United States banking crisis](https://en.wikipedia.org/wiki/2023_United_States_banking_crisis "2023 United States banking crisis") [Airdrop](https://en.wikipedia.org/wiki/Airdrop_\(cryptocurrency\) "Airdrop (cryptocurrency)") [Bitcoin in El Salvador](https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador "Bitcoin in El Salvador") [BitLicense](https://en.wikipedia.org/wiki/BitLicense "BitLicense") [Blockchain game](https://en.wikipedia.org/wiki/Blockchain_game "Blockchain game") [Complementary currency](https://en.wikipedia.org/wiki/Complementary_currency "Complementary currency") [Crypto-anarchy](https://en.wikipedia.org/wiki/Crypto-anarchy "Crypto-anarchy") [Cryptocurrency and crime](https://en.wikipedia.org/wiki/Cryptocurrency_and_crime "Cryptocurrency and crime") [Bankruptcy of FTX](https://en.wikipedia.org/wiki/Bankruptcy_of_FTX "Bankruptcy of FTX") [Trial of Sam Bankman-Fried](https://en.wikipedia.org/wiki/Trial_of_Sam_Bankman-Fried "Trial of Sam Bankman-Fried") [Scam center](https://en.wikipedia.org/wiki/Scam_center "Scam center") [Pig butchering scam](https://en.wikipedia.org/wiki/Pig_butchering_scam "Pig butchering scam") [Cryptocurrencies in Europe](https://en.wikipedia.org/wiki/Cryptocurrencies_in_Europe "Cryptocurrencies in Europe") [Cryptocurrencies in Puerto Rico](https://en.wikipedia.org/wiki/Cryptocurrencies_in_Puerto_Rico "Cryptocurrencies in Puerto Rico") [Cryptocurrency bubble](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble") [Cryptocurrency in Australia](https://en.wikipedia.org/wiki/Cryptocurrency_in_Australia "Cryptocurrency in Australia") [Cryptocurrency in Nigeria](https://en.wikipedia.org/wiki/Cryptocurrency_in_Nigeria "Cryptocurrency in Nigeria") [Cryptocurrency scams](https://en.wikipedia.org/wiki/Category:Cryptocurrency_scams "Category:Cryptocurrency scams") [Digital currency](https://en.wikipedia.org/wiki/Digital_currency "Digital currency") [Decentralized autonomous organization](https://en.wikipedia.org/wiki/Decentralized_autonomous_organization "Decentralized autonomous organization") [Decentralized application](https://en.wikipedia.org/wiki/Decentralized_application "Decentralized application") [Distributed ledger technology law](https://en.wikipedia.org/wiki/Distributed_ledger_technology_law "Distributed ledger technology law") [Double-spending](https://en.wikipedia.org/wiki/Double-spending "Double-spending") [Environmental impact](https://en.wikipedia.org/wiki/Environmental_impact_of_bitcoin "Environmental impact of bitcoin") [Initial coin offering](https://en.wikipedia.org/wiki/Initial_coin_offering "Initial coin offering") [Initial exchange offering](https://en.wikipedia.org/wiki/Initial_exchange_offering "Initial exchange offering") [List of cryptocurrencies](https://en.wikipedia.org/wiki/List_of_cryptocurrencies "List of cryptocurrencies") [Non-fungible token](https://en.wikipedia.org/wiki/Non-fungible_token "Non-fungible token") [Token money](https://en.wikipedia.org/wiki/Token_money "Token money") [United States Strategic Bitcoin Reserve](https://en.wikipedia.org/wiki/Strategic_bitcoin_reserve_\(United_States\) "Strategic bitcoin reserve (United States)") [Virtual currency](https://en.wikipedia.org/wiki/Virtual_currency "Virtual currency") [Voiceverse NFT plagiarism scandal](https://en.wikipedia.org/wiki/Voiceverse_NFT_plagiarism_scandal "Voiceverse NFT plagiarism scandal") |
|  **[Category](https://en.wikipedia.org/wiki/Category:Cryptocurrencies "Category:Cryptocurrencies")** [](https://en.wikipedia.org/wiki/File:Commons-logo.svg "Commons page") **[Commons](https://commons.wikimedia.org/wiki/Category:Cryptocurrency "commons:Category:Cryptocurrency")**  **[List](https://en.wikipedia.org/wiki/List_of_cryptocurrencies "List of cryptocurrencies")** | |
| [v](https://en.wikipedia.org/wiki/Template:Bitcoin "Template:Bitcoin") [t](https://en.wikipedia.org/wiki/Template_talk:Bitcoin "Template talk:Bitcoin") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Bitcoin "Special:EditPage/Template:Bitcoin")[Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") | | |
|---|---|---|
| [History](https://en.wikipedia.org/wiki/History_of_bitcoin "History of bitcoin") [Economics](https://en.wikipedia.org/wiki/Economics_of_bitcoin "Economics of bitcoin") [Politics](https://en.wikipedia.org/wiki/Bitcoin_and_politics "Bitcoin and politics") [Legal status](https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory "Legality of bitcoin by country or territory") [Environmental effects](https://en.wikipedia.org/wiki/Environmental_effects_of_bitcoin "Environmental effects of bitcoin") | | |
| People | [Gavin Andresen](https://en.wikipedia.org/wiki/Gavin_Andresen "Gavin Andresen") [Andreas Antonopoulos](https://en.wikipedia.org/wiki/Andreas_Antonopoulos "Andreas Antonopoulos") [Brian Armstrong](https://en.wikipedia.org/wiki/Brian_Armstrong_\(CEO\) "Brian Armstrong (CEO)") [Adam Back](https://en.wikipedia.org/wiki/Adam_Back "Adam Back") [Vitalik Buterin](https://en.wikipedia.org/wiki/Vitalik_Buterin "Vitalik Buterin") [Wences Casares](https://en.wikipedia.org/wiki/Wences_Casares "Wences Casares") [Luke Dashjr](https://en.wikipedia.org/wiki/Luke_Dashjr "Luke Dashjr") [Wei Dai](https://en.wikipedia.org/wiki/Wei_Dai "Wei Dai") [Tim Draper](https://en.wikipedia.org/wiki/Tim_Draper "Tim Draper") [Hal Finney](https://en.wikipedia.org/wiki/Hal_Finney_\(computer_scientist\) "Hal Finney (computer scientist)") [Mark Karpelès](https://en.wikipedia.org/wiki/Mark_Karpel%C3%A8s "Mark Karpelès") [Dave Kleiman](https://en.wikipedia.org/wiki/Dave_Kleiman "Dave Kleiman") [Dadvan Yousuf](https://en.wikipedia.org/wiki/Dadvan_Yousuf "Dadvan Yousuf") [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto") [Charlie Shrem](https://en.wikipedia.org/wiki/Charlie_Shrem "Charlie Shrem") [Nick Szabo](https://en.wikipedia.org/wiki/Nick_Szabo "Nick Szabo") [Zhimin Qian](https://en.wikipedia.org/wiki/Qian_Zhimin_\(criminal\) "Qian Zhimin (criminal)") [Ross Ulbricht](https://en.wikipedia.org/wiki/Ross_Ulbricht "Ross Ulbricht") [Roger Ver](https://en.wikipedia.org/wiki/Roger_Ver "Roger Ver") [Erik Voorhees](https://en.wikipedia.org/wiki/Erik_Voorhees "Erik Voorhees") [Paolo Ardoino](https://en.wikipedia.org/wiki/Paolo_Ardoino "Paolo Ardoino") [Cody Wilson](https://en.wikipedia.org/wiki/Cody_Wilson "Cody Wilson") [Cameron Winklevoss](https://en.wikipedia.org/wiki/Cameron_Winklevoss "Cameron Winklevoss") [Tyler Winklevoss](https://en.wikipedia.org/wiki/Tyler_Winklevoss "Tyler Winklevoss") [Craig Wright](https://en.wikipedia.org/wiki/Craig_Steven_Wright "Craig Steven Wright") [Jihan Wu](https://en.wikipedia.org/wiki/Jihan_Wu "Jihan Wu") | [](https://en.wikipedia.org/wiki/File:Bitcoin.svg) |
| Lists | [List of bitcoin companies](https://en.wikipedia.org/wiki/List_of_bitcoin_companies "List of bitcoin companies") [List of bitcoin forks](https://en.wikipedia.org/wiki/List_of_bitcoin_forks "List of bitcoin forks") [List of bitcoin organizations](https://en.wikipedia.org/wiki/List_of_bitcoin_organizations "List of bitcoin organizations") [List of people in blockchain technology](https://en.wikipedia.org/wiki/List_of_people_in_blockchain_technology "List of people in blockchain technology") | |
| Technologies | [Bitcoin network](https://en.wikipedia.org/wiki/Bitcoin_network "Bitcoin network") [Blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain") [Cryptocurrency]() [Cryptocurrency wallet](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet") [Bitcoin ATM](https://en.wikipedia.org/wiki/Bitcoin_ATM "Bitcoin ATM") [ECDSA](https://en.wikipedia.org/wiki/Elliptic_Curve_Digital_Signature_Algorithm "Elliptic Curve Digital Signature Algorithm") [Lightning Network](https://en.wikipedia.org/wiki/Lightning_Network "Lightning Network") [P2P](https://en.wikipedia.org/wiki/Peer-to-peer "Peer-to-peer") [Proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") [SegWit](https://en.wikipedia.org/wiki/SegWit "SegWit") [SHA-2](https://en.wikipedia.org/wiki/SHA-2 "SHA-2") | |
| [Forks](https://en.wikipedia.org/wiki/List_of_bitcoin_forks "List of bitcoin forks") | | |
| | | |
| Client | [Bitcoin Unlimited](https://en.wikipedia.org/wiki/Bitcoin_Unlimited "Bitcoin Unlimited") | |
| Currency | [Bitcoin Cash](https://en.wikipedia.org/wiki/Bitcoin_Cash "Bitcoin Cash") [Bitcoin Gold](https://en.wikipedia.org/wiki/Bitcoin_Gold "Bitcoin Gold") [Bitcoin Satoshi Vision](https://en.wikipedia.org/wiki/Bitcoin_Satoshi_Vision "Bitcoin Satoshi Vision") | |
| History | [Bitcoin scalability problem](https://en.wikipedia.org/wiki/Bitcoin_scalability_problem "Bitcoin scalability problem") [History of bitcoin](https://en.wikipedia.org/wiki/History_of_bitcoin "History of bitcoin") [2013 Bitcoin buried in Newport landfill](https://en.wikipedia.org/wiki/Bitcoin_buried_in_Newport_landfill "Bitcoin buried in Newport landfill") [2018 cryptocurrency crash](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble") [2018 Bitcoin bomb threats](https://en.wikipedia.org/wiki/2018_Bitcoin_bomb_threats "2018 Bitcoin bomb threats") [2020 Twitter account hijacking](https://en.wikipedia.org/wiki/2020_Twitter_account_hijacking "2020 Twitter account hijacking") | |
| Movies | *[The Rise and Rise of Bitcoin](https://en.wikipedia.org/wiki/The_Rise_and_Rise_of_Bitcoin "The Rise and Rise of Bitcoin")* (2014 film) *[Deep Web](https://en.wikipedia.org/wiki/Deep_Web_\(film\) "Deep Web (film)")* (2015 film) | |
| Legal entities (not exchanges) | [Bitcoin Foundation](https://en.wikipedia.org/wiki/Bitcoin_Foundation "Bitcoin Foundation") *[Bitcoin Magazine](https://en.wikipedia.org/wiki/Bitcoin_Magazine "Bitcoin Magazine")* [BitGo](https://en.wikipedia.org/wiki/BitGo "BitGo") [Bitmain](https://en.wikipedia.org/wiki/Bitmain "Bitmain") [Canaan Creative](https://en.wikipedia.org/wiki/Canaan_Creative "Canaan Creative") [CoinDesk](https://en.wikipedia.org/wiki/CoinDesk "CoinDesk") [GHash.io](https://en.wikipedia.org/wiki/GHash.io "GHash.io") [Nuri](https://en.wikipedia.org/wiki/Nuri_\(company\) "Nuri (company)") [Strategy](https://en.wikipedia.org/wiki/MicroStrategy "MicroStrategy") | |
| [Bitcoin in El Salvador](https://en.wikipedia.org/wiki/Bitcoin_in_El_Salvador "Bitcoin in El Salvador") | [Bitcoin Law](https://en.wikipedia.org/wiki/Bitcoin_Law "Bitcoin Law") [Bitcoin Beach](https://en.wikipedia.org/wiki/El_Zonte "El Zonte") [Bitcoin City](https://en.wikipedia.org/wiki/Bitcoin_City "Bitcoin City") | |
|  [Category](https://en.wikipedia.org/wiki/Category:Bitcoin "Category:Bitcoin") [](https://en.wikipedia.org/wiki/File:Commons-logo.svg "Commons page") [Commons](https://commons.wikimedia.org/wiki/Category:Bitcoin "commons:Category:Bitcoin") | | |
| | |
|---|---|
| [v](https://en.wikipedia.org/wiki/Template:Cryptography "Template:Cryptography") [t](https://en.wikipedia.org/wiki/Template_talk:Cryptography "Template talk:Cryptography") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Cryptography "Special:EditPage/Template:Cryptography")[Cryptography](https://en.wikipedia.org/wiki/Cryptography "Cryptography") | |
| General | [History of cryptography](https://en.wikipedia.org/wiki/History_of_cryptography "History of cryptography") [Outline of cryptography](https://en.wikipedia.org/wiki/Outline_of_cryptography "Outline of cryptography") [Classical cipher](https://en.wikipedia.org/wiki/Classical_cipher "Classical cipher") [Cryptographic protocol](https://en.wikipedia.org/wiki/Cryptographic_protocol "Cryptographic protocol") [Authentication protocol](https://en.wikipedia.org/wiki/Authentication_protocol "Authentication protocol") [Cryptographic primitive](https://en.wikipedia.org/wiki/Cryptographic_primitive "Cryptographic primitive") [Cryptanalysis](https://en.wikipedia.org/wiki/Cryptanalysis "Cryptanalysis") [Cryptocurrency]() [Cryptosystem](https://en.wikipedia.org/wiki/Cryptosystem "Cryptosystem") [Cryptographic nonce](https://en.wikipedia.org/wiki/Cryptographic_nonce "Cryptographic nonce") [Cryptovirology](https://en.wikipedia.org/wiki/Cryptovirology "Cryptovirology") [Hash function](https://en.wikipedia.org/wiki/Hash_function "Hash function") [Cryptographic hash function](https://en.wikipedia.org/wiki/Cryptographic_hash_function "Cryptographic hash function") [Key derivation function](https://en.wikipedia.org/wiki/Key_derivation_function "Key derivation function") [Secure Hash Algorithms](https://en.wikipedia.org/wiki/Secure_Hash_Algorithms "Secure Hash Algorithms") [Digital signature](https://en.wikipedia.org/wiki/Digital_signature "Digital signature") [Kleptography](https://en.wikipedia.org/wiki/Kleptography "Kleptography") [Key (cryptography)](https://en.wikipedia.org/wiki/Key_\(cryptography\) "Key (cryptography)") [Key exchange](https://en.wikipedia.org/wiki/Key_exchange "Key exchange") [Key generator](https://en.wikipedia.org/wiki/Key_generator "Key generator") [Key schedule](https://en.wikipedia.org/wiki/Key_schedule "Key schedule") [Key stretching](https://en.wikipedia.org/wiki/Key_stretching "Key stretching") [Keygen](https://en.wikipedia.org/wiki/Keygen "Keygen") [Machines](https://en.wikipedia.org/wiki/Template:Cryptography_machines "Template:Cryptography machines") [Ransomware](https://en.wikipedia.org/wiki/Ransomware "Ransomware") [Random number generation](https://en.wikipedia.org/wiki/Random_number_generation "Random number generation") [Cryptographically secure pseudorandom number generator](https://en.wikipedia.org/wiki/Cryptographically_secure_pseudorandom_number_generator "Cryptographically secure pseudorandom number generator") (CSPRNG) [Pseudorandom noise](https://en.wikipedia.org/wiki/Pseudorandom_noise "Pseudorandom noise") (PRN) [Secure channel](https://en.wikipedia.org/wiki/Secure_channel "Secure channel") [Insecure channel](https://en.wikipedia.org/wiki/Insecure_channel "Insecure channel") [Subliminal channel](https://en.wikipedia.org/wiki/Subliminal_channel "Subliminal channel") [Encryption](https://en.wikipedia.org/wiki/Encryption "Encryption") [Decryption](https://en.wikipedia.org/wiki/Decryption "Decryption") [End-to-end encryption](https://en.wikipedia.org/wiki/End-to-end_encryption "End-to-end encryption") [Harvest now, decrypt later](https://en.wikipedia.org/wiki/Harvest_now,_decrypt_later "Harvest now, decrypt later") [Information-theoretic security](https://en.wikipedia.org/wiki/Information-theoretic_security "Information-theoretic security") [Plaintext](https://en.wikipedia.org/wiki/Plaintext "Plaintext") [Codetext](https://en.wikipedia.org/wiki/Codetext "Codetext") [Ciphertext](https://en.wikipedia.org/wiki/Ciphertext "Ciphertext") [Shared secret](https://en.wikipedia.org/wiki/Shared_secret "Shared secret") [Trapdoor function](https://en.wikipedia.org/wiki/Trapdoor_function "Trapdoor function") [Trusted timestamping](https://en.wikipedia.org/wiki/Trusted_timestamping "Trusted timestamping") [Key-based routing](https://en.wikipedia.org/wiki/Key-based_routing "Key-based routing") [Onion routing](https://en.wikipedia.org/wiki/Onion_routing "Onion routing") [Garlic routing](https://en.wikipedia.org/wiki/Garlic_routing "Garlic routing") [Kademlia](https://en.wikipedia.org/wiki/Kademlia "Kademlia") [Mix network](https://en.wikipedia.org/wiki/Mix_network "Mix network") |
| Mathematics | [Cryptographic hash function](https://en.wikipedia.org/wiki/Cryptographic_hash_function "Cryptographic hash function") [Block cipher](https://en.wikipedia.org/wiki/Block_cipher "Block cipher") [Stream cipher](https://en.wikipedia.org/wiki/Stream_cipher "Stream cipher") [Symmetric-key algorithm](https://en.wikipedia.org/wiki/Symmetric-key_algorithm "Symmetric-key algorithm") [Authenticated encryption](https://en.wikipedia.org/wiki/Authenticated_encryption "Authenticated encryption") [Public-key cryptography](https://en.wikipedia.org/wiki/Public-key_cryptography "Public-key cryptography") [Quantum key distribution](https://en.wikipedia.org/wiki/Quantum_key_distribution "Quantum key distribution") [Quantum cryptography](https://en.wikipedia.org/wiki/Quantum_cryptography "Quantum cryptography") [Post-quantum cryptography](https://en.wikipedia.org/wiki/Post-quantum_cryptography "Post-quantum cryptography") [Message authentication code](https://en.wikipedia.org/wiki/Message_authentication_code "Message authentication code") [Random numbers](https://en.wikipedia.org/wiki/Cryptographically_secure_pseudorandom_number_generator "Cryptographically secure pseudorandom number generator") [Steganography](https://en.wikipedia.org/wiki/Steganography "Steganography") |
|  [Category](https://en.wikipedia.org/wiki/Category:Cryptography "Category:Cryptography") | |
| [v](https://en.wikipedia.org/wiki/Template:Means_of_exchange "Template:Means of exchange") [t](https://en.wikipedia.org/wiki/Template_talk:Means_of_exchange "Template talk:Means of exchange") [e](https://en.wikipedia.org/wiki/Special:EditPage/Template:Means_of_exchange "Special:EditPage/Template:Means of exchange")[Medium of exchange](https://en.wikipedia.org/wiki/Medium_of_exchange "Medium of exchange") | | |
|---|---|---|
| [Commodity money](https://en.wikipedia.org/wiki/Commodity_money "Commodity money") | | [Money portal](https://en.wikipedia.org/wiki/Portal:Money "Portal:Money") |
| | | |
| Domestic animals | [Water buffalo](https://en.wikipedia.org/wiki/Water_buffalo "Water buffalo") (SE Asia) [Cow](https://en.wikipedia.org/wiki/Cattle "Cattle") (Hindu) [Camel](https://en.wikipedia.org/wiki/Camel "Camel") (Arabia) [Yak](https://en.wikipedia.org/wiki/Yak "Yak") (Tibet, China) | |
| [Representative money](https://en.wikipedia.org/wiki/Representative_money "Representative money") | [Bimetallism](https://en.wikipedia.org/wiki/Bimetallism "Bimetallism") [Gold certificates](https://en.wikipedia.org/wiki/Gold_certificate_\(United_States\) "Gold certificate (United States)") [Demurrage currency](https://en.wikipedia.org/wiki/Demurrage_currency "Demurrage currency") [Gold standard](https://en.wikipedia.org/wiki/Gold_standard "Gold standard") [Silver standard](https://en.wikipedia.org/wiki/Silver_standard "Silver standard") | |
| [Money](https://en.wikipedia.org/wiki/Money "Money") ([Fiat](https://en.wikipedia.org/wiki/Fiat_money "Fiat money")/[Token](https://en.wikipedia.org/wiki/Token_money "Token money")) | [Bailment](https://en.wikipedia.org/wiki/Bailment "Bailment") [Banknote](https://en.wikipedia.org/wiki/Banknote "Banknote") [Central bank digital currency](https://en.wikipedia.org/wiki/Central_bank_digital_currency "Central bank digital currency") [Chattel/movable property](https://en.wikipedia.org/wiki/Personal_property "Personal property") [Cheque](https://en.wikipedia.org/wiki/Cheque "Cheque") [Clearing](https://en.wikipedia.org/wiki/Clearing_\(finance\) "Clearing (finance)") [Cheque clearing](https://en.wikipedia.org/wiki/Cheque_clearing "Cheque clearing") [Clay token](https://en.wikipedia.org/wiki/Clay_tablet "Clay tablet") [Coinage](https://en.wikipedia.org/wiki/Coin "Coin") [Currency](https://en.wikipedia.org/wiki/Currency "Currency") [Deposit](https://en.wikipedia.org/wiki/Deposit_\(finance\) "Deposit (finance)") [Deposit account](https://en.wikipedia.org/wiki/Deposit_account "Deposit account") [Legal tender](https://en.wikipedia.org/wiki/Legal_tender "Legal tender") [Notary](https://en.wikipedia.org/wiki/Notary "Notary") [Paper money](https://en.wikipedia.org/wiki/Paper_money "Paper money") [Possession](https://en.wikipedia.org/wiki/Possession_\(law\) "Possession (law)") [Promissory note](https://en.wikipedia.org/wiki/Promissory_note "Promissory note") [Redemption](https://en.wikipedia.org/wiki/Redemption_value "Redemption value") [Safekeeping](https://en.wikipedia.org/wiki/Safe "Safe") | |
| General | [List of historical currencies](https://en.wikipedia.org/wiki/List_of_historical_currencies "List of historical currencies") [Barter](https://en.wikipedia.org/wiki/Barter "Barter") [Coincidence of wants](https://en.wikipedia.org/wiki/Coincidence_of_wants "Coincidence of wants") [Bureau de change](https://en.wikipedia.org/wiki/Bureau_de_change "Bureau de change") [Central bank](https://en.wikipedia.org/wiki/Central_bank "Central bank") [Clearinghouse bank](https://en.wikipedia.org/wiki/Clearing_house_\(finance\) "Clearing house (finance)") [Savings bank](https://en.wikipedia.org/wiki/Savings_bank "Savings bank") [Depository institution](https://en.wikipedia.org/wiki/Depository_institution "Depository institution") [Mint](https://en.wikipedia.org/wiki/Mint_\(facility\) "Mint (facility)") [Akkadian standards of measurement](https://en.wikipedia.org/wiki/Ancient_Mesopotamian_units_of_measurement "Ancient Mesopotamian units of measurement") ( c. 2150 BC) [Code of Hammurabi](https://en.wikipedia.org/wiki/Code_of_Hammurabi "Code of Hammurabi") ([§100; §122–125](https://en.wikipedia.org/wiki/Banker_\(ancient\) "Banker (ancient)"); c. 1750 BC) [Commodity theory of money (Metallism)](https://en.wikipedia.org/wiki/Metallism "Metallism") [Credit theory of money](https://en.wikipedia.org/wiki/Credit_theory_of_money "Credit theory of money") [Chartalism](https://en.wikipedia.org/wiki/Chartalism "Chartalism") [Gresham's law](https://en.wikipedia.org/wiki/Gresham%27s_law "Gresham's law") [Debasement](https://en.wikipedia.org/wiki/Debasement "Debasement") [Quantity theory of money](https://en.wikipedia.org/wiki/Quantity_theory_of_money "Quantity theory of money") [Monetarism](https://en.wikipedia.org/wiki/Monetarism "Monetarism") [Market monetarism](https://en.wikipedia.org/wiki/Market_monetarism "Market monetarism") [Scrip](https://en.wikipedia.org/wiki/Scrip "Scrip") [Standard of deferred payment](https://en.wikipedia.org/wiki/Standard_of_deferred_payment "Standard of deferred payment") [Store of value](https://en.wikipedia.org/wiki/Store_of_value "Store of value") [Unit of account](https://en.wikipedia.org/wiki/Unit_of_account "Unit of account") [Digital currency](https://en.wikipedia.org/wiki/Digital_currency "Digital currency") [Cryptocurrency]() [Digital gold currency](https://en.wikipedia.org/wiki/Digital_gold_currency "Digital gold currency") [Virtual currency](https://en.wikipedia.org/wiki/Virtual_currency "Virtual currency") [Local currency](https://en.wikipedia.org/wiki/Local_currency "Local currency") [Complementary currency](https://en.wikipedia.org/wiki/Complementary_currency "Complementary currency") [Sectoral currency](https://en.wikipedia.org/wiki/Sectoral_currency "Sectoral currency") [Time-based currency](https://en.wikipedia.org/wiki/Time-based_currency "Time-based currency") | |
| [Authority control databases](https://en.wikipedia.org/wiki/Help:Authority_control "Help:Authority control") [](https://www.wikidata.org/wiki/Q13479982#identifiers "Edit this at Wikidata") | |
|---|---|
| National | [United States](https://id.loc.gov/authorities/sh2018001347) [France](https://catalogue.bnf.fr/ark:/12148/cb17721173g) [BnF data](https://data.bnf.fr/ark:/12148/cb17721173g) [Spain](https://datos.bne.es/resource/XX5827916) [Israel](https://www.nli.org.il/en/authorities/987007400698305171) |
| Other | [Yale LUX](https://lux.collections.yale.edu/view/concept/999702f3-53c3-46e1-b0c1-43dc814ffe0b) |
Retrieved from "<https://en.wikipedia.org/w/index.php?title=Cryptocurrency&oldid=1347186967>"
[Categories](https://en.wikipedia.org/wiki/Help:Category "Help:Category"):
- [Cryptocurrencies](https://en.wikipedia.org/wiki/Category:Cryptocurrencies "Category:Cryptocurrencies")
- [Applications of cryptography](https://en.wikipedia.org/wiki/Category:Applications_of_cryptography "Category:Applications of cryptography")
- [Decentralization](https://en.wikipedia.org/wiki/Category:Decentralization "Category:Decentralization")
- [Financial technology](https://en.wikipedia.org/wiki/Category:Financial_technology "Category:Financial technology")
Hidden categories:
- [Webarchive template wayback links](https://en.wikipedia.org/wiki/Category:Webarchive_template_wayback_links "Category:Webarchive template wayback links")
- [CS1 maint: publisher location](https://en.wikipedia.org/wiki/Category:CS1_maint:_publisher_location "Category:CS1 maint: publisher location")
- [CS1: unfit URL](https://en.wikipedia.org/wiki/Category:CS1:_unfit_URL "Category:CS1: unfit URL")
- [CS1 maint: deprecated archival service](https://en.wikipedia.org/wiki/Category:CS1_maint:_deprecated_archival_service "Category:CS1 maint: deprecated archival service")
- [CS1 French-language sources (fr)](https://en.wikipedia.org/wiki/Category:CS1_French-language_sources_\(fr\) "Category:CS1 French-language sources (fr)")
- [CS1 German-language sources (de)](https://en.wikipedia.org/wiki/Category:CS1_German-language_sources_\(de\) "Category:CS1 German-language sources (de)")
- [Articles with short description](https://en.wikipedia.org/wiki/Category:Articles_with_short_description "Category:Articles with short description")
- [Short description matches Wikidata](https://en.wikipedia.org/wiki/Category:Short_description_matches_Wikidata "Category:Short description matches Wikidata")
- [Wikipedia extended-confirmed-protected pages](https://en.wikipedia.org/wiki/Category:Wikipedia_extended-confirmed-protected_pages "Category:Wikipedia extended-confirmed-protected pages")
- [Use dmy dates from January 2026](https://en.wikipedia.org/wiki/Category:Use_dmy_dates_from_January_2026 "Category:Use dmy dates from January 2026")
- [Use American English from January 2026](https://en.wikipedia.org/wiki/Category:Use_American_English_from_January_2026 "Category:Use American English from January 2026")
- [All Wikipedia articles written in American English](https://en.wikipedia.org/wiki/Category:All_Wikipedia_articles_written_in_American_English "Category:All Wikipedia articles written in American English")
- [Duplicate articles](https://en.wikipedia.org/wiki/Category:Duplicate_articles "Category:Duplicate articles")
- [All articles with unsourced statements](https://en.wikipedia.org/wiki/Category:All_articles_with_unsourced_statements "Category:All articles with unsourced statements")
- [Articles with unsourced statements from January 2022](https://en.wikipedia.org/wiki/Category:Articles_with_unsourced_statements_from_January_2022 "Category:Articles with unsourced statements from January 2022")
- [Articles containing potentially dated statements from February 2018](https://en.wikipedia.org/wiki/Category:Articles_containing_potentially_dated_statements_from_February_2018 "Category:Articles containing potentially dated statements from February 2018")
- [All articles containing potentially dated statements](https://en.wikipedia.org/wiki/Category:All_articles_containing_potentially_dated_statements "Category:All articles containing potentially dated statements")
- [Articles with unsourced statements from August 2024](https://en.wikipedia.org/wiki/Category:Articles_with_unsourced_statements_from_August_2024 "Category:Articles with unsourced statements from August 2024")
- [Wikipedia articles in need of updating from November 2025](https://en.wikipedia.org/wiki/Category:Wikipedia_articles_in_need_of_updating_from_November_2025 "Category:Wikipedia articles in need of updating from November 2025")
- [All Wikipedia articles in need of updating](https://en.wikipedia.org/wiki/Category:All_Wikipedia_articles_in_need_of_updating "Category:All Wikipedia articles in need of updating")
- [Articles with unsourced statements from December 2025](https://en.wikipedia.org/wiki/Category:Articles_with_unsourced_statements_from_December_2025 "Category:Articles with unsourced statements from December 2025")
- [Articles with unsourced statements from November 2019](https://en.wikipedia.org/wiki/Category:Articles_with_unsourced_statements_from_November_2019 "Category:Articles with unsourced statements from November 2019")
- [All articles lacking reliable references](https://en.wikipedia.org/wiki/Category:All_articles_lacking_reliable_references "Category:All articles lacking reliable references")
- [Articles lacking reliable references from November 2019](https://en.wikipedia.org/wiki/Category:Articles_lacking_reliable_references_from_November_2019 "Category:Articles lacking reliable references from November 2019")
- [Articles with unsourced statements from October 2025](https://en.wikipedia.org/wiki/Category:Articles_with_unsourced_statements_from_October_2025 "Category:Articles with unsourced statements from October 2025")
- [Pages displaying short descriptions of redirect targets via Module:Annotated link](https://en.wikipedia.org/wiki/Category:Pages_displaying_short_descriptions_of_redirect_targets_via_Module:Annotated_link "Category:Pages displaying short descriptions of redirect targets via Module:Annotated link")
- [Commons category link is on Wikidata](https://en.wikipedia.org/wiki/Category:Commons_category_link_is_on_Wikidata "Category:Commons category link is on Wikidata")
- This page was last edited on 5 April 2026, at 05:43 (UTC).
- Text is available under the [Creative Commons Attribution-ShareAlike 4.0 License](https://en.wikipedia.org/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License "Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License"); additional terms may apply. By using this site, you agree to the [Terms of Use](https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Terms_of_Use "foundation:Special:MyLanguage/Policy:Terms of Use") and [Privacy Policy](https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy "foundation:Special:MyLanguage/Policy:Privacy policy"). Wikipedia® is a registered trademark of the [Wikimedia Foundation, Inc.](https://wikimediafoundation.org/), a non-profit organization.
- [Privacy policy](https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Privacy_policy)
- [About Wikipedia](https://en.wikipedia.org/wiki/Wikipedia:About)
- [Disclaimers](https://en.wikipedia.org/wiki/Wikipedia:General_disclaimer)
- [Contact Wikipedia](https://en.wikipedia.org/wiki/Wikipedia:Contact_us)
- [Legal & safety contacts](https://foundation.wikimedia.org/wiki/Special:MyLanguage/Legal:Wikimedia_Foundation_Legal_and_Safety_Contact_Information)
- [Code of Conduct](https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Universal_Code_of_Conduct)
- [Developers](https://developer.wikimedia.org/)
- [Statistics](https://stats.wikimedia.org/#/en.wikipedia.org)
- [Cookie statement](https://foundation.wikimedia.org/wiki/Special:MyLanguage/Policy:Cookie_statement)
- [Mobile view](https://en.wikipedia.org/w/index.php?title=Cryptocurrency&mobileaction=toggle_view_mobile)
- [](https://www.wikimedia.org/)
- [](https://www.mediawiki.org/)
Search
Toggle the table of contents
Cryptocurrency
109 languages
[Add topic](https://en.wikipedia.org/wiki/Cryptocurrency) |
| Readable Markdown | [](https://en.wikipedia.org/wiki/File:Bitcoin.svg)
A logo for [bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin"), the first [decentralized](https://en.wikipedia.org/wiki/Decentralization "Decentralization") cryptocurrency
A **cryptocurrency** (colloquially **crypto**) is a [digital currency](https://en.wikipedia.org/wiki/Digital_currency "Digital currency") designed to work through a [computer network](https://en.wikipedia.org/wiki/Computer_network "Computer network") that is not reliant on any central authority, such as a [government](https://en.wikipedia.org/wiki/Government "Government") or [bank](https://en.wikipedia.org/wiki/Bank "Bank"), to uphold or maintain it.[\[1\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:02-1) However, a type of cryptocurrency called a [stablecoin](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin") may rely upon government action or legislation to require that a stable value be upheld and maintained.[\[2\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-2)
[](https://en.wikipedia.org/wiki/File:Bitcoin-Genesis-block.svg)
The [genesis block](https://en.wikipedia.org/wiki/Genesis_\(blockchain\) "Genesis (blockchain)") of Bitcoin's [blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain"), with a note containing *[The Times](https://en.wikipedia.org/wiki/The_Times "The Times")* newspaper headline. This note has been interpreted as a comment on the instability caused by [fractional-reserve banking](https://en.wikipedia.org/wiki/Fractional-reserve_banking "Fractional-reserve banking").[\[3\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:5-3): 18
Individual coin ownership records are stored in a digital [ledger](https://en.wikipedia.org/wiki/Ledger "Ledger") or [blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain"), which is a computerized [database](https://en.wikipedia.org/wiki/Database "Database") that uses a consensus mechanism to secure [transaction](https://en.wikipedia.org/wiki/E-commerce "E-commerce") records, control the creation of additional coins, and verify the transfer of coin ownership.[\[4\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-crypto_currency-4)[\[5\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-reuterspricing-5)[\[6\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-6) The two most common consensus mechanisms are [proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") and [proof of stake](https://en.wikipedia.org/wiki/Proof_of_stake "Proof of stake").[\[7\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-7) Despite the name, which has come to describe many of the [fungible](https://en.wikipedia.org/wiki/Fungibility "Fungibility") blockchain tokens that have been created, cryptocurrencies are not considered to be [currencies](https://en.wikipedia.org/wiki/Currency "Currency") in the traditional sense, and varying legal treatments have been applied to them in various jurisdictions, including classification as [commodities](https://en.wikipedia.org/wiki/Commodity "Commodity"), [securities](https://en.wikipedia.org/wiki/Security_\(finance\) "Security (finance)"), and currencies. Cryptocurrencies are generally viewed as a distinct asset class in practice.[\[8\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-8)[\[9\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-9)[\[10\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-10)
The first cryptocurrency was [bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin"), which was first released as open-source software in 2009. As of June 2023, there were more than 25,000 [other cryptocurrencies](https://en.wikipedia.org/wiki/List_of_cryptocurrencies "List of cryptocurrencies") in the marketplace, of which more than 40 had a [market capitalization](https://en.wikipedia.org/wiki/Cryptocurrency#Price_trends) exceeding \$1 billion.[\[11\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-11) As of April 2025, the cryptocurrency market capitalization was estimated at US\$2.8 trillion.[\[12\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-12)
History
In 1983, American [cryptographer](https://en.wikipedia.org/wiki/Cryptography "Cryptography") [David Chaum](https://en.wikipedia.org/wiki/David_Chaum "David Chaum") conceived of a type of cryptographic [electronic money](https://en.wikipedia.org/wiki/Electronic_money "Electronic money") called [ecash](https://en.wikipedia.org/wiki/Ecash "Ecash").[\[13\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-13)[\[14\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-14) Later, in 1995, he implemented it through [Digicash](https://en.wikipedia.org/wiki/Digicash "Digicash"),[\[15\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-15) an early form of cryptographic electronic payments. Digicash required user software in order to withdraw notes from a bank and designate specific encrypted keys before they could be sent to a recipient. This allowed the digital currency to be untraceable by a third party.
In 1996, the [National Security Agency](https://en.wikipedia.org/wiki/National_Security_Agency "National Security Agency") published a paper entitled *How to Make a Mint: The Cryptography of Anonymous Electronic Cash*, describing a cryptocurrency system. The paper was first published in an [MIT](https://en.wikipedia.org/wiki/MIT "MIT") mailing list (October 1996) and later (April 1997) in *The American Law Review*.[\[16\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-16)
In 1998, [Wei Dai](https://en.wikipedia.org/wiki/Wei_Dai "Wei Dai") described "b-money," an anonymous, distributed electronic cash system.[\[17\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-17) Shortly thereafter, [Nick Szabo](https://en.wikipedia.org/wiki/Nick_Szabo "Nick Szabo") described [bit gold](https://en.wikipedia.org/wiki/Bit_gold "Bit gold").[\[18\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-18) Like bitcoin and other cryptocurrencies that would follow it, bit gold (not to be confused with the later gold-based exchange BitGold) was described as an electronic currency system that required users to complete a [proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") function with solutions being cryptographically put together and published.
In January 2009, bitcoin was created by [pseudonymous](https://en.wikipedia.org/wiki/Pseudonym "Pseudonym") developer [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto"). It used [SHA-256](https://en.wikipedia.org/wiki/SHA-256 "SHA-256"), a cryptographic hash function, in its [proof-of-work](https://en.wikipedia.org/wiki/Proof-of-work "Proof-of-work") scheme.[\[19\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-primer-19)[\[20\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-20) In April 2011, [Namecoin](https://en.wikipedia.org/wiki/Namecoin "Namecoin") was created as an attempt at forming a decentralized [DNS](https://en.wikipedia.org/wiki/Domain_name_system "Domain name system"). In October 2011, [Litecoin](https://en.wikipedia.org/wiki/Litecoin "Litecoin") was released, which used [scrypt](https://en.wikipedia.org/wiki/Scrypt "Scrypt") as its hash function instead of SHA-256. [Peercoin](https://en.wikipedia.org/wiki/Peercoin "Peercoin"), created in August 2012, used a hybrid of proof-of-work and [proof-of-stake](https://en.wikipedia.org/wiki/Proof-of-stake "Proof-of-stake").[\[21\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Steadman2013-21)
Cryptocurrency has undergone several periods of growth and retraction, including several [bubbles](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble") and market crashes, such as in 2011, 2013–2014/15, 2017–2018, and 2021–2023.[\[22\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-22)[\[23\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-23)
In August 2014, the UK announced its [Treasury](https://en.wikipedia.org/wiki/HM_Treasury "HM Treasury") had commissioned a study of cryptocurrencies and what role, if any, they could play in the UK economy. The study was also to report on whether regulation should be considered.[\[24\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Crypto_currencyUK-24) Its final report was published in 2018,[\[25\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-25) and it issued a consultation on cryptoassets and [stablecoins](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin") in January 2021.[\[26\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-26)
In June 2021, [El Salvador](https://en.wikipedia.org/wiki/El_Salvador "El Salvador") became the first country to accept bitcoin as [legal tender](https://en.wikipedia.org/wiki/Legal_tender "Legal tender"), after the [Legislative Assembly](https://en.wikipedia.org/wiki/Legislative_Assembly_of_El_Salvador "Legislative Assembly of El Salvador") had voted 62–22 to pass a bill submitted by President [Nayib Bukele](https://en.wikipedia.org/wiki/Nayib_Bukele "Nayib Bukele") classifying the cryptocurrency as such.[\[27\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-27)
In August 2021, [Cuba](https://en.wikipedia.org/wiki/Cuba "Cuba") followed with Resolution 215 to recognize and regulate cryptocurrencies such as bitcoin.[\[28\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-28)
In September 2021, the [government of China](https://en.wikipedia.org/wiki/Government_of_China "Government of China"), the single largest market for cryptocurrency, declared all cryptocurrency transactions illegal. This completed a crackdown on cryptocurrency that had previously banned the operation of intermediaries and miners within China.[\[29\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-BBC_News-29)
In September 2022, the world's second largest cryptocurrency at that time, [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum"), transitioned its [consensus mechanism](https://en.wikipedia.org/wiki/Consensus_\(computer_science\) "Consensus (computer science)") from [proof-of-work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") (PoW) to [proof-of-stake](https://en.wikipedia.org/wiki/Proof_of_stake "Proof of stake") (PoS) in an upgrade process known as "the Merge". According to the Ethereum Founder, the upgrade would cut both Ethereum's energy use and carbon-dioxide emissions by 99.9%.[\[30\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-30)
On 11 November 2022, [FTX Trading Ltd.](https://en.wikipedia.org/wiki/FTX_Trading_Ltd. "FTX Trading Ltd."), a [cryptocurrency exchange](https://en.wikipedia.org/wiki/Cryptocurrency_exchange "Cryptocurrency exchange"), which also operated a crypto [hedge fund](https://en.wikipedia.org/wiki/Hedge_fund "Hedge fund"), and had been valued at \$18 billion,[\[31\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-valued-31) [filed](https://en.wikipedia.org/wiki/Bankruptcy_proceedings "Bankruptcy proceedings") for [bankruptcy](https://en.wikipedia.org/wiki/Bankruptcy_of_FTX "Bankruptcy of FTX").[\[32\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-filed-32) The financial impact of the collapse extended beyond the immediate FTX customer base, as reported,[\[33\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-far-33) while, at a [Reuters](https://en.wikipedia.org/wiki/Reuters "Reuters") conference, financial industry executives said that "regulators must step in to protect crypto investors."[\[34\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-protect-34) Technology analyst Avivah Litan commented on the cryptocurrency ecosystem that "everything...needs to improve dramatically in terms of user experience, controls, safety, customer service."[\[35\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-ton-35)
An October 2024 survey from the [Pew Research Center](https://en.wikipedia.org/wiki/Pew_Research_Center "Pew Research Center") found that 63% of adults in the U.S. "have little to no confidence that current ways to invest in, trade or use cryptocurrencies are reliable and safe." The survey also reported that 17% of U.S. adults had directly interacted with cryptocurrency, which was statistically unchanged from 2021.[\[36\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-36)[\[37\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-37)
Formal definition
According to Jan Lansky, a cryptocurrency is a system that meets six conditions:[\[38\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-38)
1. The system does not require a central authority; its state is maintained through distributed consensus.
2. The system keeps an overview of cryptocurrency units and their ownership.
3. The system defines whether new cryptocurrency units can be created. If new cryptocurrency units can be created, the system defines the circumstances of their origin and how to determine the ownership of these new units.
4. Ownership of cryptocurrency units can be proved exclusively cryptographically.
5. The system allows transactions to be performed in which ownership of the cryptographic units is changed. A transaction statement can only be issued by an entity proving the current ownership of these units.
6. If two different instructions for changing the ownership of the same cryptographic units are simultaneously entered, the system performs at most one of them.
The word "cryptocurrency", in its modern sense, was added to the [Oxford English Dictionary](https://en.wikipedia.org/wiki/Oxford_English_Dictionary "Oxford English Dictionary") in September 2018, with its earliest usage noted as being on [Twitter](https://en.wikipedia.org/wiki/Twitter "Twitter") in September 2009;[\[39\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-39) its [diminutive](https://en.wikipedia.org/wiki/Diminutive "Diminutive"), *crypto*, was entered in 2022.[\[40\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-40) In March 2018 *cryptocurrency* was added to the *[Merriam-Webster Dictionary](https://en.wikipedia.org/wiki/Merriam-Webster_Dictionary "Merriam-Webster Dictionary")*.[\[41\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-41)
Altcoins
After the early innovation of bitcoin in 2008 and the early [network effect](https://en.wikipedia.org/wiki/Network_effect "Network effect") gained by bitcoin, tokens, cryptocurrencies, and other digital assets that were not bitcoin became collectively known during the 2010s as alternative cryptocurrencies,[\[42\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-42)[\[43\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-43)[\[44\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-44) or "**altcoins**".[\[45\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-aumatell2021-45) Sometimes the term "alt coins" was used,[\[46\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-46)[\[47\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-47) or disparagingly, "**shitcoins**".[\[48\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-48) Paul Vigna of *The Wall Street Journal* described altcoins in 2020 as "alternative versions of Bitcoin"[\[49\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-49) given its role as the model protocol for cryptocurrency designers. A [Polytechnic University of Catalonia](https://en.wikipedia.org/wiki/Polytechnic_University_of_Catalonia "Polytechnic University of Catalonia") thesis in 2021 used a broader description, including not only alternative versions of bitcoin but every cryptocurrency other than bitcoin. As of early 2020, there were more than 5,000 cryptocurrencies.
[](https://en.wikipedia.org/wiki/File:Eth-diamond-rainbow.png)
The logo of Ethereum, the second largest cryptocurrency
Altcoins often have underlying differences when compared to bitcoin. For example, [Litecoin](https://en.wikipedia.org/wiki/Litecoin "Litecoin") aims to process a block every 2.5 minutes, rather than bitcoin's 10 minutes which allows Litecoin to confirm transactions faster than bitcoin.[\[21\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Steadman2013-21) Another example is [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum"), which has [smart contract](https://en.wikipedia.org/wiki/Smart_contract "Smart contract") functionality that allows decentralized applications to be run on its blockchain.[\[50\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-50) Ethereum was the most used blockchain in 2020, according to Bloomberg News.[\[51\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-51) In 2016, it had the largest "following" of any altcoin, according to the *New York Times*.[\[52\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-52)
Significant market price rallies across multiple altcoin markets are often referred to as an "altseason".[\[53\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-53)[\[54\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-54)
Stablecoins
[Stablecoins](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin") are cryptocurrencies designed to maintain a stable level of [purchasing power](https://en.wikipedia.org/wiki/Purchasing_power "Purchasing power").[\[55\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-55) Notably, these designs are not foolproof, as a number of stablecoins have crashed or lost their [peg](https://en.wikipedia.org/wiki/Fixed_exchange-rate_system "Fixed exchange-rate system"). For example, on 11 May 2022, [Terra](https://en.wikipedia.org/wiki/Terra_\(blockchain\) "Terra (blockchain)")'s stablecoin UST fell from \$1 to 26 cents.[\[56\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-56)[\[57\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-57) The subsequent failure of [Terraform Labs](https://en.wikipedia.org/wiki/Terraform_Labs "Terraform Labs") resulted in the loss of nearly \$40B invested in the Terra and Luna coins.[\[58\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-58) In September 2022, South Korean prosecutors requested the issuance of an [Interpol Red Notice](https://en.wikipedia.org/wiki/Interpol_red_notice "Interpol red notice") against the company's founder, [Do Kwon](https://en.wikipedia.org/wiki/Do_Kwon "Do Kwon").[\[59\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-59) In Hong Kong, the expected regulatory framework for stablecoins in 2023/24 is being shaped and includes a few considerations.[\[60\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-60)
Memecoins
[Memecoins](https://en.wikipedia.org/wiki/Meme_coin "Meme coin") are a category of cryptocurrencies that originated from [Internet memes](https://en.wikipedia.org/wiki/Internet_meme "Internet meme") or jokes. The most notable example is [Dogecoin](https://en.wikipedia.org/wiki/Dogecoin "Dogecoin"), a memecoin featuring the [Shiba Inu](https://en.wikipedia.org/wiki/Shiba_Inu "Shiba Inu") dog from the [Doge](https://en.wikipedia.org/wiki/Doge_\(meme\) "Doge (meme)") meme.[\[61\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Yaffe-Bellany-61) Memecoins are known for extreme volatility; for example, the record-high value for a Dogecoin was 73 cents, but that had plunged to 13 cents by mid-2024.[\[61\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Yaffe-Bellany-61) Scams are prolific among memecoins.[\[61\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Yaffe-Bellany-61)
Physical crypto
[](https://en.wikipedia.org/wiki/File:Bit-coin.jpg)
Physical bitcoin
Physical cryptocurrency coins have been made as promotional items and some have become collectibles.[\[62\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-62) Some of these have a private key embedded in them to access crypto worth a few dollars. There have also been attempts to issue bitcoin "bank notes".[\[63\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-63)
The term "physical bitcoin" is used in the finance industry when investment funds that hold crypto purchased from crypto exchanges put their crypto holdings in a specialised bank called a "custodian".[\[64\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-64)
These physical representations of cryptocurrency do not hold any value by themselves; these are only utilized for collectable purposes. For example, the first incarnation of the bitcoin Casascius, coins made of silver, brass or aluminum sometimes with gold plating, or Titan Bitcoin, which in silver or gold versions are sought after by [numismatists](https://en.wikipedia.org/wiki/Numismatist "Numismatist").[\[65\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-65)
Architecture
Cryptocurrency is produced by an entire cryptocurrency system collectively, at a rate that is defined when the system is created and that is publicly stated. In centralized banking and economic systems such as the US [Federal Reserve System](https://en.wikipedia.org/wiki/Federal_Reserve_System "Federal Reserve System"), corporate boards or governments control the supply of currency.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] In the case of cryptocurrency, companies or governments cannot produce new units and have not so far provided backing for other firms, banks, or corporate entities that hold asset value measured in it. The underlying technical system upon which cryptocurrencies are based was created by [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto").[\[66\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-te20151031-66)
Within a [proof-of-work](https://en.wikipedia.org/wiki/Proof-of-work "Proof-of-work") system such as bitcoin, the safety, integrity, and balance of [ledgers](https://en.wikipedia.org/wiki/Ledger "Ledger") are maintained by a community of mutually distrustful parties referred to as [miners](https://en.wikipedia.org/wiki/Bitcoin_miners "Bitcoin miners"). Miners use their computers to help validate and timestamp transactions, adding them to the ledger in accordance with a particular timestamping scheme.[\[19\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-primer-19) In a [proof-of-stake](https://en.wikipedia.org/wiki/Proof-of-stake "Proof-of-stake") blockchain, transactions are validated by holders of the associated cryptocurrency, sometimes grouped together in stake pools.
Most cryptocurrencies are designed to gradually decrease the production of that currency, placing a cap on the total amount of that currency that will ever be in circulation.[\[67\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-67) Compared with ordinary currencies held by financial institutions or kept as [cash](https://en.wikipedia.org/wiki/Cash "Cash") on hand, cryptocurrencies can be more difficult for [seizure](https://en.wikipedia.org/wiki/Search_and_seizure "Search and seizure") by law enforcement.[\[4\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-crypto_currency-4)
Blockchain
The validity of each cryptocurrency's coins is provided by a [blockchain](https://en.wikipedia.org/wiki/Blockchain "Blockchain"). A blockchain is a continuously growing list of [records](https://en.wikipedia.org/wiki/Record_\(computer_science\) "Record (computer science)"), called *blocks*, which are linked and secured using cryptography.[\[66\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-te20151031-66)[\[68\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-cryptocurrencytech-68) Each block typically contains a [hash](https://en.wikipedia.org/wiki/Cryptographic_hash_function "Cryptographic hash function") pointer as a link to a previous block,[\[68\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-cryptocurrencytech-68) a [timestamp](https://en.wikipedia.org/wiki/Trusted_timestamping "Trusted timestamping"), and transaction data.[\[69\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-IPblockchain-69) By design, blockchains are inherently resistant to modification of the data. A blockchain is "an open, [distributed ledger](https://en.wikipedia.org/wiki/Distributed_ledger "Distributed ledger") that can record transactions between two parties efficiently and in a verifiable and permanent way".[\[70\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-hbr201701-70)
For use as a distributed ledger, a blockchain is typically managed by a [peer-to-peer](https://en.wikipedia.org/wiki/Peer-to-peer "Peer-to-peer") network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
Blockchains are [secure by design](https://en.wikipedia.org/wiki/Secure_by_design "Secure by design") and are an example of a distributed computing system with high [Byzantine fault tolerance](https://en.wikipedia.org/wiki/Byzantine_fault_tolerance "Byzantine fault tolerance"). [Decentralized](https://en.wikipedia.org/wiki/Decentralized "Decentralized") consensus has therefore been achieved with a blockchain.[\[71\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-decapp-71)
Nodes
A "node" is a computer that connects to a cryptocurrency network. The node supports the cryptocurrency's network through either relaying transactions, validation, or hosting a copy of the blockchain. In terms of relaying transactions, each network computer (node) has a copy of the blockchain of the cryptocurrency it supports. When a transaction is made, the node creating the transaction broadcasts details of the transaction using encryption to other nodes throughout the node network so that the transaction (and every other transaction) is known.
Node owners are either volunteers, those hosted by the organization or body developing the technology, or those incentivised by rewards from the node network.[\[72\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-72)
Timestamping
Cryptocurrencies use various timestamping schemes to "prove" the validity of transactions added to the blockchain ledger without the need for a trusted third party.
The first timestamping scheme invented was the [proof-of-work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") scheme. The most widely used proof-of-work schemes are based on SHA-256 and [scrypt](https://en.wikipedia.org/wiki/Scrypt "Scrypt").[\[21\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Steadman2013-21)
Some other hashing algorithms that are used for proof-of-work include [CryptoNote](https://en.wikipedia.org/wiki/CryptoNote "CryptoNote"), [Blake](https://en.wikipedia.org/wiki/BLAKE_\(hash_function\) "BLAKE (hash function)"), [SHA-3](https://en.wikipedia.org/wiki/SHA-3 "SHA-3"), and [X11](https://en.wikipedia.org/wiki/X11_algorithm "X11 algorithm").
Another method is called the [proof-of-stake](https://en.wikipedia.org/wiki/Proof_of_stake "Proof of stake") scheme. Proof-of-stake is a method of securing a cryptocurrency network and achieving distributed consensus through requesting users to show ownership of a certain amount of currency. It is different from proof-of-work systems that run difficult hashing algorithms to validate electronic transactions. The scheme is largely dependent on the coin, and there is currently no standard form of it. Some cryptocurrencies use a combined proof-of-work and proof-of-stake scheme.[\[21\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Steadman2013-21)
Mining
[](https://en.wikipedia.org/wiki/File:%D0%9E%D0%B1%D0%BE%D1%80%D1%83%D0%B4%D0%BE%D0%B2%D0%B0%D0%BD%D0%B8%D0%B5_HashCoins.jpg)
A hashcoin [mine](https://en.wikipedia.org/wiki/Bitcoin_network#Mining "Bitcoin network")
On a blockchain, *mining* is the validation of transactions. For this effort, successful miners obtain new cryptocurrency as a reward. The reward decreases [transaction fees](https://en.wikipedia.org/wiki/Cryptocurrency#Transaction_fees) by creating a complementary incentive to contribute to the processing power of the network. The rate of generating hashes, which validate any transaction, has been increased by the use of specialized hardware such as [FPGAs](https://en.wikipedia.org/wiki/Field-programmable_gate_array "Field-programmable gate array") and [ASICs](https://en.wikipedia.org/wiki/Application-specific_integrated_circuit "Application-specific integrated circuit") running complex hashing algorithms like SHA-256 and [scrypt](https://en.wikipedia.org/wiki/Scrypt "Scrypt").[\[73\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-computer201709-73) This arms race for cheaper-yet-efficient machines has existed since bitcoin was introduced in 2009.[\[73\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-computer201709-73) Mining is measured by [hash rate](https://en.wikipedia.org/wiki/Hashrate "Hashrate"), typically in TH/s.[\[74\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-74) A 2023 [IMF](https://en.wikipedia.org/wiki/IMF "IMF") working paper found that crypto mining could generate 450 million tons of CO2 emissions by 2027, accounting for 0.7 percent of global emissions, or 1.2 percent of the world total.[\[75\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-75)
With more people entering the world of virtual currency, generating hashes for validation has become more complex over time, forcing miners to invest increasingly large sums of money to improve computing performance. Consequently, the reward for finding a hash has diminished and often does not justify the investment in equipment and cooling facilities (to mitigate the heat the equipment produces) and the electricity required to run them.[\[76\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-76)
Popular regions for mining include those with inexpensive electricity, a cold climate, and jurisdictions with clear and conducive regulations. By July 2019, bitcoin's electricity consumption was estimated to be approximately 7 gigawatts, around 0.2% of the global total, or equivalent to the energy consumed nationally by Switzerland.[\[77\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-77)
Some [miners pool resources](https://en.wikipedia.org/wiki/Mining_pool "Mining pool"), sharing their [processing power](https://en.wikipedia.org/wiki/Computer_performance "Computer performance") over a network to split the reward equally, according to the amount of work they contributed to the probability of finding a [block](https://en.wikipedia.org/wiki/Blockchain_\(database\) "Blockchain (database)"). A "share" is awarded to members of the mining pool who present a valid partial proof-of-work.
As of February 2018, the Chinese government has halted trading of virtual currency, banned initial coin offerings, and shut down mining. Many Chinese miners have since relocated to Canada[\[78\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-78) and Texas.[\[79\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-79) One company is operating data centers for mining operations at Canadian oil and gas field sites due to low gas prices.[\[80\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-80) In June 2018, [Hydro Quebec](https://en.wikipedia.org/wiki/Hydro-Qu%C3%A9bec "Hydro-Québec") proposed to the provincial government to allocate 500 megawatts of power to crypto companies for mining.[\[81\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-81) According to a February 2018 report from *[Fortune](https://en.wikipedia.org/wiki/Fortune_\(magazine\) "Fortune (magazine)")*, Iceland has become a haven for cryptocurrency miners in part because of its cheap electricity.[\[82\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-82)
In March 2018, the city of [Plattsburgh, New York](https://en.wikipedia.org/wiki/Plattsburgh_\(city\),_New_York "Plattsburgh (city), New York") put an 18-month [moratorium](https://en.wikipedia.org/wiki/Moratorium_\(law\) "Moratorium (law)") on all cryptocurrency mining in an effort to preserve natural resources and the "character and direction" of the city.[\[83\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-83) In 2021, [Kazakhstan](https://en.wikipedia.org/wiki/Kazakhstan "Kazakhstan") became the second-biggest crypto-currency mining country, producing 18.1% of the global [exahash](https://en.wikipedia.org/wiki/Exahash "Exahash") rate. The country built a compound containing 50,000 computers near [Ekibastuz](https://en.wikipedia.org/wiki/Ekibastuz "Ekibastuz").[\[84\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-84)
GPU price rise
An increase in cryptocurrency mining increased the demand for [graphics cards](https://en.wikipedia.org/wiki/Graphics_cards "Graphics cards") (GPU) in 2017.[\[85\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-85) The computing power of GPUs makes them well-suited to generating hashes. Popular favorites of cryptocurrency miners, such as Nvidia's [GTX 1060](https://en.wikipedia.org/wiki/GTX_1060 "GTX 1060") and [GTX 1070](https://en.wikipedia.org/wiki/GTX_1070 "GTX 1070") graphics cards, as well as AMD's RX 570 and RX 580 GPUs, doubled or tripled in price – or simply went out of stock.[\[86\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-86)
A GTX 1070 Ti, which was released at a price of \$450, sold for as much as \$1,100. Another popular card, the GTX 1060 (6 GB model), released at an [MSRP](https://en.wikipedia.org/wiki/MSRP "MSRP") of \$250, sold for almost \$500. RX 570 and RX 580 cards from [AMD](https://en.wikipedia.org/wiki/AMD "AMD") were out of stock for almost a year. Miners regularly buy up the entire stock of new GPUs as soon as they are available.[\[87\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-87)
[Nvidia](https://en.wikipedia.org/wiki/Nvidia "Nvidia") has asked retailers to do what they can when it comes to selling GPUs to gamers instead of miners. Boris Böhles, PR manager for Nvidia in the German region, said: "Gamers come first for Nvidia."[\[88\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-88)
Mining accelerator chips
Numerous companies developed dedicated crypto-mining accelerator chips, capable of price-performance far higher than that of CPU or [GPU mining](https://en.wikipedia.org/wiki/GPU_mining "GPU mining"). At one point, [Intel](https://en.wikipedia.org/wiki/Intel "Intel") marketed its own brand of crypto accelerator chip, named [Blockscale](https://en.wikipedia.org/wiki/Blockscale "Blockscale").[\[89\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-89)
Wallets
[](https://en.wikipedia.org/wiki/File:A_paper_printable_Bitcoin_wallet_consisting_of_one_bitcoin_address_for_receiving_and_the_corresponding_private_key_for_spending.png)
An example paper printable Bitcoin wallet consisting of one Bitcoin address for receiving, and the corresponding private key for spending
A [cryptocurrency wallet](https://en.wikipedia.org/wiki/Cryptocurrency_wallet "Cryptocurrency wallet") is a means of storing the [public and private "keys"](https://en.wikipedia.org/wiki/Public-key_cryptography "Public-key cryptography") (address) or seed, which can be used to receive or spend the cryptocurrency.[\[90\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-90) With the private key, it is possible to write in the public ledger, effectively spending the associated cryptocurrency. With the public key, it is possible for others to send currency to the wallet.
There exist multiple methods of storing keys or seed in a wallet. These methods range from using paper wallets (which are public, private, or seed keys written on paper), to using hardware wallets (which are hardware to store your wallet information), to a digital wallet (which is a computer with software hosting your wallet information), to hosting your wallet using an exchange where cryptocurrency is traded, or by storing your wallet information on a digital medium such as plaintext.[\[91\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-91)
Privacy
Bitcoin is [pseudonymous](https://en.wikipedia.org/wiki/Pseudonymous "Pseudonymous"), rather than [anonymous](https://en.wikipedia.org/wiki/Anonymous_person "Anonymous person"); the cryptocurrency in a wallet is not tied to a person but rather to one or more specific keys (or "addresses").[\[92\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-92) Thereby, bitcoin owners are not immediately identifiable, but all transactions are publicly available in the blockchain.[\[93\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-93) Still, [cryptocurrency exchanges](https://en.wikipedia.org/wiki/Cryptocurrency_exchanges "Cryptocurrency exchanges") are often required by law to collect the personal information of their users.[\[94\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-94)
Some cryptocurrencies, such as [Monero](https://en.wikipedia.org/wiki/Monero "Monero"), [Zerocoin](https://en.wikipedia.org/wiki/Zerocoin "Zerocoin"), [Zerocash](https://en.wikipedia.org/wiki/Zerocash "Zerocash"), and [CryptoNote](https://en.wikipedia.org/wiki/CryptoNote "CryptoNote"), implement additional measures to increase privacy, such as by using [zero-knowledge proofs](https://en.wikipedia.org/wiki/Zero-knowledge_proofs "Zero-knowledge proofs").[\[95\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-95)[\[96\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-96)
A recent 2020 study presented different attacks on privacy in cryptocurrencies. The attacks demonstrated how the anonymity techniques are not sufficient safeguards. In order to improve privacy, researchers suggested several different ideas, including new cryptographic schemes and mechanisms for hiding the [IP address](https://en.wikipedia.org/wiki/IP_address "IP address") of the source.[\[97\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-97)
Economics
Cryptocurrencies are used primarily outside banking and governmental institutions and are exchanged over the Internet.
Block rewards
Proof-of-work cryptocurrencies, such as bitcoin, offer block rewards incentives for miners. There has been an implicit belief that whether miners are paid by block rewards or transaction fees does not affect the security of the blockchain, but a study suggests that this may not be the case under certain circumstances.[\[98\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-98)
The rewards paid to miners increase the supply of the cryptocurrency. By making sure that verifying transactions is a costly business, the integrity of the network can be preserved as long as benevolent nodes control a majority of computing power. The verification algorithm requires a lot of processing power, and thus electricity, in order to make verification costly enough to accurately validate the public blockchain. Miners have to factor in the costs associated with expensive equipment necessary to stand a chance of solving a hash problem, and consider the significant amount of electrical power in search of the solution. Generally, the block rewards outweigh electricity and equipment costs, but this may not always be the case.[\[99\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-99)
The current value, not the long-term value, of the cryptocurrency supports the reward scheme to incentivize miners to engage in costly mining activities.[\[100\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-100) In 2018, bitcoin's design caused a 1.4% welfare loss compared to an efficient cash system, while a cash system with 2% money growth has a minor 0.003% welfare cost. The main source for this inefficiency is the large mining cost, which is estimated to be US\$360 million per year. This translates into users being willing to accept a cash system with an inflation rate of 230% before being better off using bitcoin as a means of payment. However, the efficiency of the bitcoin system can be significantly improved by optimizing the rate of coin creation and minimizing transaction fees. Another potential improvement is to eliminate inefficient mining activities by changing the consensus protocol altogether.[\[101\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-101)
Transaction fees
Transaction fees (sometimes also referred to as *miner fees* or *gas fees*) for cryptocurrency depend mainly on the [supply](https://en.wikipedia.org/wiki/Supply_and_demand "Supply and demand") of network capacity at the time, versus the [demand](https://en.wikipedia.org/wiki/Supply_and_demand "Supply and demand") from the currency holder for a faster transaction.[\[102\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-102) The ability for the holder to be allowed to set the fee manually often depends on the wallet software used, and central [exchanges for cryptocurrency](https://en.wikipedia.org/wiki/Cryptocurrency_exchange "Cryptocurrency exchange") (CEX) usually do not allow the customer to set a custom transaction fee for the transaction.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] Their wallet software, such as [Coinbase](https://en.wikipedia.org/wiki/Coinbase "Coinbase") Wallet, however, might support adjusting the fee.[\[103\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-103)
Select cryptocurrency exchanges have offered to let the user choose between different presets of transaction fee values during the currency conversion. One of those exchanges, namely **LiteBit**, previously headquartered in the Netherlands, was forced to cease all operations in August 2023, "due to market changes and regulatory pressure".[\[104\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-104)
The "recommended fee" suggested by the network will often depend on the time of day (due to depending on network load).
For [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum"), transaction fees differ by computational complexity, bandwidth use, and storage needs, while bitcoin transaction fees differ by transaction size and whether the transaction uses [SegWit](https://en.wikipedia.org/wiki/SegWit "SegWit"). In February 2023, the median transaction fee for Ether corresponded to \$2.2845,[\[105\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-105) while for bitcoin it corresponded to \$0.659.[\[106\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-106)
Some cryptocurrencies have no transaction fees, the most well-known example being [Nano (XNO)](https://en.wikipedia.org/wiki/Nano_\(cryptocurrency\) "Nano (cryptocurrency)"), and instead rely on [client-side](https://en.wikipedia.org/wiki/Client-side "Client-side") proof-of-work as the transaction prioritization and anti-spam mechanism.[\[107\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-scalabilityOfBitcoinAndNano-107)[\[108\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-comparativeAnalysis-108)[\[109\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-blockchainCompared-109)
Exchanges
[Cryptocurrency exchanges](https://en.wikipedia.org/wiki/Cryptocurrency_exchange "Cryptocurrency exchange") allow customers to trade cryptocurrencies[\[110\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-110) for other assets, such as conventional [fiat money](https://en.wikipedia.org/wiki/Fiat_money "Fiat money"), or to trade between different digital currencies.
Crypto marketplaces do not guarantee that an investor is completing a purchase or trade at the optimal price. As a result, as of 2020, it was possible to [arbitrage](https://en.wikipedia.org/wiki/Arbitrage "Arbitrage") to find the difference in price across several markets.[\[111\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-111)
Atomic swaps
Atomic swaps are a mechanism where one cryptocurrency can be exchanged directly for another cryptocurrency without the need for a trusted third party, such as an exchange.[\[112\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-112)
ATMs
[](https://en.wikipedia.org/wiki/File:Bitcoin_Teller_SIBOS_Boston_2014_2.jpg)
A [Bitcoin ATM](https://en.wikipedia.org/wiki/Bitcoin_ATM "Bitcoin ATM")
Jordan Kelley, founder of [Robocoin](https://en.wikipedia.org/wiki/Bitcoin_ATM "Bitcoin ATM"), launched the first [bitcoin ATM](https://en.wikipedia.org/wiki/Bitcoin_ATM "Bitcoin ATM") in the United States in February 2014. The kiosk installed in Austin, Texas, is similar to bank ATMs but has scanners to read government-issued identification such as a driver's license, or a passport to confirm users' identities.[\[113\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-113)
Initial coin offerings
An [initial coin offering](https://en.wikipedia.org/wiki/Initial_coin_offering "Initial coin offering") (ICO) is a controversial means of raising funds for a new cryptocurrency venture. An ICO may be used by startups with the intention of avoiding regulation. However, securities regulators in many jurisdictions, including in the U.S. and Canada, have indicated that if a coin or token is an "investment contract" (e.g., under the Howey test, i.e., an investment of money with a reasonable expectation of profit based significantly on the entrepreneurial or managerial efforts of others), it is a security and is subject to securities regulation. In an ICO campaign, a percentage of the cryptocurrency (usually in the form of "tokens") is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, often bitcoin or Ether.[\[114\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-114)[\[115\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-115)[\[116\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-116)
According to [PricewaterhouseCoopers](https://en.wikipedia.org/wiki/PricewaterhouseCoopers "PricewaterhouseCoopers"), four of the 10 biggest proposed initial coin offerings have used [Switzerland](https://en.wikipedia.org/wiki/Switzerland "Switzerland") as a base, where they are frequently registered as non-profit foundations. The Swiss regulatory agency [FINMA](https://en.wikipedia.org/wiki/Swiss_Financial_Market_Supervisory_Authority "Swiss Financial Market Supervisory Authority") stated that it would take a "balanced approach" to ICO projects and would allow "legitimate innovators to navigate the regulatory landscape and so launch their projects in a way consistent with national laws protecting investors and the integrity of the financial system." In response to numerous requests by industry representatives, a legislative ICO working group began to issue legal guidelines in 2018, which are intended to remove uncertainty from cryptocurrency offerings and to establish sustainable business practices.[\[117\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-117)
Price trends
The [market capitalization](https://en.wikipedia.org/wiki/Market_capitalization "Market capitalization") of a cryptocurrency is calculated by multiplying the price by the number of coins in circulation. The total cryptocurrency market cap has historically been dominated by bitcoin accounting for at least 50% of the market cap value where altcoins have increased and decreased in market cap value in relation to bitcoin. Bitcoin's value is largely determined by speculation among other technological limiting factors known as blockchain rewards coded into the architecture technology of bitcoin itself.[\[118\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-auto-118)
The cryptocurrency market cap follows a trend known as the "halving", which is when the block rewards received from bitcoin are halved due to technological mandated limited factors instilled into bitcoin which in turn limits the supply of bitcoin. As the date reaches near of a halving (twice thus far historically) the cryptocurrency market cap increases, followed by a downtrend.[\[118\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-auto-118)
By June 2021, cryptocurrency had begun to be offered by some wealth managers in the US for [401(k)s](https://en.wikipedia.org/wiki/401\(k\) "401(k)").[\[119\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-119)[\[120\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-120)[\[121\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-121)
Volatility
Cryptocurrency prices are much more volatile than established financial assets such as [stocks](https://en.wikipedia.org/wiki/Stock "Stock"). For example, over one week in May 2022, bitcoin lost 20% of its value and Ethereum lost 26%, while [Solana](https://en.wikipedia.org/wiki/Solana_\(blockchain_platform\) "Solana (blockchain platform)") and [Cardano](https://en.wikipedia.org/wiki/Cardano_\(blockchain_platform\) "Cardano (blockchain platform)") lost 41% and 35% respectively. The falls were attributed to warnings about inflation. By comparison, in the same week, the [Nasdaq](https://en.wikipedia.org/wiki/Nasdaq-100 "Nasdaq-100") tech stock index fell 7.6 per cent and the [FTSE 100](https://en.wikipedia.org/wiki/FTSE_100_Index "FTSE 100 Index") was 3.6 per cent down.[\[122\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-122)
In the longer term, of the [10 leading cryptocurrencies](https://en.wikipedia.org/wiki/List_of_cryptocurrencies "List of cryptocurrencies") identified by the total value of coins in circulation in January 2018, only four (bitcoin, Ethereum, Cardano and [Ripple](https://en.wikipedia.org/wiki/Ripple_\(payment_protocol\) "Ripple (payment protocol)") (XRP)) were still in that position in early 2022.[\[123\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-123) The total value of all cryptocurrencies was \$2 trillion at the end of 2021, but had halved nine months later.[\[124\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-124)[\[125\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-125) The *Wall Street Journal* has commented that the crypto sector has become "intertwined" with the rest of the capital markets and "sensitive to the same forces that drive tech stocks and other risk assets," such as inflation forecasts.[\[126\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-126)
Databases
There are also *centralized* databases, outside of blockchains, that store crypto market data. Compared to the blockchain, databases perform fast as there is no verification process. Four of the most popular cryptocurrency market databases are [CoinMarketCap](https://en.wikipedia.org/wiki/CoinMarketCap "CoinMarketCap"), CoinGecko, BraveNewCoin, and Cryptocompare.[\[127\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-127)
Social and political aspects
According to Alan Feuer of *[The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times")*, [libertarians](https://en.wikipedia.org/wiki/Libertarian "Libertarian") and [anarcho-capitalists](https://en.wikipedia.org/wiki/Anarcho-capitalist "Anarcho-capitalist") were attracted to the philosophical idea behind bitcoin. Early bitcoin supporter [Roger Ver](https://en.wikipedia.org/wiki/Roger_Ver "Roger Ver") said: "At first, almost everyone who got involved did so for philosophical reasons. We saw bitcoin as a great idea, as a way to separate money from the state."[\[128\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-128) Economist [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman") argues that cryptocurrencies like bitcoin are "something of a cult" based in "paranoid fantasies" of government power.[\[129\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-129)
[David Golumbia](https://en.wikipedia.org/wiki/David_Golumbia "David Golumbia") says that the ideas influencing bitcoin advocates emerge from right-wing extremist movements such as the [Liberty Lobby](https://en.wikipedia.org/wiki/Liberty_Lobby "Liberty Lobby") and the [John Birch Society](https://en.wikipedia.org/wiki/John_Birch_Society "John Birch Society") and their anti-Central Bank rhetoric, or, more recently, [Ron Paul](https://en.wikipedia.org/wiki/Ron_Paul "Ron Paul") and [Tea Party](https://en.wikipedia.org/wiki/Tea_Party_movement "Tea Party movement")\-style libertarianism.[\[130\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-130) [Steve Bannon](https://en.wikipedia.org/wiki/Steve_Bannon "Steve Bannon"), who owns a "good stake" in bitcoin, sees cryptocurrency as a form of disruptive populism, taking control back from central authorities.[\[131\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-131)
Bitcoin's founder, [Satoshi Nakamoto](https://en.wikipedia.org/wiki/Satoshi_Nakamoto "Satoshi Nakamoto"), supported the idea that cryptocurrencies go well with libertarianism. "It's very attractive to the libertarian viewpoint if we can explain it properly," Nakamoto said in 2008.[\[132\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-132)
According to the [European Central Bank](https://en.wikipedia.org/wiki/European_Central_Bank "European Central Bank"), the decentralization of money offered by bitcoin has its theoretical roots in the [Austrian school of economics](https://en.wikipedia.org/wiki/Austrian_school_of_economics "Austrian school of economics"), especially with [Friedrich von Hayek](https://en.wikipedia.org/wiki/Friedrich_von_Hayek "Friedrich von Hayek") in his book [*Denationalisation of Money: The Argument Refined*](https://en.wikipedia.org/wiki/The_Denationalisation_of_Money "The Denationalisation of Money"),[\[133\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-133) in which Hayek advocates a complete [free market](https://en.wikipedia.org/wiki/Free_market "Free market") in the production, distribution and management of money to end the monopoly of [central banks](https://en.wikipedia.org/wiki/Central_banks "Central banks").[\[134\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-134)[\[135\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-135)
Usage
International transfers
Monthly cryptocurrency transfers under \$10,000 to and from Africa reached \$316 million in June 2020, according to Chainalysis data. Reuters reported that bitcoin and other cryptocurrencies are unregulated in many countries and their legal status is unclear, meaning there is no safety net and little recourse for lost funds.[\[136\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-136)
Some migrants in the United Arab Emirates used cryptocurrencies to send remittances home, claiming lower fees compared with traditional remittance services.[\[137\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-137)
Institutional balance-sheet holdings
In 2025, some publicly traded companies announced plans to raise capital to buy and hold bitcoin and other cryptocurrencies as treasury assets.[\[138\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-138) Reuters reported that the inherent volatility of crypto tokens makes them a poor fit for boards with a low risk appetite, potentially limiting their appeal beyond core industry players.[\[139\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-139)
Regulation
The rise in the popularity of cryptocurrencies and their adoption by financial institutions has led some governments to assess whether regulation is needed to protect users. The [Financial Action Task Force](https://en.wikipedia.org/wiki/Financial_Action_Task_Force "Financial Action Task Force") (FATF) has defined cryptocurrency-related services as "virtual asset service providers" (VASPs) and recommended that they be regulated with the same [money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering") ([AML](https://en.wikipedia.org/wiki/Money_laundering#Combating "Money laundering")) and [know your customer](https://en.wikipedia.org/wiki/Know_your_customer "Know your customer") (KYC) requirements as financial institutions.[\[140\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-140)
In May 2020, the Joint Working Group on interVASP Messaging Standards published "IVMS 101", a universal common language for communication of required originator and beneficiary information between VASPs. The FATF and financial regulators were informed as the data model was developed.[\[141\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-141)
In June 2020, FATF updated its guidance to include the "Travel Rule" for cryptocurrencies, a measure which mandates that VASPs obtain, hold, and exchange information about the originators and beneficiaries of virtual asset transfers.[\[142\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-142) Subsequent standardized protocol specifications recommended using [JSON](https://en.wikipedia.org/wiki/JSON "JSON") for relaying data between VASPs and identity services. As of December 2020, the IVMS 101 data model has yet to be finalized and ratified by the three global standard setting bodies that created it.[\[143\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-143)
The European Commission published a digital finance strategy in September 2020. This included a draft regulation on Markets in Crypto-Assets (MiCA), which aimed to provide a comprehensive regulatory framework for digital assets in the EU.[\[144\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-144)[\[145\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-145)
In June 2021, the [Basel Committee on Banking Supervision](https://en.wikipedia.org/wiki/Basel_Committee_on_Banking_Supervision "Basel Committee on Banking Supervision") proposed that banks that held cryptocurrency assets must set aside capital to cover all potential losses. For instance, if a bank were to hold bitcoin worth \$2 billion, it would be required to set aside enough capital to cover the entire \$2 billion. This is a more extreme standard than banks are usually held to when it comes to other assets. However, this is a proposal and not a regulation.
The IMF has sought seeking a coordinated, consistent and comprehensive approach to supervising cryptocurrencies. [Tobias Adrian](https://en.wikipedia.org/wiki/Tobias_Adrian "Tobias Adrian"), the IMF's financial counsellor and head of its monetary and capital markets department said in a January 2022 interview that "Agreeing global regulations is never quick. But if we start now, we can achieve the goal of maintaining financial stability while also enjoying the benefits which the underlying technological innovations bring,"[\[146\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-146)
In May 2024, 15 years after the advent of the first blockchain, bitcoin, the [US Congress](https://en.wikipedia.org/wiki/US_Congress "US Congress") advanced a bill to the full [House of Representatives](https://en.wikipedia.org/wiki/United_States_House_of_Representatives "United States House of Representatives") to provide regulatory clarity for digital assets. The [Financial Innovation and Technology for the 21st Century Act](https://en.wikipedia.org/wiki/Financial_Innovation_and_Technology_for_the_21st_Century_Act "Financial Innovation and Technology for the 21st Century Act"), which defines responsibilities between various US agencies, notably between the [Commodity Futures Trading Commission](https://en.wikipedia.org/wiki/Commodity_Futures_Trading_Commission "Commodity Futures Trading Commission") (CFTC) for decentralized blockchains and the [Securities and Exchange Commission](https://en.wikipedia.org/wiki/Securities_and_Exchange_Commission "Securities and Exchange Commission") (SEC) for blockchains that are functional but not decentralized. [Stablecoins](https://en.wikipedia.org/wiki/Stablecoin "Stablecoin") are excluded from both CFTC and SEC regulation in this bill, "except for fraud and certain activities by registered firms."[\[147\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-cfins20240510-147)
China
In September 2017, China banned [ICOs](https://en.wikipedia.org/wiki/Initial_coin_offering "Initial coin offering") to cause [abnormal return](https://en.wikipedia.org/wiki/Abnormal_return "Abnormal return") from cryptocurrency decreasing during announcement window. The liquidity changes by banning ICOs in China was temporarily negative while the liquidity effect became positive after news.[\[148\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-148)
On 18 May 2021, China banned financial institutions and payment companies from being able to provide cryptocurrency transaction related services.[\[149\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-149) This led to a sharp fall in the price of the biggest [proof of work](https://en.wikipedia.org/wiki/Proof_of_work "Proof of work") cryptocurrencies. For instance, [bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") fell 31%, [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum") fell 44%, [Binance Coin](https://en.wikipedia.org/wiki/Binance#BNB "Binance") fell 32% and [Dogecoin](https://en.wikipedia.org/wiki/Dogecoin "Dogecoin") fell 30%.[\[150\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-150) Proof of work mining was the next focus, with regulators in popular mining regions citing the use of electricity generated from highly polluting sources such as coal to create bitcoin and Ethereum.[\[151\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-151)
In September 2021, the Chinese government declared all cryptocurrency transactions of any kind illegal, completing its crackdown on cryptocurrency.[\[29\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-BBC_News-29)
Cook Islands
In April 2024, [TVNZ](https://en.wikipedia.org/wiki/TVNZ "TVNZ")'s [1News](https://en.wikipedia.org/wiki/1News "1News") reported that the [Cook Islands](https://en.wikipedia.org/wiki/Cook_Islands "Cook Islands") government was proposing legislation that would allow "recovery agents" to use various means including hacking to investigate or find cryptocurrency that may have been used for illegal means or is the "proceeds of crime." The Tainted Cryptocurrency Recovery Bill was drafted by two lawyers hired by US-based debt collection company Drumcliffe. The proposed legislation was criticised by Cook Islands Crown Law's deputy solicitor general David Greig, who described it as "flawed" and said that some provisions were "clearly unconstitutional". The Cook Islands Financial Services Development Authority described Drumcliffe's involvement as a conflict of interest.[\[152\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-1_News_Cook_Islands-152)
Similar criticism was echoed by [Auckland University of Technology](https://en.wikipedia.org/wiki/Auckland_University_of_Technology "Auckland University of Technology") cryptocurrency specialist and senior lecturer Jeff Nijsse and [University of Otago](https://en.wikipedia.org/wiki/University_of_Otago "University of Otago") [political scientist](https://en.wikipedia.org/wiki/Political_science "Political science") Professor [Robert Patman](https://en.wikipedia.org/w/index.php?title=Robert_Patman&action=edit&redlink=1 "Robert Patman (page does not exist)"), who described it as government overreach and described it as inconsistent with international law. Since the Cook Islands is an [associated state](https://en.wikipedia.org/wiki/Associated_state "Associated state") that is part of the [Realm of New Zealand](https://en.wikipedia.org/wiki/Realm_of_New_Zealand "Realm of New Zealand"), Patman said that the law would have "implications for New Zealand's governance arrangements." A spokesperson for [New Zealand Foreign Minister](https://en.wikipedia.org/wiki/Minister_of_Foreign_Affairs_\(New_Zealand\) "Minister of Foreign Affairs (New Zealand)") [Winston Peters](https://en.wikipedia.org/wiki/Winston_Peters "Winston Peters") confirmed that New Zealand officials were discussing the legislation with their Cook Islands counterparts. [Cook Islands Prime Minister](https://en.wikipedia.org/wiki/Prime_Minister_of_the_Cook_Islands "Prime Minister of the Cook Islands") [Mark Brown](https://en.wikipedia.org/wiki/Mark_Brown_\(Cook_Islands\) "Mark Brown (Cook Islands)") defended the legislation as part of the territory's fight against international cybercrime.[\[152\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-1_News_Cook_Islands-152)
El Salvador
| | |
|---|---|
|  | This section needs to be **updated**. Please help update this article to reflect recent events or newly available information. *(November 2025)* |
On 9 June 2021, [El Salvador](https://en.wikipedia.org/wiki/El_Salvador "El Salvador") announced that it will adopt [bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") as legal tender, becoming the first country to do so.[\[153\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-reuters.com-153)
EU
The EU defines crypto assets as "a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology."[\[154\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-154) The EU regulation Markets in Crypto-Assets (MiCA) covering asset-referenced tokens (ARTs) and electronic money tokens (EMTs) (also known as stablecoins) came into force on 30 June 2024. As of 17 January 2025, the [European Securities and Markets Authority](https://en.wikipedia.org/wiki/European_Securities_and_Markets_Authority "European Securities and Markets Authority") (ESMA) issued guidance to crypto-asset service providers (CASPs) allowing them to maintain crypto-asset services for non-compliant ARTs and EMTs until the end of March 2025.[\[155\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-155)[\[156\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-156)
The rest of MiCA came into force as of 30 December 2024, covering crypto-assets other than ART and EMT and CASPs. MiCA excludes crypto-assets if they qualify as financial instruments according to ESMA guidelines published on 17 December 2024 as well as crypto-assets that are unique and not fungible with other crypto-assets.[\[157\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-157)[\[158\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-158)
India
At present, India neither prohibits nor allows investment in the cryptocurrency market. In 2020, the Supreme Court of India had lifted the ban on cryptocurrency, which was imposed by the Reserve Bank of India.[\[159\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-159)[\[160\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-160)[\[161\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-161)[\[162\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-162) Since then, an investment in cryptocurrency is considered legitimate, though there is still ambiguity about the issues regarding the extent and payment of tax on the income accrued thereupon and also its regulatory regime. But it is being contemplated that the Indian Parliament will soon pass a specific law to either ban or regulate the cryptocurrency market in India.[\[163\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-163)
Expressing his public policy opinion on the Indian cryptocurrency market to a well-known online publication, a leading [public policy](https://en.wikipedia.org/wiki/Public_policy "Public policy") lawyer and Vice President of [SAARCLAW](https://en.wikipedia.org/wiki/South_Asian_Association_for_Regional_Cooperation "South Asian Association for Regional Cooperation") (South Asian Association for Regional Co-operation in Law) [Hemant Batra](https://en.wikipedia.org/w/index.php?title=Hemant_Batra&action=edit&redlink=1 "Hemant Batra (page does not exist)") has said that the "cryptocurrency market has now become very big with involvement of billions of dollars in the market hence, it is now unattainable and irreconcilable for the government to completely ban all sorts of cryptocurrency and its trading and investment".[\[164\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-164) He mooted regulating the cryptocurrency market rather than completely banning it. He favoured following [IMF](https://en.wikipedia.org/wiki/International_Monetary_Fund "International Monetary Fund") and [FATF](https://en.wikipedia.org/wiki/Financial_Action_Task_Force "Financial Action Task Force") guidelines in this regard.
Singapore
South Africa
South Africa, which has seen a large number of scams related to cryptocurrency, is said to be putting a regulatory timeline in place that will produce a regulatory framework.[\[165\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-165) The largest scam occurred in April 2021, where the two founders of an African-based cryptocurrency exchange called Africrypt, Raees Cajee and Ameer Cajee, disappeared with \$3.8 billion worth of [bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin").[\[166\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-regulations-166) Additionally, [Mirror Trading International](https://en.wikipedia.org/wiki/Mirror_Trading_International "Mirror Trading International") disappeared with \$170 million worth of cryptocurrency in January 2021.[\[166\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-regulations-166)
South Korea
In March 2021, South Korea implemented new legislation to strengthen their oversight of digital assets. This legislation requires all digital asset managers, providers and exchanges to be registered with the Korea Financial Intelligence Unit in order to operate in South Korea.[\[167\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-thediplomat.com-167) Registering with this unit requires that all exchanges are certified by the Information Security Management System and that they ensure all customers have real name bank accounts. It also requires that the CEO and board members of the exchanges have not been convicted of any crimes and that the exchange holds sufficient levels of deposit insurance to cover losses arising from hacks.[\[167\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-thediplomat.com-167)
Switzerland
Switzerland was one of the first countries to implement the FATF's Travel Rule. FINMA, the Swiss regulator, issued its own guidance to VASPs in 2019. The guidance followed the FATF's Recommendation 16, with stricter requirements. According to FINMA's[\[168\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-168) requirements, VASPs need to verify the identity of the beneficiary of the transfer.
Turkey
In April 2021, the [Central Bank of the Republic of Turkey](https://en.wikipedia.org/wiki/Central_Bank_of_the_Republic_of_Turkey "Central Bank of the Republic of Turkey") banned the use of cryptocurrencies and [cryptoassets](https://en.wikipedia.org/wiki/Cryptoassets "Cryptoassets") for making purchases on the grounds that the use of cryptocurrencies for such payments poses significant transaction risks.[\[169\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-169)
United Kingdom
In the United Kingdom, as of 10 January 2021, all cryptocurrency firms, such as exchanges, advisors and professionals that have either a presence, market product or provide services within the UK market must register with the [Financial Conduct Authority](https://en.wikipedia.org/wiki/Financial_Conduct_Authority "Financial Conduct Authority"). On 27 June 2021, the financial watchdog demanded that [Binance](https://en.wikipedia.org/wiki/Binance "Binance") cease all regulated activities in the UK.[\[170\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-ft.com-170)
In November 2024, the incoming Labour government confirmed that it will proceed with the regulation of cryptoassets and new UK requirements are expected to come into force in 2026.[\[171\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-171)
United States
In 2021, 17 US states passed laws and resolutions concerning cryptocurrency regulation.[\[172\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-172) This led the Securities and Exchange Commission to start considering what steps to take. On 8 July 2021, [Senator Elizabeth Warren](https://en.wikipedia.org/wiki/Elizabeth_Warren "Elizabeth Warren"), part of the [Senate Banking Committee](https://en.wikipedia.org/wiki/United_States_Senate_Committee_on_Banking,_Housing,_and_Urban_Affairs "United States Senate Committee on Banking, Housing, and Urban Affairs"), wrote to the chairman of the SEC and demanded answers on cryptocurrency regulation due to the increase in cryptocurrency exchange use and the danger this posed to consumers. On 5 August 2021, the chairman, [Gary Gensler](https://en.wikipedia.org/wiki/Gary_Gensler "Gary Gensler"), responded to Warren's letter and called for legislation focused on "crypto trading, lending and DeFi platforms," because of how vulnerable investors could be when they traded on crypto trading platforms without a broker. He also argued that many tokens in the crypto market may be unregistered securities without required disclosures or market oversight. Additionally, Gensler did not hold back in his criticism of stablecoins. These tokens, which are pegged to the value of fiat currencies, may allow individuals to bypass important public policy goals related to traditional banking and financial systems, such as anti-money laundering, tax compliance, and sanctions.[\[173\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-173)
On 19 October 2021, the first bitcoin-linked exchange-traded fund (ETF) from [ProShares](https://en.wikipedia.org/wiki/ProShares "ProShares") started trading on the NYSE under the ticker "BITO." [ProShares](https://en.wikipedia.org/wiki/ProShares "ProShares") CEO Michael L. Sapir said the ETF would expose bitcoin to a wider range of investors without the hassle of setting up accounts with cryptocurrency providers. Ian Balina, the CEO of Token Metrics, stated that SEC approval of the ETF was a significant endorsement for the crypto industry because many regulators globally were not in favor of crypto, and retail investors were hesitant to accept crypto. This event would eventually open more opportunities for new capital and new people in this space.[\[174\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-174)
The [Department of the Treasury](https://en.wikipedia.org/wiki/United_States_Department_of_the_Treasury "United States Department of the Treasury"), on 20 May 2021, announced that it would require any transfer worth \$10,000 or more to be reported to the [Internal Revenue Service](https://en.wikipedia.org/wiki/Internal_Revenue_Service "Internal Revenue Service") since cryptocurrency already posed a problem where illegal activity like tax evasion was facilitated broadly. This release from the IRS was a part of efforts to promote better compliance and consider more severe penalties for tax evaders.[\[175\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-175)
On 17 February 2022, the [Department of Justice](https://en.wikipedia.org/wiki/United_States_Department_of_Justice "United States Department of Justice") named Eun Young Choi as the first director of a National Cryptocurrency Enforcement Team to help identify and deal with misuse of cryptocurrencies and other digital assets.[\[176\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-176)
The Biden administration faced a dilemma as it tried to develop regulations for the cryptocurrency industry. On one hand, officials were hesitant to restrict a growing industry. On the other hand, they were committed to preventing illegal cryptocurrency transactions. To reconcile these conflicting goals, on 9 March 2022, Biden issued an executive order.[\[177\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-177) Followed this, on 16 September 2022, the Comprehensive Framework for Responsible Development of Digital Assets document was released[\[178\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-178) to support development of cryptocurrencies and restrict their illegal use. The executive order included all digital assets, but cryptocurrencies posed both the greatest security risks and potential economic benefits. Though this might not address all of the challenges in crypto industry, it was a significant milestone in the US cryptocurrency regulation history.[\[179\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-179)
In February 2023, the SEC ruled that cryptocurrency exchange [Kraken](https://en.wikipedia.org/wiki/Kraken_\(company\) "Kraken (company)")'s estimated \$42 billion in staked assets globally operated as an illegal securities seller. The company agreed to a \$30 million settlement with the SEC and to cease selling its staking service in the US. The case would impact other major crypto exchanges operating staking programs.[\[180\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-180)
On 23 March 2023, the SEC issued an alert to investors stating that firms offering crypto asset securities might not be complying with US laws. The SEC argued that unregistered offerings of crypto asset securities might not include important information.[\[181\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-181)
On 23 January 2025, President Donald Trump signed [Executive Order 14178](https://en.wikipedia.org/wiki/Executive_Order_14178 "Executive Order 14178"), *Strengthening American Leadership in Digital Financial Technology*[\[182\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-182) revoking [Executive Order 14067](https://en.wikipedia.org/wiki/Executive_Order_14067 "Executive Order 14067") of 9 March 2022, *Ensuring Responsible Development of Digital Assets* and the Department of the Treasury's *Framework for International Engagement on Digital Assets* of 7 July 2022. In addition the order prohibits the establishment, issuance or promotion of [Central bank digital currency](https://en.wikipedia.org/wiki/Central_bank_digital_currency "Central bank digital currency") and establishes a group tasked with proposing a federal regulatory framework for digital assets within 180 days.[\[183\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-183)
Legality
The [legal status of cryptocurrencies](https://en.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory "Legality of cryptocurrency by country or territory") varies substantially from country to country and is still undefined or changing in many of them. At least one study has shown that broad generalizations about the use of bitcoin in illicit finance are significantly overstated and that blockchain analysis is an effective crime fighting and intelligence gathering tool.[\[184\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-184) While some countries have explicitly allowed their use and trade,[\[185\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-185) others have banned or restricted it.
According to the [Library of Congress](https://en.wikipedia.org/wiki/Library_of_Congress "Library of Congress") in 2021, an "absolute ban" on trading or using cryptocurrencies applies in 9 countries: Algeria, Bangladesh, Bolivia, China, Egypt, Iraq, Morocco, Nepal, and the United Arab Emirates. An "implicit ban" applies in another 39 countries or regions, which include: Bahrain, Benin, Burkina Faso, Burundi, Cameroon, Chad, Côte d'Ivoire, the Dominican Republic, Ecuador, Gabon, Georgia, Guyana, Indonesia, Iran, Jordan, Kazakhstan, Kuwait, Lebanon, Lesotho, Macau, Maldives, Mali, Moldova, Namibia, Niger, Nigeria, Oman, Pakistan, Palau, Republic of Congo, Saudi Arabia, Senegal, Tajikistan, Tanzania, Togo, Turkey, Turkmenistan, Qatar and Vietnam.[\[186\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-RCAWNov2021LOC-186)
In the United States and Canada, state and provincial securities regulators, coordinated through the [North American Securities Administrators Association](https://en.wikipedia.org/wiki/North_American_Securities_Administrators_Association "North American Securities Administrators Association"), are investigating "Bitcoin scams" and [ICOs](https://en.wikipedia.org/wiki/Initial_coin_offering "Initial coin offering") in 40 jurisdictions.[\[187\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-WaPo52118-187)
Various government agencies, departments, and courts have classified bitcoin differently. [China Central Bank](https://en.wikipedia.org/wiki/China_Central_Bank "China Central Bank") banned the handling of bitcoins by financial institutions in [China](https://en.wikipedia.org/wiki/China "China") in early 2014.
In Russia, though owning cryptocurrency is legal, its residents are only allowed to purchase goods from other residents using the [Russian ruble](https://en.wikipedia.org/wiki/Russian_ruble "Russian ruble") while nonresidents are allowed to use foreign currency.[\[188\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-188) Regulations and bans that apply to bitcoin probably extend to similar cryptocurrency systems.[\[189\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-189)
In August 2018, the [Bank of Thailand](https://en.wikipedia.org/wiki/Bank_of_Thailand "Bank of Thailand") announced its plans to create its own cryptocurrency, the Central Bank Digital Currency (CBDC).[\[190\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-190)
Advertising bans
Cryptocurrency advertisements have been banned on the following platforms:
- [Baidu](https://en.wikipedia.org/wiki/Baidu "Baidu")
- [Bing](https://en.wikipedia.org/wiki/Bing_\(search_engine\) "Bing (search engine)")[\[191\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-bing51418-191)—Ended June 2022[\[192\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Search_Engine_Land_2022-06-01-192)
- [Facebook](https://en.wikipedia.org/wiki/Facebook "Facebook")[\[193\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-ToISW-193)—Ended December 2021[\[194\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-CNBC_2021-12-01-194)
- [Google](https://en.wikipedia.org/wiki/Google "Google")[\[193\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-ToISW-193)—Ended August 2021[\[195\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Search_Engine_Land_2021-06-03-195)
- [Line](https://en.wikipedia.org/wiki/Line_Corporation "Line Corporation")
- [LinkedIn](https://en.wikipedia.org/wiki/LinkedIn "LinkedIn")[\[196\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:3-196)
- [MailChimp](https://en.wikipedia.org/wiki/MailChimp "MailChimp")[\[197\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-3key-197)
- [Snapchat](https://en.wikipedia.org/wiki/Snapchat "Snapchat")
- [Tencent](https://en.wikipedia.org/wiki/Tencent "Tencent")
- [Twitter](https://en.wikipedia.org/wiki/Twitter "Twitter")[\[193\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-ToISW-193)
- [Weibo](https://en.wikipedia.org/wiki/Weibo_\(company\) "Weibo (company)")
- [Yandex](https://en.wikipedia.org/wiki/Yandex "Yandex")[\[196\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:3-196)
U.S. tax status
In March 2014, the United States [Internal Revenue Service](https://en.wikipedia.org/wiki/Internal_Revenue_Service "Internal Revenue Service") (IRS) ruled that bitcoin will be treated as property for tax purposes. Therefore, virtual currencies are considered commodities subject to capital gains tax.[\[198\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-198)
Legal concerns relating to an unregulated global economy
As the popularity and demand for cryptocurrencies has increased,[\[199\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-199) so have concerns that they offer an unregulated person-to-person global economy that may become a threat to society. Concerns abound that they may become tools for anonymous web criminals.[\[200\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:1-200)
Cryptocurrency networks display a lack of regulation that has been criticized as enabling criminals who seek to evade taxes and [launder money](https://en.wikipedia.org/wiki/Money_laundering "Money laundering"). Money laundering issues [are also present in regular bank transfers](https://en.wikipedia.org/wiki/FinCEN_Files "FinCEN Files"), however with bank-to-bank wire transfers for instance, the account holder must [provide a proven identity](https://en.wikipedia.org/wiki/Wire_transfer#Security "Wire transfer").
Transactions that occur through the use and exchange of these cryptocurrencies are independent from formal banking systems, and therefore can make tax evasion simpler for individuals. Since charting taxable income is based upon what a recipient reports to the revenue service, it becomes extremely difficult to account for transactions made using cryptocurrencies, a mode of exchange that is complex and difficult to track.[\[200\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:1-200)
Systems of anonymity that most cryptocurrencies offer can also serve as a means to launder money. Rather than laundering money through an intricate network of financial actors and [offshore bank accounts](https://en.wikipedia.org/wiki/Offshore_bank_account "Offshore bank account"), laundering money through cryptocurrencies can be achieved through anonymous transactions.[\[200\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:1-200)
Cryptocurrency makes legal enforcement against extremist groups more complicated, which consequently strengthens them.[\[201\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-201) [White supremacist](https://en.wikipedia.org/wiki/White_supremacist "White supremacist") [Richard Spencer](https://en.wikipedia.org/wiki/Richard_B._Spencer "Richard B. Spencer") declared bitcoin the "currency of the [alt-right](https://en.wikipedia.org/wiki/Alt-right "Alt-right")".[\[202\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-202)
Loss, theft, and fraud
In February 2014, the world's largest bitcoin exchange, [Mt. Gox](https://en.wikipedia.org/wiki/Mt._Gox "Mt. Gox"), declared [bankruptcy](https://en.wikipedia.org/wiki/Bankruptcy "Bankruptcy"). Likely due to theft, the company claimed that it had lost nearly 750,000 bitcoins belonging to their clients. This added up to approximately 7% of all bitcoins in existence, worth a total of \$473 million. Mt. Gox blamed hackers, who had exploited the [transaction malleability problems](https://en.wikipedia.org/wiki/Transaction_malleability_problem "Transaction malleability problem") in the network. The price of a bitcoin fell from a high of about \$1,160 in December to under \$400 in February.[\[203\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-203)
On 21 November 2017, [Tether](https://en.wikipedia.org/wiki/Tether_\(cryptocurrency\) "Tether (cryptocurrency)") announced that it had been hacked, losing \$31 million in USDT from its core treasury wallet.[\[204\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-204)
On 7 December 2017, Slovenian cryptocurrency exchange [Nicehash](https://en.wikipedia.org/wiki/NiceHash "NiceHash") reported that hackers had stolen over \$70 million using a hijacked company computer.[\[205\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-205)
On 19 December 2017, Yapian, the owner of South Korean exchange Youbit, filed for bankruptcy after suffering two hacks that year.[\[206\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-206)[\[207\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-207) Customers were still granted access to 75% of their assets.
In May 2018, [Bitcoin Gold](https://en.wikipedia.org/wiki/Bitcoin_Gold "Bitcoin Gold") had its transactions hijacked and abused by unknown hackers.[\[208\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-208) Exchanges lost an estimated \$18m and bitcoin Gold was delisted from Bittrex after it refused to pay its share of the damages.
On 13 September 2018, Homero Josh Garza was sentenced to 21 months of imprisonment, followed by three years of supervised release.[\[209\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-209) Garza had founded the cryptocurrency startups GAW Miners and ZenMiner in 2014, acknowledged in a [plea agreement](https://en.wikipedia.org/wiki/Plea_agreement "Plea agreement") that the companies were part of a [pyramid scheme](https://en.wikipedia.org/wiki/Pyramid_scheme "Pyramid scheme"), and pleaded guilty to [wire fraud](https://en.wikipedia.org/wiki/Wire_fraud "Wire fraud") in 2015. The SEC separately brought a civil enforcement action in the US against Garza, who was eventually ordered to pay a judgment of \$9.1 million plus \$700,000 in interest. The SEC's complaint stated that Garza, through his companies, had fraudulently sold "investment contracts representing shares in the profits they claimed would be generated" from mining.[\[210\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-210)
In January 2018, Japanese exchange [Coincheck](https://en.wikipedia.org/wiki/Coincheck "Coincheck") reported that hackers had stolen cryptocurrency worth \$530 million.[\[211\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-211)
In June 2018, South Korean exchange Coinrail was hacked, losing over \$37 million in crypto.[\[212\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-212) The hack worsened a cryptocurrency selloff by an additional \$42 billion.[\[213\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-213)
On 9 July 2018, the exchange Bancor, whose code and fundraising had been subjects of controversy, had \$23.5 million in crypto stolen.[\[214\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Bancorhack-214)
A 2020 EU report found that users had lost crypto-assets worth hundreds of millions of US dollars in security breaches at exchanges and storage providers. Between 2011 and 2019, reported breaches ranged from four to twelve a year. In 2019, more than a billion dollars' worth of cryptoassets was reported stolen. Stolen assets "typically find their way to illegal markets and are used to fund further criminal activity".[\[215\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-215)
According to a 2020 report produced by the [United States Attorney General](https://en.wikipedia.org/wiki/United_States_Attorney_General "United States Attorney General")'s Cyber-Digital Task Force, three categories make up the majority of illicit cryptocurrency uses: "(1) financial transactions associated with the commission of crimes; (2) [money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering") and the [shielding of legitimate activity from tax](https://en.wikipedia.org/wiki/Tax_evasion "Tax evasion"), reporting, or other legal requirements; or (3) crimes, such as theft, directly implicating the cryptocurrency marketplace itself." The report concluded that "for cryptocurrency to realize its truly transformative potential, it is imperative that these risks be addressed" and that "the government has legal and regulatory tools available at its disposal to confront the threats posed by cryptocurrency's illicit uses".[\[216\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-216)[\[217\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-217)
According to the UK 2020 national risk assessment—a comprehensive assessment of money laundering and terrorist financing risk in the UK—the risk of using cryptoassets such as bitcoin for money laundering and terrorism financing is assessed as "medium" (from "low" in the previous 2017 report).[\[218\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-218) Legal scholars suggested that the money laundering opportunities may be more perceived than real.[\[219\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-219) [Blockchain analysis](https://en.wikipedia.org/wiki/Blockchain_analysis "Blockchain analysis") company Chainalysis concluded that illicit activities like [cybercrime](https://en.wikipedia.org/wiki/Cybercrime "Cybercrime"), [money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering") and [terrorism financing](https://en.wikipedia.org/wiki/Terrorism_financing "Terrorism financing") made up only 0.15% of all crypto transactions conducted in 2021, representing a total of \$14 billion.[\[220\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-220)[\[221\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-221)[\[222\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-222)
In December 2021, Monkey Kingdom, a NFT project based in Hong Kong, lost US\$1.3 million worth of cryptocurrencies via a phishing link used by the hacker.[\[223\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-223)
On 2 November 2023, [Sam Bankman-Fried](https://en.wikipedia.org/wiki/Sam_Bankman-Fried "Sam Bankman-Fried") was pronounced guilty on seven counts of fraud related to [FTX](https://en.wikipedia.org/wiki/FTX "FTX").[\[224\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-cnbc-guilty-224) Federal criminal court sentencing experts speculated on the potential amount of prison time likely to be meted out.[\[225\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Livni-225)[\[226\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Clifford-226)[\[227\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-227) On 28 March 2024, the court sentenced Bankman-Fried to 25 years in prison.[\[228\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-228)
Money laundering
According to blockchain data company [Chainalysis](https://en.wikipedia.org/wiki/Chainalysis "Chainalysis"), criminals laundered \$8.6 billion worth of cryptocurrency in 2021, up 30% from the previous year.[\[229\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-229) The data suggests that rather than managing numerous illicit havens, cybercriminals make use of a small group of purpose-built centralized exchanges for sending and receiving illicit cryptocurrency. In 2021, those exchanges received 47% of funds sent by crime-linked addresses.[\[230\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-230) Almost \$2.2 billion worth of cryptocurrencies was embezzled from [decentralized finance](https://en.wikipedia.org/wiki/Decentralized_finance "Decentralized finance") protocols in 2021, which represents 72% of all cryptocurrency theft in 2021.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\]
According to *Bloomberg* and the *New York Times*, Federation Tower, a complex in the heart of Moscow, is home to many cryptocurrency businesses under suspicion of facilitating extensive money laundering, including accepting illicit cryptocurrency funds obtained through scams, [darknet markets](https://en.wikipedia.org/wiki/Darknet_market "Darknet market"), and [ransomware](https://en.wikipedia.org/wiki/Ransomware "Ransomware").[\[231\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:0-231) Notable businesses include [Garantex](https://en.wikipedia.org/wiki/Garantex "Garantex"),[\[232\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-232) Eggchange, Cashbank, Buy-Bitcoin, Tetchange, Bitzlato, and Suex, which was sanctioned by the U.S. in 2021. Bitzlato founder and owner Anatoly Legkodymov was arrested following money-laundering charges by the United States Department of Justice.[\[233\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-233)
Dark money has also been flowing into Russia through a dark web marketplace called Hydra, which is powered by cryptocurrency, and enjoyed more than \$1 billion in sales in 2020, according to Chainalysis.[\[234\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-234) The platform demands that sellers liquidate cryptocurrency only through certain regional exchanges, which has made it difficult for investigators to trace the money.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\]
Almost 74% of ransomware revenue in 2021 — over \$400 million worth of cryptocurrency — went to software strains likely affiliated with Russia, where oversight is notoriously limited.[\[231\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:0-231) However, Russians are also leaders in the benign adoption of cryptocurrencies, as the ruble is unreliable, and [President Putin](https://en.wikipedia.org/wiki/Vladimir_Putin "Vladimir Putin") favours the idea of "overcoming the excessive domination of the limited number of reserve currencies."[\[235\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-235)
In 2022, RenBridge—an unregulated alternative to exchanges for transferring value between blockchains—was found to be responsible for the laundering of at least \$540 million since 2020. It is especially popular with people attempting to launder money from theft. This includes a cyberattack on Japanese crypto exchange Liquid that has been linked to [North Korea](https://en.wikipedia.org/wiki/North_Korea "North Korea").[\[236\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-236)
Darknet markets
Properties of cryptocurrencies gave them popularity in applications such as a safe haven in banking crises and means of payment, which also led to the cryptocurrency use in controversial settings in the form of [online black markets](https://en.wikipedia.org/wiki/Darknet_market "Darknet market"), such as [Silk Road](https://en.wikipedia.org/wiki/Silk_Road_\(marketplace\) "Silk Road (marketplace)").[\[200\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:1-200) The original Silk Road was shut down in October 2013 and there have been two more versions in use since then. In the year following the initial shutdown of Silk Road, the number of prominent dark markets increased from four to twelve, while the amount of drug listings increased from 18,000 to 32,000.[\[200\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:1-200)
Darknet markets present challenges in regard to their legality. Cryptocurrency used in dark markets are not clearly or legally classified in almost all parts of the world. In the US, bitcoins are regarded as "virtual assets".\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] This type of ambiguous classification puts pressure on law enforcement agencies around the world to adapt to the shifting drug trade of dark markets.[\[237\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:2-237)\[*[unreliable source?](https://en.wikipedia.org/wiki/Wikipedia:Reliable_sources "Wikipedia:Reliable sources")*\]
Wash trades
Various studies have found that crypto-trading is rife with [wash trading](https://en.wikipedia.org/wiki/Wash_trade "Wash trade"), a process, illegal in some jurisdictions, involving buyers and sellers being the same person or group, and which may be used to manipulate the price of a cryptocurrency or inflate volume artificially. Exchanges with higher volumes can demand higher premiums from token issuers.[\[238\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:4-238) A study from 2019 concluded that up to 80% of trades on unregulated cryptocurrency exchanges could be wash trades.[\[238\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-:4-238) A 2019 report by Bitwise Asset Management claimed that 95% of all bitcoin trading volume reported on major website CoinMarketCap had been artificially generated, and of 81 exchanges studied, only 10 provided legitimate volume figures.[\[239\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-239)
As a tool to evade sanctions
In 2022, cryptocurrencies attracted attention when Western nations imposed severe economic sanctions on Russia in the aftermath of [its invasion of Ukraine](https://en.wikipedia.org/wiki/2022_Russian_invasion_of_Ukraine "2022 Russian invasion of Ukraine") in February. However, American sources warned in March that some crypto-transactions could potentially be used to evade economic sanctions against Russia and Belarus.[\[240\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-240)
In April 2022, the computer programmer [Virgil Griffith](https://en.wikipedia.org/wiki/Virgil_Griffith "Virgil Griffith") received a five-year prison sentence in the US for attending a Pyongyang cryptocurrency conference, where he gave a presentation on blockchains which might be used for sanctions evasion.[\[241\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-241)
Impacts and analysis
| External videos |
|---|
| [](https://en.wikipedia.org/wiki/File:Nuvola_apps_kaboodle.svg) [Cryptocurrencies: looking beyond the hype](https://www.youtube.com/watch?v=vo6s1mUjxQQ), [Hyun Song Shin](https://en.wikipedia.org/wiki/Hyun_Song_Shin "Hyun Song Shin"), [Bank for International Settlements](https://en.wikipedia.org/wiki/Bank_for_International_Settlements "Bank for International Settlements"), 2:48[\[242\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-bis_report-242) |
The [Bank for International Settlements](https://en.wikipedia.org/wiki/Bank_for_International_Settlements "Bank for International Settlements") summarized several criticisms of cryptocurrencies in Chapter V of their 2018 annual report. The criticisms include the lack of stability in their price, the high energy consumption, high and variable transactions costs, the poor security and fraud at cryptocurrency exchanges, vulnerability to debasement (from forking), and the influence of miners.[\[242\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-bis_report-242)[\[243\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-chapterV-243)[\[244\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-LATHiltzik-244)
Speculation, fraud, and adoption
Cryptocurrencies have been compared to [Ponzi schemes](https://en.wikipedia.org/wiki/Ponzi_schemes "Ponzi schemes"), [pyramid schemes](https://en.wikipedia.org/wiki/Pyramid_scheme "Pyramid scheme")[\[245\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-245) and [economic bubbles](https://en.wikipedia.org/wiki/Economic_bubble "Economic bubble"),[\[246\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-246) such as [housing market bubbles](https://en.wikipedia.org/wiki/Housing_market_bubble "Housing market bubble").[\[247\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-247) [Howard Marks](https://en.wikipedia.org/wiki/Howard_Marks_\(investor\) "Howard Marks (investor)") of [Oaktree Capital Management](https://en.wikipedia.org/wiki/Oaktree_Capital_Management "Oaktree Capital Management") stated in 2017 that digital currencies were "nothing but an unfounded fad (or perhaps even a pyramid scheme), based on a willingness to ascribe value to something that has little or none beyond what people will pay for it", and compared them to the [tulip mania](https://en.wikipedia.org/wiki/Tulip_mania "Tulip mania") (1637), [South Sea Bubble](https://en.wikipedia.org/wiki/South_Sea_Bubble "South Sea Bubble") (1720), and [dot-com bubble](https://en.wikipedia.org/wiki/Dot-com_bubble "Dot-com bubble") (1999), which all experienced profound price booms and busts.[\[248\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-248)
Regulators in several countries have warned against cryptocurrency and some have taken measures to dissuade users.[\[249\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-249) However, research in 2021 by the UK's financial regulator suggests such warnings either went unheard, or were ignored. Fewer than one in 10 potential cryptocurrency buyers were aware of consumer warnings on the [Financial Conduct Authority](https://en.wikipedia.org/wiki/Financial_Conduct_Authority "Financial Conduct Authority") (FCA) website, and 12% of crypto users were not aware that their holdings were not protected by [statutory compensation](https://en.wikipedia.org/wiki/Financial_Services_Compensation_Scheme "Financial Services Compensation Scheme").[\[250\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-250)[\[251\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-251) Of 1,000 respondents between the ages of eighteen and forty, 70% wrongly assumed cryptocurrencies were regulated, 75% of younger crypto investors claimed to be driven by competition with friends and family, and 58% said that social media enticed them to make high risk investments.[\[252\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-252) The FCA recommends making use of its warning list, which flags unauthorized financial firms.[\[253\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-253)
Many banks do not offer virtual currency services themselves and can refuse to do business with virtual currency companies.[\[254\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-254) In 2014, Gareth Murphy, a senior banking officer, suggested that the widespread adoption of cryptocurrencies may lead to too much money being [obfuscated](https://en.wikipedia.org/wiki/Obfuscation "Obfuscation"), blinding economists who would use such information to better steer the economy.[\[255\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-255) While traditional financial products have strong consumer protections in place, there is no intermediary with the power to limit consumer losses if bitcoins are lost or stolen. One of the features cryptocurrency lacks in comparison to credit cards, for example, is consumer protection against fraud, such as [chargebacks](https://en.wikipedia.org/wiki/Chargeback "Chargeback").\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\]
The French regulator [Autorité des marchés financiers](https://en.wikipedia.org/wiki/Autorit%C3%A9_des_march%C3%A9s_financiers_\(France\) "Autorité des marchés financiers (France)") (AMF) lists 16 websites of companies that solicit investment in cryptocurrency without being authorized to do so in France.[\[256\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-256)
An October 2021 paper by the [National Bureau of Economic Research](https://en.wikipedia.org/wiki/National_Bureau_of_Economic_Research "National Bureau of Economic Research") found that bitcoin suffers from systemic risk as the top 10,000 addresses control about one-third of all bitcoin in circulation.[\[257\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-257) It is even worse for miners, with 0.01% controlling 50% of the capacity. According to researcher Flipside Crypto, less than 2% of anonymous accounts control 95% of all available bitcoin supply.[\[258\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-258) This is considered risky as a great deal of the market is in the hands of a few entities.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\]
A paper by John Griffin, a finance professor at the [University of Texas](https://en.wikipedia.org/wiki/University_of_Texas_at_Austin "University of Texas at Austin"), and Amin Shams, a graduate student, found that in 2017 the price of bitcoin had been substantially inflated using another cryptocurrency, Tether.[\[259\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-259)
[Roger Lowenstein](https://en.wikipedia.org/wiki/Roger_Lowenstein "Roger Lowenstein"), author of "*Bank of America: The Epic Struggle to Create the Federal Reserve,*" said in a 2022 New York Times story that [FTX](https://en.wikipedia.org/wiki/FTX "FTX") currency exchange will face over \$8 billion in claims.[\[260\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-260)
Non-fungible tokens
[Non-fungible tokens](https://en.wikipedia.org/wiki/Non-fungible_token "Non-fungible token") (NFTs) are digital assets that represent art, collectibles, gaming, etc. Like crypto, their data is stored on the blockchain. NFTs are bought and traded using cryptocurrency. The Ethereum blockchain was the first place where NFTs were implemented, but now many other blockchains have created their own versions of NFTs.
Banks
According to Vanessa Grellet, renowned panelist in blockchain conferences,[\[261\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-261) there was an increasing interest from traditional [stock exchanges](https://en.wikipedia.org/wiki/Stock_exchange "Stock exchange") in crypto-assets at the end of the 2010s, while crypto-exchanges such as [Coinbase](https://en.wikipedia.org/wiki/Coinbase "Coinbase") were gradually entering the traditional [financial markets](https://en.wikipedia.org/wiki/Financial_market "Financial market"). This convergence marked a significant trend where conventional financial actors were adopting blockchain technology to enhance operational efficiency, while the crypto world introduced innovations like [Security Token Offering](https://en.wikipedia.org/wiki/Security_token_offering "Security token offering") (STO), enabling new ways of [fundraising](https://en.wikipedia.org/wiki/Fundraising "Fundraising"). Tokenization, turning assets such as [real estate](https://en.wikipedia.org/wiki/Real_estate "Real estate"), [investment funds](https://en.wikipedia.org/wiki/Investment_fund "Investment fund"), and [private equity](https://en.wikipedia.org/wiki/Private_equity "Private equity") into blockchain-based tokens, had the potential to make traditionally illiquid assets more accessible to investors. Despite the regulatory risks associated with such developments, major financial institutions, including [JPMorgan Chase](https://en.wikipedia.org/wiki/JPMorgan_Chase "JPMorgan Chase"), were actively working on blockchain initiatives, exemplified by the creation of Quorum, a private blockchain platform.[\[262\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-LT-262)
As the first big Wall Street bank to embrace cryptocurrencies, [Morgan Stanley](https://en.wikipedia.org/wiki/Morgan_Stanley "Morgan Stanley") announced on 17 March 2021 that they will be offering access to bitcoin funds for their wealthy clients through three funds which enable bitcoin ownership for investors with an aggressive risk tolerance.[\[263\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-263) BNY Mellon on 11 February 2021 announced that it would begin offering cryptocurrency services to its clients.[\[264\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-264)
On 20 April 2021,[\[265\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-265) [Venmo](https://en.wikipedia.org/wiki/Venmo "Venmo") added support to its platform to enable customers to buy, hold and sell cryptocurrencies.[\[266\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-266)
In October 2021, financial services company [Mastercard](https://en.wikipedia.org/wiki/Mastercard "Mastercard") announced it is working with digital asset manager [Bakkt](https://en.wikipedia.org/wiki/Bakkt "Bakkt") on a platform that would allow any bank or merchant on the Mastercard network to offer cryptocurrency services.[\[267\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-267)
Environmental effects
Mining for [proof-of-work](https://en.wikipedia.org/wiki/Proof-of-work "Proof-of-work") (PoW) cryptocurrencies requires enormous amounts of electricity and consequently comes with a large [carbon footprint](https://en.wikipedia.org/wiki/Carbon_footprint "Carbon footprint") due to causing [greenhouse gas emissions](https://en.wikipedia.org/wiki/Greenhouse_gas_emissions "Greenhouse gas emissions").[\[268\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-268) Proof-of-work blockchains such as bitcoin, [Ethereum](https://en.wikipedia.org/wiki/Ethereum "Ethereum"), [Litecoin](https://en.wikipedia.org/wiki/Litecoin "Litecoin"), and [Monero](https://en.wikipedia.org/wiki/Monero "Monero") were estimated to have added between 3 million and 15 million tons of [carbon dioxide (CO2) to the atmosphere](https://en.wikipedia.org/wiki/Carbon_dioxide_in_Earth%27s_atmosphere "Carbon dioxide in Earth's atmosphere") in the period from 1 January 2016 to 30 June 2017.[\[269\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-269) By November 2018, bitcoin was estimated to have an annual [energy consumption](https://en.wikipedia.org/wiki/Energy_consumption "Energy consumption") of 45.8TWh, generating 22.0 to 22.9 million tons of CO2, rivalling nations like [Jordan](https://en.wikipedia.org/wiki/Jordan "Jordan") and [Sri Lanka](https://en.wikipedia.org/wiki/Sri_Lanka "Sri Lanka").[\[270\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-270) By the end of 2021, bitcoin was estimated to produce 65.4 million tons of CO2, as much as [Greece](https://en.wikipedia.org/wiki/Greece "Greece"),[\[271\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-271) and consume between 91 and 177 terawatt-hours annually.[\[272\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-272)[\[273\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-273)
Critics have also identified a large [electronic waste](https://en.wikipedia.org/wiki/Electronic_waste "Electronic waste") problem in disposing of [mining rigs](https://en.wikipedia.org/wiki/Bitcoin_mining "Bitcoin mining").[\[274\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-274) Mining hardware is improving at a fast rate, quickly resulting in older generations of hardware.[\[275\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-275)
Bitcoin is the least energy-efficient cryptocurrency, using 707.6 kilowatt-hours of electricity per transaction.[\[276\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-276)
Before June 2021, China was the primary location for bitcoin mining. However, due to concerns over power usage and other factors, China forced out bitcoin operations, at least temporarily. As a result, the United States promptly emerged as the top global leader in the industry. An example of a gross amount of electronic waste associated with bitcoin mining operations in the US is a facility located in Dalton, Georgia which is consuming nearly the same amount of electricity as the combined power usage of 97,000 households in its vicinity. Another example is that Riot Platforms operates a bitcoin mining facility in Rockdale, Texas, which consumes approximately as much electricity as the nearby 300,000 households. This makes it the most energy-intensive bitcoin mining operation in the United States.[\[277\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-277)
The world's second-largest cryptocurrency, Ethereum, uses 62.56 kilowatt-hours of electricity per transaction.[\[278\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-278) [XRP](https://en.wikipedia.org/wiki/XRP "XRP") is the world's most energy efficient cryptocurrency, using 0.0079 kilowatt-hours of electricity per transaction.[\[279\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-laptopmag-279)
Although the biggest PoW blockchains consume energy on the scale of medium-sized countries, the annual power demand from [proof-of-stake](https://en.wikipedia.org/wiki/Proof_of_stake "Proof of stake") (PoS) blockchains is on a scale equivalent to a housing estate. *The Times* identified six "environmentally friendly" cryptocurrencies: Bitgreen, [Cardano](https://en.wikipedia.org/wiki/Cardano_\(blockchain_platform\) "Cardano (blockchain platform)"), [Chia](https://en.wikipedia.org/wiki/Chia_\(cryptocurrency\) "Chia (cryptocurrency)"), [IOTA](https://en.wikipedia.org/wiki/IOTA_\(technology\) "IOTA (technology)"), [Nano](https://en.wikipedia.org/wiki/Nano_\(cryptocurrency\) "Nano (cryptocurrency)"), and Solarcoin.[\[280\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-280) Academics and researchers have used various methods for estimating the energy use and energy efficiency of blockchains. A study of the six largest PoS networks in May 2021 concluded:
- [Cardano](https://en.wikipedia.org/wiki/Cardano_\(blockchain_platform\) "Cardano (blockchain platform)") has the lowest electricity use per node;
- [Polkadot](https://en.wikipedia.org/wiki/Polkadot_\(cryptocurrency\) "Polkadot (cryptocurrency)") has the lowest electricity use overall; and
- [Solana](https://en.wikipedia.org/wiki/Solana_\(blockchain_platform\) "Solana (blockchain platform)") has the lowest electricity use per transaction.
In terms of annual consumption (kWh/year), the figures were: Polkadot (70,237), [Tezos](https://en.wikipedia.org/wiki/Tezos "Tezos") (113,249), [Avalanche](https://en.wikipedia.org/wiki/Avalanche_\(blockchain_platform\) "Avalanche (blockchain platform)") (489,311), [Algorand](https://en.wikipedia.org/wiki/Algorand "Algorand") (512,671), Cardano (598,755) and Solana (1,967,930). This equates to Polkadot consuming 7 times the electricity of an average U.S. home, Cardano 57 homes and Solana 200 times as much. The research concluded that PoS networks consumed 0.001% the electricity of the bitcoin network.[\[281\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-281) University College London researchers reached a similar conclusion.[\[282\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-282)
[Variable renewable energy](https://en.wikipedia.org/wiki/Variable_renewable_energy "Variable renewable energy") power stations could invest in bitcoin mining to reduce [curtailment](https://en.wikipedia.org/wiki/Curtailment_\(electricity\) "Curtailment (electricity)"), [hedge](https://en.wikipedia.org/wiki/Hedge_\(finance\) "Hedge (finance)") [electricity price risk](https://en.wikipedia.org/wiki/Electricity_market#Risk_management "Electricity market"), stabilize the grid, increase the [profitability of renewable energy](https://en.wikipedia.org/wiki/Energy_return_on_investment "Energy return on investment") power stations and therefore accelerate [transition to sustainable energy](https://en.wikipedia.org/wiki/Transition_to_sustainable_energy "Transition to sustainable energy").[\[283\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Fridgen2021-283)[\[284\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-284)[\[285\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-285)[\[286\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-286)[\[287\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-287)
Technological limitations
There are also purely technical elements in play. For example, technological advancement in cryptocurrencies such as bitcoin result in high up-front costs to miners in the form of specialized [hardware](https://en.wikipedia.org/wiki/Computer_hardware "Computer hardware") and [software](https://en.wikipedia.org/wiki/Software "Software").[\[288\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-288) Cryptocurrency transactions are normally irreversible after a number of blocks confirm the transaction. Additionally, cryptocurrency private keys can be permanently lost from local storage due to malware, data loss, or simply carelessness. This precludes the cryptocurrency from any usage whatsoever, permanently, thus removing it from the market.[\[289\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-289)
Academic studies
In September 2015, the establishment of the [peer-reviewed](https://en.wikipedia.org/wiki/Peer-reviewed "Peer-reviewed") [academic journal](https://en.wikipedia.org/wiki/Academic_journal "Academic journal") *[Ledger](https://en.wikipedia.org/wiki/Ledger_\(journal\) "Ledger (journal)")* ([ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [2379-5980](https://search.worldcat.org/issn/2379-5980)) was announced. It covers studies of cryptocurrencies and related technologies, and is published by the [University of Pittsburgh](https://en.wikipedia.org/wiki/University_of_Pittsburgh "University of Pittsburgh").[\[290\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-290)
The journal encourages authors to [digitally sign](https://en.wikipedia.org/wiki/Digital_signature "Digital signature") a [file hash](https://en.wikipedia.org/wiki/Hash_function "Hash function") of submitted papers, which will then be [timestamped](https://en.wikipedia.org/wiki/Trusted_timestamping "Trusted timestamping") into the bitcoin [blockchain](https://en.wikipedia.org/wiki/Blockchain_\(database\) "Blockchain (database)"). Authors are also asked to include a personal bitcoin address in the first page of their papers.[\[291\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-291)[\[292\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-292)
Aid agencies
A number of [aid agencies](https://en.wikipedia.org/wiki/Aid_agency "Aid agency") have started accepting donations in cryptocurrencies, including [UNICEF](https://en.wikipedia.org/wiki/UNICEF "UNICEF").[\[293\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-ibtimesunicef-293) Christopher Fabian, principal adviser at UNICEF Innovation, said the children's fund would uphold donor protocols, meaning that people making donations online would have to pass checks before they were allowed to deposit funds.[\[294\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-294)[\[295\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-295)
However, in 2021, there was a backlash against donations in bitcoin because of the environmental emissions it caused. Some agencies stopped accepting bitcoin and others turned to "greener" cryptocurrencies.[\[296\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-296) The [U.S. arm of Greenpeace](https://en.wikipedia.org/wiki/Greenpeace_USA "Greenpeace USA") stopped accepting bitcoin donations after seven years. It said: "As the amount of energy needed to run bitcoin became clearer, this policy became no longer tenable."[\[297\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-297)
In 2022, the [Ukrainian government](https://en.wikipedia.org/wiki/Ukrainian_government "Ukrainian government") raised over [US\$](https://en.wikipedia.org/wiki/United_States_dollar "United States dollar")10,000,000 worth of aid through cryptocurrency following the [2022 Russian invasion of Ukraine](https://en.wikipedia.org/wiki/2022_Russian_invasion_of_Ukraine "2022 Russian invasion of Ukraine").[\[298\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-298)
Criticism
[Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") was characterized as a [speculative bubble](https://en.wikipedia.org/wiki/Speculative_bubble "Speculative bubble") in 2014–2018 by eight [winners of the Nobel Memorial Prize in Economic Sciences](https://en.wikipedia.org/wiki/Winners_of_the_Nobel_Memorial_Prize_in_Economic_Sciences "Winners of the Nobel Memorial Prize in Economic Sciences"): [Angus Deaton](https://en.wikipedia.org/wiki/Angus_Deaton "Angus Deaton"),[\[299\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-4Nobels-299) [Oliver Hart](https://en.wikipedia.org/wiki/Oliver_Hart_\(economist\) "Oliver Hart (economist)"),[\[299\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-4Nobels-299) [James Heckman](https://en.wikipedia.org/wiki/James_Heckman "James Heckman"),[\[299\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-4Nobels-299) [Paul Krugman](https://en.wikipedia.org/wiki/Paul_Krugman "Paul Krugman"),[\[300\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-300) [Thomas Sargent](https://en.wikipedia.org/wiki/Thomas_Sargent "Thomas Sargent"),[\[299\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-4Nobels-299) [Robert J. Shiller](https://en.wikipedia.org/wiki/Robert_J._Shiller "Robert J. Shiller"),[\[301\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Shiller_2014-301) [Joseph Stiglitz](https://en.wikipedia.org/wiki/Joseph_Stiglitz "Joseph Stiglitz"),[\[302\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Stiglitz-302) and [Richard Thaler](https://en.wikipedia.org/wiki/Richard_Thaler "Richard Thaler");[\[303\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Thaler-303) and in 2013–2018 by central bank officials including [Agustín Carstens](https://en.wikipedia.org/wiki/Agust%C3%ADn_Carstens "Agustín Carstens") (Mexico),[\[304\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Carstens-304) [Vítor Constâncio](https://en.wikipedia.org/wiki/V%C3%ADtor_Const%C3%A2ncio "Vítor Constâncio") (Portugal),[\[305\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Constancio-305) [Alan Greenspan](https://en.wikipedia.org/wiki/Alan_Greenspan "Alan Greenspan") (US),[\[306\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Kearns-306) and [Nout Wellink](https://en.wikipedia.org/wiki/Nout_Wellink "Nout Wellink") (Netherlands).[\[307\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-tulip_mania-307)
Investors [Warren Buffett](https://en.wikipedia.org/wiki/Warren_Buffett "Warren Buffett") and [George Soros](https://en.wikipedia.org/wiki/George_Soros "George Soros") have respectively characterized it in 2014–2018 as a "mirage"[\[308\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-308) and a "bubble".[\[309\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-GnMSoros-309) Business executives [Jack Ma](https://en.wikipedia.org/wiki/Jack_Ma "Jack Ma") and [JP Morgan Chase](https://en.wikipedia.org/wiki/JP_Morgan_Chase "JP Morgan Chase") CEO [Jamie Dimon](https://en.wikipedia.org/wiki/Jamie_Dimon "Jamie Dimon") have called it in 2017–2018 a "bubble"[\[310\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Yang_Ma-310) and a "fraud",[\[311\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-Buffet_and_Dimon-311) respectively, although Jamie Dimon later said in 2018 that he regretted stating bitcoin was a fraud.[\[312\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-312) [BlackRock](https://en.wikipedia.org/wiki/BlackRock "BlackRock") CEO [Laurence D. Fink](https://en.wikipedia.org/wiki/Laurence_D._Fink "Laurence D. Fink") in 2017 called bitcoin an "index of [money laundering](https://en.wikipedia.org/wiki/Money_laundering "Money laundering")".[\[313\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-313)
In June 2022, business magnate [Bill Gates](https://en.wikipedia.org/wiki/Bill_Gates "Bill Gates") said that cryptocurrencies are "100% based on [greater fool theory](https://en.wikipedia.org/wiki/Greater_fool_theory "Greater fool theory")".[\[314\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-314)
Legal scholars criticize the lack of regulation, which hinders conflict resolution when crypto assets are at the center of a legal dispute, for example a divorce or an inheritance. In Switzerland, jurists generally deny that cryptocurrencies are objects that fall under [property law](https://en.wikipedia.org/wiki/Property_law "Property law"), as cryptocurrencies do not belong to any class of legally defined objects (*Typenzwang*, the legal [numerus clausus](https://en.wikipedia.org/wiki/Numerus_clausus_\(law\) "Numerus clausus (law)")). Therefore, it is debated whether anybody could even be sued for [embezzlement](https://en.wikipedia.org/wiki/Embezzlement "Embezzlement") of cryptocurrency if they had access to someone's wallet. However, in the [law of obligations](https://en.wikipedia.org/wiki/Law_of_obligations "Law of obligations") and [contract law](https://en.wikipedia.org/wiki/Contract "Contract"), any kind of object would be legally valid, but the object would have to be tied to an identified [counterparty](https://en.wikipedia.org/wiki/Counterparty "Counterparty"). However, inasmuch the more popular cryptocurrencies can be freely and quickly exchanged into legal tender, they are financial assets and have to be taxed and accounted for as such.[\[315\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-315)[\[316\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-316)
Losses associated with cryptocurrency investments have been linked to suicides.[\[317\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-317)[\[318\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-318) In 2018, an increase in crypto-related suicides was noticed after the cryptocurrency market crashed in August.\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] The situation was particularly critical in Korea as crypto traders were on "suicide watch".\[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed "Wikipedia:Citation needed")*\] The May 2022 collapse of the Luna currency operated by [Terra](https://en.wikipedia.org/wiki/Terra_\(blockchain\) "Terra (blockchain)") also led to reports of suicidal investors in crypto-related subreddits.[\[319\]](https://en.wikipedia.org/wiki/Cryptocurrency#cite_note-319)
See also
- [2018 crypto crash](https://en.wikipedia.org/wiki/2018_crypto_crash "2018 crypto crash") – Speculative bubble involving cryptocurrency prices
- [Blockchain-based remittances company](https://en.wikipedia.org/wiki/Blockchain-based_remittances_company "Blockchain-based remittances company") – Money transfer by a foreign worker to their home country
- [Cryptocurrency bubble](https://en.wikipedia.org/wiki/Cryptocurrency_bubble "Cryptocurrency bubble") – Speculative bubble involving cryptocurrency prices
- [Cryptocurrency exchange](https://en.wikipedia.org/wiki/Cryptocurrency_exchange "Cryptocurrency exchange") – Trading exchange for crypto- and digital currencies
- [Cryptographic protocol](https://en.wikipedia.org/wiki/Cryptographic_protocol "Cryptographic protocol") – Aspect of cryptography
- [Cryptojacking](https://en.wikipedia.org/wiki/Cryptojacking "Cryptojacking") – Hijacking computers to mine currency
- [Ponzi scheme](https://en.wikipedia.org/wiki/Ponzi_scheme "Ponzi scheme") – Type of financial fraud
- [List of cryptocurrencies](https://en.wikipedia.org/wiki/List_of_cryptocurrencies "List of cryptocurrencies")
- [Virtual currency law in the United States](https://en.wikipedia.org/wiki/Virtual_currency_law_in_the_United_States "Virtual currency law in the United States") – Federal financial regulations
References
1. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:02_1-0)**
Milutinović, Monia (2018). ["Cryptocurrency"](http://scindeks.ceon.rs/Article.aspx?artid=0350-137X1801105M). *Ekonomika*. **64** (1): 105–122\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.5937/ekonomika1801105M](https://doi.org/10.5937%2Fekonomika1801105M). [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0350-137X](https://search.worldcat.org/issn/0350-137X). [Archived](https://web.archive.org/web/20220416074304/http://scindeks.ceon.rs/Article.aspx?artid=0350-137X1801105M) from the original on 16 April 2022. Retrieved 18 April 2022.
2. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-2)** Hartill, Robin. "[Why you might one day use stablecoins in place of credit cards or bank accounts](https://finance.yahoo.com/news/why-you-might-one-day-use-stablecoins-in-place-of-credit-cards-or-bank-accounts-161301509.html)", [Yahoo Finance](https://en.wikipedia.org/wiki/Yahoo_Finance "Yahoo Finance") (26 July 2025).
3. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:5_3-0)**
Pagliery, Jose (2014). [*Bitcoin: And the Future of Money*](https://books.google.com/books?id=_-wuBAAAQBAJ). Triumph Books. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1629370361](https://en.wikipedia.org/wiki/Special:BookSources/978-1629370361 "Special:BookSources/978-1629370361")
. [Archived](https://web.archive.org/web/20180121071329/https://books.google.com.au/books?id=_-wuBAAAQBAJ) from the original on 21 January 2018. Retrieved 20 January 2018.
4. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-crypto_currency_4-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-crypto_currency_4-1)
Andy Greenberg (20 April 2011). ["Crypto Currency"](https://www.forbes.com/forbes/2011/0509/technology-psilocybin-bitcoins-gavin-andresen-crypto-currency.html). *Forbes*. [Archived](https://web.archive.org/web/20140831001109/http://www.forbes.com/forbes/2011/0509/technology-psilocybin-bitcoins-gavin-andresen-crypto-currency.html) from the original on 31 August 2014. Retrieved 8 August 2014.
5. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-reuterspricing_5-0)**
Polansek, Tom (2 May 2016). ["CME, ICE prepare pricing data that could boost bitcoin"](https://www.reuters.com/article/us-cme-group-bitcoin-idUSKCN0XT1G1). *[Reuters](https://en.wikipedia.org/wiki/Reuters "Reuters")*. [Archived](https://web.archive.org/web/20220423185213/https://www.reuters.com/article/us-cme-group-bitcoin-idUSKCN0XT1G1) from the original on 23 April 2022. Retrieved 3 May 2016.
6. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-6)**
Pernice, Ingolf G. A.; Scott, Brett (20 May 2021). ["Cryptocurrency"](https://policyreview.info/glossary/cryptocurrency). *Internet Policy Review*. **10** (2). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.14763/2021.2.1561](https://doi.org/10.14763%2F2021.2.1561). [hdl](https://en.wikipedia.org/wiki/Hdl_\(identifier\) "Hdl (identifier)"):[10419/235962](https://hdl.handle.net/10419%2F235962). [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [2197-6775](https://search.worldcat.org/issn/2197-6775). [Archived](https://web.archive.org/web/20211023191023/https://policyreview.info/glossary/cryptocurrency) from the original on 23 October 2021. Retrieved 23 October 2021.
7. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-7)**
Nicolini, Gianni; Intini, Silvia (16 August 2023). [*The Cryptocurrency Phenomenon*](https://books.google.com/books?id=Y7zHEAAAQBAJ&pg=PT53). Abingdon, Oxon New York, NY: Taylor & Francis. p. 53. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1-000-92384-1](https://en.wikipedia.org/wiki/Special:BookSources/978-1-000-92384-1 "Special:BookSources/978-1-000-92384-1")
.
8. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-8)**
["Bitcoin not a currency says Japan government"](https://www.bbc.com/news/business-26478059). *BBC News*. 7 March 2014. [Archived](https://web.archive.org/web/20220125102155/https://www.bbc.com/news/business-26478059) from the original on 25 January 2022. Retrieved 25 January 2022.
9. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-9)**
["Is it a currency? A commodity? Bitcoin has an identity crisis"](https://www.reuters.com/article/us-crypto-currencies-idUSKBN20Q0LK). *Reuters*. 3 March 2020. [Archived](https://web.archive.org/web/20220125102143/https://www.reuters.com/article/us-crypto-currencies-idUSKBN20Q0LK) from the original on 25 January 2022. Retrieved 25 January 2022.
10. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-10)**
Brown, Aaron (7 November 2017). ["Are Cryptocurrencies an Asset Class? Yes and No"](https://www.bloomberg.com/opinion/articles/2017-11-07/are-cryptocurrencies-an-asset-class-yes-and-no). *www.bloomberg.com*. [Archived](https://web.archive.org/web/20220401021540/https://www.bloomberg.com/opinion/articles/2017-11-07/are-cryptocurrencies-an-asset-class-yes-and-no) from the original on 1 April 2022. Retrieved 25 January 2022.
11. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-11)**
["Cryptocurrencies: What Are They?"](https://www.schwab.com/learn/story/cryptocurrencies-what-are-they). *Schwab Brokerage*. [Archived](https://web.archive.org/web/20230914003432/https://www.schwab.com/learn/story/cryptocurrencies-what-are-they) 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"
12. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-12)**
["Cryptocurrency prices today by market cap"](https://www.forbes.com/digital-assets/crypto-prices). *www.forbes.com*. Retrieved 18 April 2025.
13. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-13)**
[Chaum, David](https://en.wikipedia.org/wiki/David_Chaum "David Chaum") (2013) \[1983\]. ["Blind Signatures for Untraceable Payments"](https://web.archive.org/web/20141218034712/http://www.hit.bme.hu/~buttyan/courses/BMEVIHIM219/2009/Chaum.BlindSigForPayment.1982.PDF) (PDF). In David Chaum (ed.). *Advances in Cryptology: Proceedings of Crypto 82*. Springer. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1475706048](https://en.wikipedia.org/wiki/Special:BookSources/978-1475706048 "Special:BookSources/978-1475706048")
. Archived from [the original](http://www.hit.bme.hu/~buttyan/courses/BMEVIHIM219/2009/Chaum.BlindSigForPayment.1982.PDF) (PDF) on 18 December 2014. Retrieved 26 October 2014 – via www.hit.bme.hu.
14. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-14)**
[Chaum, David](https://en.wikipedia.org/wiki/David_Chaum "David Chaum"); Fiat, Amos; Naor, Moni (1990). ["Untraceable Electronic Cash"](https://web.archive.org/web/20110903023027/http://blog.koehntopp.de/uploads/chaum_fiat_naor_ecash.pdf) (PDF). In Shafi Goldwasser (ed.). *Advances in Cryptology - CRYPTO '88: Proceedings*. Springer. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0387971964](https://en.wikipedia.org/wiki/Special:BookSources/978-0387971964 "Special:BookSources/978-0387971964")
. Archived from [the original](http://blog.koehntopp.de/uploads/chaum_fiat_naor_ecash.pdf) (PDF) on 3 September 2011. Retrieved 10 October 2012 – via blog.koehntopp.de.
15. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-15)**
Pitta, Julie. ["Requiem for a Bright Idea"](https://www.forbes.com/forbes/1999/1101/6411390a.html). *[Forbes](https://en.wikipedia.org/wiki/Forbes "Forbes")*. [Archived](https://web.archive.org/web/20170830214226/https://www.forbes.com/forbes/1999/1101/6411390a.html) from the original on 30 August 2017. Retrieved 11 January 2018.
16. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-16)**
Law, Laurie; Sabett, Susan; Solinas, Jerry (April 1997). ["How to Make a Mint: The Cryptography of Anonymous Electronic Cash"](http://digitalcommons.wcl.american.edu/aulr/vol46/iss4/6/). *The American University Law Review*. **46** (4). [Archived](https://web.archive.org/web/20180112043050/http://digitalcommons.wcl.american.edu/aulr/vol46/iss4/6/) from the original on 12 January 2018. Retrieved 11 January 2018.
17. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-17)**
Wei Dai (1998). ["B-Money"](http://www.weidai.com/bmoney.txt). www.weidai.com. [Archived](https://web.archive.org/web/20111105071114/http://www.weidai.com/bmoney.txt) from the original on 5 November 2011.
18. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-18)**
Peck, Morgen E. (30 May 2012). ["Bitcoin: The Cryptoanarchists' Answer to Cash"](https://spectrum.ieee.org/bitcoin-the-cryptoanarchists-answer-to-cash). *[IEEE Spectrum](https://en.wikipedia.org/wiki/IEEE_Spectrum "IEEE Spectrum")*. [Archived](https://web.archive.org/web/20191221171012/https://spectrum.ieee.org/computing/software/bitcoin-the-cryptoanarchists-answer-to-cash) from the original on 21 December 2019. Retrieved 2 February 2020. "Around the same time, Nick Szabo, a computer scientist who now blogs about law and the history of money, was one of the first to imagine a new digital currency from the ground up. Although many consider his scheme, which he calls 'bit gold', to be a precursor to Bitcoin..."
19. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-primer_19-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-primer_19-1)
Jerry Brito and Andrea Castillo (2013). ["Bitcoin: A Primer for Policymakers"](http://mercatus.org/sites/default/files/Brito_BitcoinPrimer.pdf) (PDF). *Mercatus Center*. George Mason University. [Archived](https://web.archive.org/web/20130921060724/http://mercatus.org/sites/default/files/Brito_BitcoinPrimer.pdf) (PDF) from the original on 21 September 2013. Retrieved 22 October 2013.
20. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-20)**
Niccolai, James (19 May 2013). ["Bitcoin developer chats about regulation, open source, and the elusive Satoshi Nakamoto"](https://www.pcworld.com/article/451943/bitcoin-developer-talks-regulation-open-source-and-the-elusive-satoshi-nakamoto.html). *PCWorld*. [Archived](https://web.archive.org/web/20141003104345/http://www.pcworld.com/article/2039184/bitcoin-developer-talks-regulation-open-source-and-the-elusive-satoshi-nakamoto.html) from the original on 3 October 2014. Retrieved 17 August 2022.
21. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Steadman2013_21-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Steadman2013_21-1) [***c***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Steadman2013_21-2) [***d***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Steadman2013_21-3)
Steadman, Ian (11 May 2013). ["Wary of Bitcoin? A guide to some other cryptocurrencies"](https://arstechnica.com/information-technology/2013/05/wary-of-bitcoin-a-guide-to-some-other-cryptocurrencies/). *Ars Technica*. [Archived](https://web.archive.org/web/20140116040533/http://arstechnica.com/business/2013/05/wary-of-bitcoin-a-guide-to-some-other-cryptocurrencies/) from the original on 16 January 2014. Retrieved 17 August 2022.
22. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-22)**
["'Crypto winter' has come. And it's looking more like an ice age"](https://www.washingtonpost.com/business/2022/12/18/crypto-winter-ftx-collapse-bitcoin-prices/). *The Washington Post*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0190-8286](https://search.worldcat.org/issn/0190-8286). [Archived](https://web.archive.org/web/20221229181753/https://www.washingtonpost.com/business/2022/12/18/crypto-winter-ftx-collapse-bitcoin-prices/) from the original on 29 December 2022. Retrieved 13 April 2023.
23. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-23)**
["What Is Crypto Winter?"](https://www.forbes.com/advisor/investing/cryptocurrency/what-is-crypto-winter/). Forbes Advisor. *Forbes*. [Archived](https://web.archive.org/web/20230413220125/https://www.forbes.com/advisor/investing/cryptocurrency/what-is-crypto-winter/) from the original on 13 April 2023. Retrieved 13 April 2023.
24. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Crypto_currencyUK_24-0)**
["UK launches initiative to explore potential of virtual currencies"](http://www.theuknews.com/index.php/sid/224504231). The UK News. 7 August 2014. [Archived](https://web.archive.org/web/20141110202812/http://www.theuknews.com/index.php/sid/224504231) from the original on 10 November 2014. Retrieved 8 August 2014.
25. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-25)**
["Cryptoassets Taskforce: final report"](https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf) (PDF). *assets.publishing.service.gov.uk*. HM Treasury. October 2018. [Archived](https://web.archive.org/web/20210923211025/https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752070/cryptoassets_taskforce_final_report_final_web.pdf) (PDF) from the original on 23 September 2021. Retrieved 1 October 2021.
26. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-26)**
["UK regulatory approach to cryptoassets and stablecoins: Consultation and call for evidence"](https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/950206/HM_Treasury_Cryptoasset_and_Stablecoin_consultation.pdf) (PDF). HM Treasury. [Archived](https://web.archive.org/web/20221125202157/https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/950206/HM_Treasury_Cryptoasset_and_Stablecoin_consultation.pdf) (PDF) from the original on 25 November 2022. Retrieved 1 October 2021.
27. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-27)**
["Bitcoin legal tender in El Salvador, first country ever"](https://en.mercopress.com/2021/06/10/bitcoin-legal-tender-in-el-salvador-first-country-ever). *Mercopress*. 10 June 2021. [Archived](https://web.archive.org/web/20230217114607/https://en.mercopress.com/2021/06/10/bitcoin-legal-tender-in-el-salvador-first-country-ever) from the original on 17 February 2023. Retrieved 11 June 2021.
28. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-28)**
Sigalos, MacKenzie (27 August 2021). ["Cuba's central bank now recognizes cryptocurrencies such as bitcoin"](https://www.cnbc.com/2021/08/27/cubas-central-bank-now-recognizes-cryptocurrencies-like-bitcoin.html). CNBC. [Archived](https://web.archive.org/web/20230217114606/https://www.cnbc.com/2021/08/27/cubas-central-bank-now-recognizes-cryptocurrencies-like-bitcoin.html) from the original on 17 February 2023. Retrieved 6 September 2021.
29. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-BBC_News_29-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-BBC_News_29-1)
["China declares all crypto-currency transactions illegal"](https://www.bbc.com/news/technology-58678907). BBC News. 24 September 2021. [Archived](https://web.archive.org/web/20230217120109/https://www.bbc.com/news/technology-58678907) from the original on 17 February 2023. Retrieved 24 September 2021.
30. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-30)**
["Ethereum Finishes Long-Awaited Energy-Saving 'Merge' Upgrade"](https://www.bloomberg.com/news/articles/2022-09-15/ethereum-completes-long-awaited-energy-saving-merge-upgrade). Bloomberg News. 15 September 2022.
31. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-valued_31-0)**
Osipovich, Alexander (20 July 2017). ["Crypto Exchange FTX Valued at \$18 Billion in Funding Round"](https://www.wsj.com/articles/crypto-exchange-ftx-valued-at-18-billion-in-funding-round-11626800455). *[The Wall Street Journal](https://en.wikipedia.org/wiki/The_Wall_Street_Journal "The Wall Street Journal")*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0099-9660](https://search.worldcat.org/issn/0099-9660). [Archived](https://web.archive.org/web/20221118075444/https://www.wsj.com/articles/crypto-exchange-ftx-valued-at-18-billion-in-funding-round-11626800455) from the original on 18 November 2022. Retrieved 28 December 2022.
32. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-filed_32-0)**
Hill, Jeremy (11 November 2022). ["FTX Goes Bankrupt in Stunning Reversal for Crypto Exchange"](https://www.bloomberg.com/news/articles/2022-11-11/ftx-com-goes-bankrupt-in-stunning-reversal-for-crypto-exchange). [Bloomberg News](https://en.wikipedia.org/wiki/Bloomberg_News "Bloomberg News"). [Archived](https://web.archive.org/web/20221111143533/https://www.bloomberg.com/news/articles/2022-11-11/ftx-com-goes-bankrupt-in-stunning-reversal-for-crypto-exchange) from the original on 11 November 2022. Retrieved 28 December 2022.
33. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-far_33-0)**
Khalili, Joel (11 November 2022). ["The Fallout of the FTX Collapse"](https://www.wired.com/story/the-fallout-of-the-ftx-collapse/). *[Wired](https://en.wikipedia.org/wiki/Wired_\(magazine\) "Wired (magazine)")*. [Archived](https://web.archive.org/web/20230111122757/https://www.wired.com/story/the-fallout-of-the-ftx-collapse/) from the original on 11 January 2023. Retrieved 28 December 2022.
34. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-protect_34-0)**
Chatterjee, Sumeet; Davies, Megan; Aftab, Ahmed; McCrank, John; Nguyen, Lananh; Howcroft, Elizabeth; Azhar, Saeed; Sinclair Foley, John (2 December 2022). ["After FTX collapse, pressure builds for tougher crypto rules"](https://www.reuters.com/business/finance/after-ftx-collapse-pressure-builds-tougher-crypto-rules-2022-12-02/). [Reuters](https://en.wikipedia.org/wiki/Reuters "Reuters"). [Archived](https://web.archive.org/web/20221228173516/https://www.reuters.com/business/finance/after-ftx-collapse-pressure-builds-tougher-crypto-rules-2022-12-02/) from the original on 28 December 2022. Retrieved 28 December 2022.
35. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-ton_35-0)**
Wile, Rob (28 December 2022). ["After FTX's spectacular collapse, where does crypto go from here?"](https://www.nbcnews.com/business/business-news/cryptocurrency-2023-predictions-bitcoin-ftx-collapse-sam-bankman-fried-rcna61548). [NBC News](https://en.wikipedia.org/wiki/NBC_News "NBC News"). [Archived](https://web.archive.org/web/20221228150920/https://www.nbcnews.com/business/business-news/cryptocurrency-2023-predictions-bitcoin-ftx-collapse-sam-bankman-fried-rcna61548) from the original on 28 December 2022. Retrieved 28 December 2022.
36. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-36)**
Faverio, Michelle; Dawson, Wyatt; Sidoti, Olivia (24 October 2024). ["Majority of Americans aren't confident in the safety and reliability of cryptocurrency"](https://www.pewresearch.org/short-reads/2024/10/24/majority-of-americans-arent-confident-in-the-safety-and-reliability-of-cryptocurrency/). *[Pew Research Center](https://en.wikipedia.org/wiki/Pew_Research_Center "Pew Research Center")*. Retrieved 8 March 2025.
37. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-37)**
Perrin, Andrew (11 November 2021). ["16% of Americans say they have ever invested in, traded or used cryptocurrency"](https://www.pewresearch.org/short-reads/2021/11/11/16-of-americans-say-they-have-ever-invested-in-traded-or-used-cryptocurrency/). *Pew Research Center*. Retrieved 23 November 2025.
38. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-38)**
Lansky, Jan (January 2018). ["Possible State Approaches to Cryptocurrencies"](http://si-journal.org/index.php/JSI/article/viewFile/335/325). *Journal of Systems Integration*. **9/1**: 19–31\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.20470/jsi.v9i1.335](https://doi.org/10.20470%2Fjsi.v9i1.335). [Archived](https://web.archive.org/web/20180212005102/http://si-journal.org/index.php/JSI/article/viewFile/335/325) from the original on 12 February 2018. Retrieved 11 February 2018.
39. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-39)**
["Oxford English Dictionary"](https://www.oed.com/dictionary/cryptocurrency_n?tab=meaning_and_use#1264092500).
40. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-40)**
["cryptocurrency, n. meanings, etymology and more \| Oxford English Dictionary"](https://www.oed.com/dictionary/crypto_n3?tab=compounds_and_derived_words&view=curated#1368484010).
41. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-41)**
["The Dictionary Just Got a Whole Lot Bigger"](https://www.merriam-webster.com/words-at-play/new-words-in-the-dictionary-march-2018). *Merriam-Webster*. March 2018. [Archived](https://web.archive.org/web/20180305144056/https://www.merriam-webster.com/words-at-play/new-words-in-the-dictionary-march-2018) from the original on 5 March 2018. Retrieved 5 March 2018.
42. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-42)**
Yang, Stephanie (31 January 2018). ["Want to Keep Up With Bitcoin Enthusiasts? Learn the Lingo"](https://www.wsj.com/articles/want-to-keep-up-with-bitcoin-enthusiasts-learn-the-lingo-1517394601). *The Wall Street Journal*. [Archived](https://web.archive.org/web/20180612143411/https://www.wsj.com/articles/want-to-keep-up-with-bitcoin-enthusiasts-learn-the-lingo-1517394601) from the original on 12 June 2018. Retrieved 25 October 2020.
43. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-43)**
Katz, Lily (24 May 2017). ["Cryptocurrency Mania Goes Beyond Bitcoin"](https://www.bloomberg.com/news/articles/2017-05-24/cryptocurrency-mania-goes-beyond-bitcoin-as-altcoins-lead-gains). *Bloomberg*. [Archived](https://web.archive.org/web/20201016210755/https://www.bloomberg.com/news/articles/2017-05-24/cryptocurrency-mania-goes-beyond-bitcoin-as-altcoins-lead-gains) from the original on 16 October 2020. Retrieved 25 October 2020.
44. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-44)**
Browne, Ryan (5 December 2017). ["Bitcoin is not a bubble but other cryptocurrencies are 'cannibalizing themselves,' fintech exec says"](https://www.cnbc.com/2017/12/05/bitcoin-is-not-a-bubble-other-cryptocurrencies-are-glint-co-founder.html). *CNBC*. [Archived](https://web.archive.org/web/20201028234837/https://www.cnbc.com/2017/12/05/bitcoin-is-not-a-bubble-other-cryptocurrencies-are-glint-co-founder.html) from the original on 28 October 2020. Retrieved 25 October 2020.
45. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-aumatell2021_45-0)**
Coll Aumatell, Roger (7 July 2021). [*Analysis and Development of Blockchain Rollups*](https://upcommons.upc.edu/handle/2117/359879) (Master's Thesis). Barcelona, Spain: [Universitat Politècnica de Catalunya](https://en.wikipedia.org/wiki/Polytechnic_University_of_Catalonia "Polytechnic University of Catalonia"). [Archived](https://web.archive.org/web/20240317142718/https://upcommons.upc.edu/handle/2117/359879) from the original on 17 March 2024. Retrieved 17 March 2024.
46. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-46)**
Kharif, Olga (15 January 2018). ["These Digital Coins Soar (or Fall) With Bitcoin"](https://www.bloomberg.com/news/articles/2018-01-15/these-digital-coins-soar-or-fall-with-bitcoin-quicktake-q-a). *Bloomberg*. [Archived](https://web.archive.org/web/20201028204826/https://www.bloomberg.com/news/articles/2018-01-15/these-digital-coins-soar-or-fall-with-bitcoin-quicktake-q-a) from the original on 28 October 2020. Retrieved 25 October 2020.
47. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-47)**
Hajric, Vildana (21 October 2020). ["Bitcoin Surges to Highest Since July 2019 After PayPal Embrace"](https://news.bloomberglaw.com/banking-law/bitcoin-on-the-brink-of-fresh-2020-high-following-paypal-embrace). *Bloomberg Law*. [Archived](https://web.archive.org/web/20201029001015/https://news.bloomberglaw.com/banking-law/bitcoin-on-the-brink-of-fresh-2020-high-following-paypal-embrace) from the original on 29 October 2020. Retrieved 25 October 2020.
48. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-48)**
["Forget Bitcoin: Inside the insane world of altcoin cryptocurrency trading"](https://www.cnet.com/features/beyond-bitcoin-the-wild-world-of-altcoin-cryptocurrency-trading/). *CNET*. [Archived](https://web.archive.org/web/20211122110234/https://www.cnet.com/features/beyond-bitcoin-the-wild-world-of-altcoin-cryptocurrency-trading/) from the original on 22 November 2021. Retrieved 22 November 2021.
49. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-49)**
Vigna, Paul (19 December 2017). ["Which Digital Currency Will Be the Next Bitcoin?"](https://www.wsj.com/articles/which-digital-currency-will-be-the-next-bitcoin-1513679400). *The Wall Street Journal*. [Archived](https://web.archive.org/web/20180612140843/https://www.wsj.com/articles/which-digital-currency-will-be-the-next-bitcoin-1513679400) from the original on 12 June 2018. Retrieved 25 October 2020.
50. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-50)**
Popper, Nathaniel (1 October 2017). ["Understanding Ethereum, Bitcoin's Virtual Cousin (Published 2017)"](https://www.nytimes.com/2017/10/01/technology/what-is-ethereum.html). *The New York Times*. [Archived](https://web.archive.org/web/20210210094910/https://www.nytimes.com/2017/10/01/technology/what-is-ethereum.html) from the original on 10 February 2021. Retrieved 28 November 2020.
51. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-51)**
["Ethereum Upgrade Adds to Crypto Mania Sparked by Bitcoin's Surge"](https://www.bloomberg.com/news/articles/2020-11-25/ethereum-upgrade-adds-to-crypto-mania-sparked-by-bitcoin-s-surge). *Bloomberg.com*. 25 November 2020. [Archived](https://web.archive.org/web/20201128213844/https://www.bloomberg.com/news/articles/2020-11-25/ethereum-upgrade-adds-to-crypto-mania-sparked-by-bitcoin-s-surge) from the original on 28 November 2020. Retrieved 28 November 2020.
52. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-52)**
Popper, Nathaniel (27 March 2016). ["Ethereum, a Virtual Currency, Enables Transactions That Rival Bitcoin's"](https://www.nytimes.com/2016/03/28/business/dealbook/ethereum-a-virtual-currency-enables-transactions-that-rival-bitcoins.html). *The New York Times*. [Archived](https://web.archive.org/web/20160724214904/http://www.nytimes.com/2016/03/28/business/dealbook/ethereum-a-virtual-currency-enables-transactions-that-rival-bitcoins.html) from the original on 24 July 2016. Retrieved 25 October 2020.
53. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-53)**
Hajric, Vildana (28 August 2019). ["Bitcoin's Surge Means Smaller Rivals May Be Due for Rallies"](https://www.bloomberg.com/news/articles/2019-08-28/technicals-show-alt-coin-season-is-near-amid-bitcoin-mega-gains). *Bloomberg*. [Archived](https://web.archive.org/web/20201031143140/https://www.bloomberg.com/news/articles/2019-08-28/technicals-show-alt-coin-season-is-near-amid-bitcoin-mega-gains) from the original on 31 October 2020. Retrieved 25 October 2020.
54. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-54)**
Saad, Amena (8 July 2020). ["TikTok Takes on Crypto With Dogecoin Soaring 40% in 24 Hours"](https://www.bloomberg.com/news/articles/2020-07-08/tiktok-takes-on-crypto-with-dogecoin-soaring-40-in-24-hours). *Bloomberg*. [Archived](https://web.archive.org/web/20201028214959/https://www.bloomberg.com/news/articles/2020-07-08/tiktok-takes-on-crypto-with-dogecoin-soaring-40-in-24-hours) from the original on 28 October 2020. Retrieved 25 October 2020.
55. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-55)**
["Stablecoin"](https://www.investopedia.com/terms/s/stablecoin.asp). *Investopedia*. [Archived](https://web.archive.org/web/20210925151328/https://www.investopedia.com/terms/s/stablecoin.asp) from the original on 25 September 2021. Retrieved 4 October 2021.
56. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-56)**
Denton, Jack. ["How a Digital Token Designed to be Stable Fueled a Crypto Crash"](https://www.barrons.com/articles/stablecoins-crypto-crash-tether-usdc-terra-luna-bitcoin-51652298703). *www.barrons.com*. [Archived](https://web.archive.org/web/20220512135629/https://www.barrons.com/articles/stablecoins-crypto-crash-tether-usdc-terra-luna-bitcoin-51652298703) from the original on 12 May 2022. Retrieved 12 May 2022.
57. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-57)**
["Turmoil and panic in crypto market as 'stablecoin' slump prompts wider collapse"](https://www.theguardian.com/technology/2022/may/12/stablecoin-tether-breaks-dollar-peg-cryptocurrencies). *the Guardian*. 12 May 2022. [Archived](https://web.archive.org/web/20220512182747/https://www.theguardian.com/technology/2022/may/12/stablecoin-tether-breaks-dollar-peg-cryptocurrencies) from the original on 12 May 2022. Retrieved 12 May 2022.
58. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-58)**
["South Korean founder of failed cryptocurrency Terra denies he is 'on the run'"](https://www.theguardian.com/technology/2022/sep/18/south-korean-founder-of-failed-cryptocurrency-terra-denies-he-is-on-the-run). *the Guardian*. Agence France-Presse. 18 September 2022. [Archived](https://web.archive.org/web/20220919082149/https://www.theguardian.com/technology/2022/sep/18/south-korean-founder-of-failed-cryptocurrency-terra-denies-he-is-on-the-run) from the original on 19 September 2022. Retrieved 19 September 2022.
59. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-59)**
["South Korean prosecutors ask Interpol to issue red notice for Do Kwon"](https://www.ft.com/content/7e9f6182-f545-4e53-9cef-1ae4f6e3bd9f). *Financial Times*. 19 September 2022. [Archived](https://web.archive.org/web/20220919074715/https://www.ft.com/content/7e9f6182-f545-4e53-9cef-1ae4f6e3bd9f) from the original on 19 September 2022. Retrieved 19 September 2022.
60. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-60)**
["HKMA to Roll Out New Licensing Requirements and Regulations on Stablecoins in 2023/2024 \| Perspectives & Events \| Mayer Brown"](https://www.mayerbrown.com/en/perspectives-events/publications/2023/02/hkma-to-roll-out-new-licensing-requirements-and-regulations-on-stablecoins-in-2023-2024). *www.mayerbrown.com*. [Archived](https://web.archive.org/web/20230205140216/https://www.mayerbrown.com/en/perspectives-events/publications/2023/02/hkma-to-roll-out-new-licensing-requirements-and-regulations-on-stablecoins-in-2023-2024) from the original on 5 February 2023. Retrieved 5 February 2023.
61. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Yaffe-Bellany_61-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Yaffe-Bellany_61-1) [***c***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Yaffe-Bellany_61-2) David Yaffe-Bellany, [A Digital Coin Based on Baby Trump? Yup.](https://www.nytimes.com/2024/07/27/technology/memecoins-crypto-surge.html), *New York Times* (27 July 2024).
62. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-62)**
Staff, Numismatic News (23 June 2023). ["Physical Cryptocurrency Sells Big at Auction"](https://www.numismaticnews.net/world-coins/physical-cryptocurrency-sells-big-at-auction). *Numismatic News*. [Archived](https://web.archive.org/web/20240609130325/https://www.numismaticnews.net/world-coins/physical-cryptocurrency-sells-big-at-auction) from the original on 9 June 2024. Retrieved 9 June 2024.
63. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-63)**
Giedroyc, Richard (20 February 2024). ["Promoting Physical Cryptocurrency"](https://www.numismaticnews.net/paper-money/promoting-physical-cryptocurrency). *Numismatic News*. [Archived](https://web.archive.org/web/20240609125954/https://www.numismaticnews.net/paper-money/promoting-physical-cryptocurrency) from the original on 9 June 2024. Retrieved 9 June 2024.
64. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-64)**
Coles-Andrew, Graeme (19 January 2024). ["WisdomTree cuts fees on its European Physical Bitcoin ETP"](https://www.thearmchairtrader.com/wisdomtree-europe-physical-bitcoin-etp-etf/). *The Armchair Trader*. [Archived](https://web.archive.org/web/20240609130325/https://www.thearmchairtrader.com/wisdomtree-europe-physical-bitcoin-etp-etf/) from the original on 9 June 2024. Retrieved 9 June 2024.
65. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-65)**
["Casascius, Titan physical bitcoins give numismatic identity"](https://www.coinworld.com/news/paper-money/bitcoin-coin-world-virtual-currency-titan-bitcoin-casascius-physical-bitcoin-numismatics-coin-collecting.html). *CoinWorld*. Retrieved 19 April 2025.
66. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-te20151031_66-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-te20151031_66-1)
["Blockchains: The great chain of being sure about things"](https://www.economist.com/news/briefing/21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable). *[The Economist](https://en.wikipedia.org/wiki/The_Economist "The Economist")*. 31 October 2015. [Archived](https://web.archive.org/web/20160703000844/http://www.economist.com/news/briefing/21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable) from the original on 3 July 2016. Retrieved 18 June 2016.
67. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-67)** "[How Cryptocurrencies Could Upend Banks' Monetary Role](http://www.americanbanker.com/bankthink/how-cryptocurrencies-could-upend-banks-monetary-role-1057597-1.html?zkPrintable=1&nopagination=1)". [Archived](https://web.archive.org/web/20130927084451/http://www.americanbanker.com/bankthink/how-cryptocurrencies-could-upend-banks-monetary-role-1057597-1.html?zkPrintable=1&nopagination=1) 27 September 2013 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine"), *American Banker*. 26 May 2013
68. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-cryptocurrencytech_68-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-cryptocurrencytech_68-1)
Narayanan, Arvind; Bonneau, Joseph; Felten, Edward; Miller, Andrew; Goldfeder, Steven (2016). *Bitcoin and cryptocurrency technologies: a comprehensive introduction*. Princeton: Princeton University Press. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0-691-17169-2](https://en.wikipedia.org/wiki/Special:BookSources/978-0-691-17169-2 "Special:BookSources/978-0-691-17169-2")
.
69. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-IPblockchain_69-0)**
["Blockchain"](http://www.investopedia.com/terms/b/blockchain.asp). *Investopedia*. [Archived](https://web.archive.org/web/20160323045814/http://www.investopedia.com/terms/b/blockchain.asp) from the original on 23 March 2016. Retrieved 19 March 2016. "Based on the Bitcoin protocol, the blockchain database is shared by all nodes participating in a system."
70. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-hbr201701_70-0)**
Iansiti, Marco; Lakhani, Karim R. (January 2017). ["The Truth About Blockchain"](https://hbr.org/2017/01/the-truth-about-blockchain). *[Harvard Business Review](https://en.wikipedia.org/wiki/Harvard_Business_Review "Harvard Business Review")*. [Harvard University](https://en.wikipedia.org/wiki/Harvard_University "Harvard University"). [Archived](https://web.archive.org/web/20170118052537/https://hbr.org/2017/01/the-truth-about-blockchain) from the original on 18 January 2017. Retrieved 17 January 2017. "The technology at the heart of bitcoin and other virtual currencies, blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way."
71. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-decapp_71-0)**
Raval, Siraj (2016). [*Decentralized Applications: Harnessing Bitcoin's Blockchain Technology*](https://books.google.com/books?id=fvywDAAAQBAJ). O'Reilly Media, Inc. pp. [1](https://books.google.com/books?id=fvywDAAAQBAJ&pg=PA1)–[2](https://books.google.com/books?id=fvywDAAAQBAJ). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1-4919-2452-5](https://en.wikipedia.org/wiki/Special:BookSources/978-1-4919-2452-5 "Special:BookSources/978-1-4919-2452-5")
. [Archived](https://web.archive.org/web/20240628094550/https://books.google.com/books?id=fvywDAAAQBAJ) from the original on 28 June 2024. Retrieved 21 January 2018.
72. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-72)**
Park, Sehyun; Im, Seongwon; Seol, Youhwan; Paek, Jeongyeup (2019). ["Nodes in the Bitcoin Network: Comparative Measurement Study and Survey"](https://doi.org/10.1109%2FACCESS.2019.2914098). *IEEE Access*. **7**: 57009–57022\. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_\(identifier\) "Bibcode (identifier)"):[2019IEEEA...757009P](https://ui.adsabs.harvard.edu/abs/2019IEEEA...757009P). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1109/ACCESS.2019.2914098](https://doi.org/10.1109%2FACCESS.2019.2914098). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [155106629](https://api.semanticscholar.org/CorpusID:155106629).
73. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-computer201709_73-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-computer201709_73-1)
Bedford Taylor, Michael (1 September 2017). ["The Evolution of Bitcoin Hardware"](https://www.computer.org/csdl/magazine/co/2017/09/mco2017090058/13rRUwghdcJ). *Computer*. [Archived](https://web.archive.org/web/20200927165421/https://www.computer.org/csdl/magazine/co/2017/09/mco2017090058/13rRUwghdcJ) from the original on 27 September 2020. Retrieved 14 December 2020.
74. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-74)**
Kent, Peter; Bain, Tyler (13 July 2022). [*Cryptocurrency Mining for Dummies*](https://books.google.com/books?id=HWJ6EAAAQBAJ&dq=Crypto+mining+th%2Fs&pg=PA222). John Wiley & Sons. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[9781119885368](https://en.wikipedia.org/wiki/Special:BookSources/9781119885368 "Special:BookSources/9781119885368")
. [Archived](https://web.archive.org/web/20240628094521/https://books.google.com/books?id=HWJ6EAAAQBAJ&dq=Crypto+mining+th%2Fs&pg=PA222#v=onepage&q=Crypto%20mining%20th%2Fs&f=false) from the original on 28 June 2024. Retrieved 7 February 2023.
75. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-75)**
["Carbon Emissions from AI and Crypto Are Surging and Tax Policy Can Help"](https://www.imf.org/en/Blogs/Articles/2024/08/15/carbon-emissions-from-ai-and-crypto-are-surging-and-tax-policy-can-help). *IMF*. 15 August 2024. Retrieved 27 October 2024.
76. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-76)**
Hern, Alex (17 January 2018). ["Bitcoin's energy usage is huge – we can't afford to ignore it"](https://www.theguardian.com/technology/2018/jan/17/bitcoin-electricity-usage-huge-climate-cryptocurrency). *The Guardian*. [Archived](https://web.archive.org/web/20180123061505/https://www.theguardian.com/technology/2018/jan/17/bitcoin-electricity-usage-huge-climate-cryptocurrency) from the original on 23 January 2018. Retrieved 23 January 2018.
77. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-77)**
Baraniuk, Chris (3 July 2019). ["Bitcoin's global energy use 'equals Switzerland'"](https://www.bbc.com/news/technology-48853230). *BBC News*. [Archived](https://web.archive.org/web/20200116160730/https://www.bbc.com/news/technology-48853230) from the original on 16 January 2020. Retrieved 2 February 2020.
78. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-78)**
["China's Crypto Crackdown Sends Miners Scurrying to Chilly Canada"](https://www.bloomberg.com/news/articles/2018-02-02/china-crypto-exodus-leads-to-cheap-clean-power-in-chilly-canada). *Bloomberg.com*. Bloomberg L.P. 2 February 2018. [Archived](https://web.archive.org/web/20180304090651/https://www.bloomberg.com/news/articles/2018-02-02/china-crypto-exodus-leads-to-cheap-clean-power-in-chilly-canada) from the original on 4 March 2018. Retrieved 3 March 2018.
79. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-79)**
["Why China's bitcoin miners are moving to Texas"](https://www.bbc.com/news/world-us-canada-58414555). *BBC News*. 3 September 2021. [Archived](https://web.archive.org/web/20210904221716/https://www.bbc.com/news/world-us-canada-58414555) from the original on 4 September 2021. Retrieved 4 September 2021.
80. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-80)**
["Cryptocurrency mining operation launched by Iron Bridge Resources"](http://www.worldoil.com/news/2018/1/26/cryptocurrency-mining-operation-launched-by-iron-bridge-resources). *World Oil*. 26 January 2018. [Archived](https://web.archive.org/web/20180130091353/http://www.worldoil.com/news/2018/1/26/cryptocurrency-mining-operation-launched-by-iron-bridge-resources) from the original on 30 January 2018.
81. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-81)**
["Bitcoin and crypto currencies trending up today - Crypto Currency Daily Roundup June 25 - Market Exclusive"](https://marketexclusive.com/bitcoin-major-currencies-today-crypto-currency-daily-roundup-june-25/2018/06/). *marketexclusive.com*. 25 June 2018. [Archived](https://web.archive.org/web/20200413024944/https://marketexclusive.com/bitcoin-major-currencies-today-crypto-currency-daily-roundup-june-25/2018/06/) from the original on 13 April 2020. Retrieved 27 June 2018.
82. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-82)**
["Iceland Expects to Use More Electricity Mining Bitcoin Than Powering Homes This Year"](http://fortune.com/2018/02/13/iceland-bitcoin-mining-electricity/). *Fortune*. [Archived](https://web.archive.org/web/20180420081336/http://fortune.com/2018/02/13/iceland-bitcoin-mining-electricity/) from the original on 20 April 2018. Retrieved 25 March 2018.
83. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-83)**
["Bitcoin Mining Banned for First Time in Upstate New York Town"](https://www.bloomberg.com/news/articles/2018-03-16/bitcoin-mining-banned-for-first-time-in-upstate-new-york-town). *Bloomberg.com*. Bloomberg L.P. 16 March 2018. [Archived](https://web.archive.org/web/20180320170609/https://www.bloomberg.com/news/articles/2018-03-16/bitcoin-mining-banned-for-first-time-in-upstate-new-york-town) from the original on 20 March 2018. Retrieved 20 March 2018.
84. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-84)**
["Inside Kazakhstan's giant crypto-mine"](https://www.bbc.com/news/av/technology-60148754). *BBC*. 31 January 2022. [Archived](https://web.archive.org/web/20220328171928/https://www.bbc.com/news/av/technology-60148754) from the original on 28 March 2022. Retrieved 28 March 2022.
85. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-85)**
["Bitcoin mania is hurting PC gamers by pushing up GPU prices"](https://www.theverge.com/2018/1/30/16949550/bitcoin-graphics-cards-pc-prices-surge). 30 January 2018. [Archived](https://web.archive.org/web/20180202070911/https://www.theverge.com/2018/1/30/16949550/bitcoin-graphics-cards-pc-prices-surge) from the original on 2 February 2018. Retrieved 2 February 2018.
86. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-86)**
["Graphics card shortage leads retailers to take unusual measures"](https://www.polygon.com/2018/1/26/16936984/graphics-card-gpu-prices-nvidia-amd-cryptocurrency-mining-stores). *[Polygon](https://en.wikipedia.org/wiki/Polygon_\(website\) "Polygon (website)")*. 26 January 2018. [Archived](https://web.archive.org/web/20180202190305/https://www.polygon.com/2018/1/26/16936984/graphics-card-gpu-prices-nvidia-amd-cryptocurrency-mining-stores) from the original on 2 February 2018. Retrieved 2 February 2018.
87. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-87)**
["AMD, Nvidia must do more to stop cryptominers from causing PC gaming card shortages, price gouging"](https://www.cnbc.com/2018/01/22/amd-nvidia-must-do-more-to-stop-cryptominers-from-causing-shortages.html). *[CNBC](https://en.wikipedia.org/wiki/CNBC "CNBC")*. 22 January 2018. [Archived](https://web.archive.org/web/20180202094859/https://www.cnbc.com/2018/01/22/amd-nvidia-must-do-more-to-stop-cryptominers-from-causing-shortages.html) from the original on 2 February 2018. Retrieved 2 February 2018.
88. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-88)**
["Nvidia suggests retailers put gamers over cryptocurrency miners in graphics card craze"](https://www.polygon.com/2018/1/23/16921356/nvidia-graphics-cards-sold-out-cryptocurrency-miners). *[Polygon](https://en.wikipedia.org/wiki/Polygon_\(website\) "Polygon (website)")*. 23 January 2018. [Archived](https://web.archive.org/web/20180202190249/https://www.polygon.com/2018/1/23/16921356/nvidia-graphics-cards-sold-out-cryptocurrency-miners) from the original on 2 February 2018. Retrieved 2 February 2018.
89. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-89)**
Cunningham, Andrew (18 April 2023). ["Intel unceremoniously dumps its year-old Blockscale chips for bitcoin mining"](https://arstechnica.com/gadgets/2023/04/intel-introduced-bitcoin-mining-chips-a-year-ago-and-theyre-already-going-away/). *Ars Technica*. [Archived](https://web.archive.org/web/20230419070248/https://arstechnica.com/gadgets/2023/04/intel-introduced-bitcoin-mining-chips-a-year-ago-and-theyre-already-going-away/) from the original on 19 April 2023. Retrieved 19 April 2023.
90. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-90)**
Arnott, Amy (2 August 2021). ["A Basic Glossary of Terms for Crypto Newbies"](https://www.morningstar.com/articles/1050329/a-basic-glossary-of-terms-for-crypto-newbies). *Morningstar.com*. [Archived](https://web.archive.org/web/20210802195320/https://www.morningstar.com/articles/1050329/a-basic-glossary-of-terms-for-crypto-newbies) from the original on 2 August 2021. Retrieved 30 August 2021.
91. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-91)**
Jokić, Stevo; Cvetković, Aleksandar; Adamović, Saša; Ristić, Nenad; Spalević, Petar (2019). ["Comparative analysis of cryptocurrency wallets vs traditional wallets"](https://doi.org/10.5937%2Fekonomika1903065J). *Ekonomika*. **65** (3): 65–75\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.5937/ekonomika1903065J](https://doi.org/10.5937%2Fekonomika1903065J). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [208267171](https://api.semanticscholar.org/CorpusID:208267171).
92. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-92)**
Lee, Justina (13 September 2018). ["Mystery of the \$2 Billion Bitcoin Whale That Fueled a Selloff"](https://www.bloomberg.com/news/articles/2018-09-13/mystery-of-the-2-billion-bitcoin-whale-that-fueled-a-selloff). *Bloomberg.com*. [Archived](https://web.archive.org/web/20181219093844/https://www.bloomberg.com/news/articles/2018-09-13/mystery-of-the-2-billion-bitcoin-whale-that-fueled-a-selloff) from the original on 19 December 2018.
93. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-93)**
Galston, Ezra (16 June 2021). ["Untraceable Bitcoin Is a Myth"](https://www.wsj.com/articles/untraceable-bitcoin-is-a-myth-11623860828). The Wall Street Journal. [Archived](https://web.archive.org/web/20220920170550/https://www.wsj.com/articles/untraceable-bitcoin-is-a-myth-11623860828) from the original on 20 September 2022. Retrieved 16 September 2022.
94. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-94)**
Goodell, Geoff; Aste, Tomaso (2019). ["Can Cryptocurrencies Preserve Privacy and Comply With Regulations?"](https://doi.org/10.3389%2Ffbloc.2019.00004). *Frontiers in Blockchain*. **2** 4. [arXiv](https://en.wikipedia.org/wiki/ArXiv_\(identifier\) "ArXiv (identifier)"):[1811\.12240](https://arxiv.org/abs/1811.12240). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.3389/fbloc.2019.00004](https://doi.org/10.3389%2Ffbloc.2019.00004). [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [2624-7852](https://search.worldcat.org/issn/2624-7852).
95. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-95)**
["What You Need To Know About Zero Knowledge"](https://techcrunch.com/2015/02/07/what-you-need-to-know-about-zero-knowledge/). *TechCrunch*. 7 February 2015. [Archived](https://web.archive.org/web/20190220124117/https://techcrunch.com/2015/02/07/what-you-need-to-know-about-zero-knowledge/) from the original on 20 February 2019. Retrieved 19 December 2018.
96. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-96)**
Greenberg, Andy (25 January 2017). ["Monero, the Drug Dealer's Cryptocurrency of Choice, Is on Fire"](https://www.wired.com/2017/01/monero-drug-dealers-cryptocurrency-choice-fire/). *Wired*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [1059-1028](https://search.worldcat.org/issn/1059-1028). [Archived](https://web.archive.org/web/20181210020727/https://www.wired.com/2017/01/monero-drug-dealers-cryptocurrency-choice-fire/) from the original on 10 December 2018. Retrieved 19 December 2018.
97. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-97)**
Herskind, Lasse; Katsikouli, Panagiota; Dragoni, Nicola (2020). ["Privacy and Cryptocurrencies—A Systematic Literature Review"](https://doi.org/10.1109%2FACCESS.2020.2980950). *IEEE Access*. **8**: 54044–54059\. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_\(identifier\) "Bibcode (identifier)"):[2020IEEEA...854044H](https://ui.adsabs.harvard.edu/abs/2020IEEEA...854044H). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1109/ACCESS.2020.2980950](https://doi.org/10.1109%2FACCESS.2020.2980950). [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [2169-3536](https://search.worldcat.org/issn/2169-3536).
98. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-98)**
["On the Instability of Bitcoin Without the Block Reward"](https://www.cs.princeton.edu/~arvindn/publications/mining_CCS.pdf) (PDF). [Archived](https://web.archive.org/web/20200605042205/https://www.cs.princeton.edu/~arvindn/publications/mining_CCS.pdf) (PDF) from the original on 5 June 2020. Retrieved 5 May 2020.
99. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-99)**
["Price Fluctuations and the Use of Bitcoin: An Empirical Inquiry"](https://www.ecb.europa.eu/pub/conferences/shared/pdf/retpaym_150604/polasik_paper.pdf) (PDF). [Archived](https://web.archive.org/web/20201031161801/https://www.ecb.europa.eu/pub/conferences/shared/pdf/retpaym_150604/polasik_paper.pdf) (PDF) from the original on 31 October 2020. Retrieved 5 May 2020.
100. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-100)**
Yaish, Aviv; Zohar, Aviv (18 June 2020). *Correct Cryptocurrency ASIC Pricing: Are Miners Overpaying?*. Leibniz International Proceedings in Informatics (LIPIcs). Vol. 282. pp. 2:1–2:25. [arXiv](https://en.wikipedia.org/wiki/ArXiv_\(identifier\) "ArXiv (identifier)"):[2002\.11064](https://arxiv.org/abs/2002.11064). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.4230/LIPIcs.AFT.2023.2](https://doi.org/10.4230%2FLIPIcs.AFT.2023.2). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[9783959773034](https://en.wikipedia.org/wiki/Special:BookSources/9783959773034 "Special:BookSources/9783959773034")
. [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [211296648](https://api.semanticscholar.org/CorpusID:211296648).
101. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-101)**
["The Economics of Cryptocurrencies – Bitcoin and Beyond"](https://www.bis.org/events/eopix_1810/chiu_paper.pdf) (PDF). [Archived](https://web.archive.org/web/20201210101527/https://www.bis.org/events/eopix_1810/chiu_paper.pdf) (PDF) from the original on 10 December 2020. Retrieved 5 May 2020.
102. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-102)**
["Electrum: Detailed Review and Full Guide On How To Use It"](https://wallets.com/electrum-review/). *Wallets.com*. Retrieved 17 August 2024.
103. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-103)**
["Coinbase Wallet \> Adjusting network fees"](https://help.coinbase.com/en/wallet/sending-and-receiving/adjusting-miner-fees#adjusting-your-transaction-speed). *Coinbase Help*. Retrieved 17 August 2024.
104. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-104)**
["LiteBit FAQ: Cease of operations"](https://litebit.zendesk.com/hc/en-us/articles/8893147626268-FAQ-Cease-of-operations). *LiteBit@Zendesk.com*. 22 May 2023. Retrieved 17 August 2024.
105. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-105)**
["Ethereum Median Transaction Fee historical chart"](https://bitinfocharts.com/comparison/ethereum-median_transaction_fee.html#3m). *BitInfoCharts*. [Archived](https://web.archive.org/web/20230414021933/https://bitinfocharts.com/comparison/ethereum-median_transaction_fee.html#3m) from the original on 14 April 2023. Retrieved 19 March 2023.
106. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-106)**
["Bitcoin Median Transaction Fee historical chart"](https://bitinfocharts.com/comparison/bitcoin-median_transaction_fee.html#3m). [Archived](https://web.archive.org/web/20230328075302/https://bitinfocharts.com/comparison/bitcoin-median_transaction_fee.html#3m) from the original on 28 March 2023. Retrieved 19 March 2023.
107. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-scalabilityOfBitcoinAndNano_107-0)**
[*Scalability of the Bitcoin and Nano protocols: a comparative analysis*](http://www.diva-portal.org/smash/get/diva2:1229650/FULLTEXT02.pdf) (PDF), Blekinge Institute of Technology, 2018, [archived](https://web.archive.org/web/20191219143645/http://www.diva-portal.org/smash/get/diva2:1229650/FULLTEXT02.pdf) (PDF) from the original on 19 December 2019, retrieved 18 December 2019
108. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-comparativeAnalysis_108-0)**
Pervez, Huma; Muneeb, Muhammad; Irfan, Muhammad Usama; Haq, Irfan Ul (19 December 2018), "A Comparative Analysis of DAG-Based Blockchain Architectures", *2018 12th International Conference on Open Source Systems and Technologies (ICOSST)*, IEEE, pp. 27–34, [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1109/ICOSST.2018.8632193](https://doi.org/10.1109%2FICOSST.2018.8632193), [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1-5386-9564-7](https://en.wikipedia.org/wiki/Special:BookSources/978-1-5386-9564-7 "Special:BookSources/978-1-5386-9564-7")
, [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [59601449](https://api.semanticscholar.org/CorpusID:59601449)
109. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-blockchainCompared_109-0)**
Bencic, Federico Matteo; Podnar Zarko, Ivana (26 April 2018), "Distributed Ledger Technology: Blockchain Compared to Directed Acyclic Graph", *2018 IEEE 38th International Conference on Distributed Computing Systems (ICDCS)*, University of Zagreb, pp. 1569–1570, [arXiv](https://en.wikipedia.org/wiki/ArXiv_\(identifier\) "ArXiv (identifier)"):[1804\.10013](https://arxiv.org/abs/1804.10013), [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1109/ICDCS.2018.00171](https://doi.org/10.1109%2FICDCS.2018.00171), [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1-5386-6871-9](https://en.wikipedia.org/wiki/Special:BookSources/978-1-5386-6871-9 "Special:BookSources/978-1-5386-6871-9")
, [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [13741873](https://api.semanticscholar.org/CorpusID:13741873)
110. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-110)**
["Banks Should Be Allowed to Trade Crypto \| by cxihub \| Nov 2021 \| The Open Finance Journal"](https://web.archive.org/web/20211102044952/https://news.cxihub.com/banks-should-be-allowed-to-trade-crypto-aaee5a23c5ad?gi=bb64c7b5062f). 2 November 2021. Archived from [the original](https://news.cxihub.com/banks-should-be-allowed-to-trade-crypto-aaee5a23c5ad?gi=bb64c7b5062f) on 2 November 2021. Retrieved 17 August 2022.
111. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-111)**
Makarov, Igor; Schoar, Antoinette (2020). ["Trading and arbitrage in cryptocurrency markets"](https://researchonline.lse.ac.uk/id/eprint/100409/). *Journal of Financial Economics*. **135** (2): 293–319\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1016/j.jfineco.2019.07.001](https://doi.org/10.1016%2Fj.jfineco.2019.07.001). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [53072748](https://api.semanticscholar.org/CorpusID:53072748). [Archived](https://web.archive.org/web/20230208233921/https://researchonline.lse.ac.uk/id/eprint/100409/) from the original on 8 February 2023. Retrieved 7 February 2023.
112. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-112)**
Xu, Jiahua; Ackerer, Damien; Dubovitskaya, Alevtina (July 2021). "A Game-Theoretic Analysis of Cross-Chain Atomic Swaps with HTLCS". *2021 IEEE 41st International Conference on Distributed Computing Systems (ICDCS)*. pp. 584–594\. [arXiv](https://en.wikipedia.org/wiki/ArXiv_\(identifier\) "ArXiv (identifier)"):[2011\.11325](https://arxiv.org/abs/2011.11325). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1109/ICDCS51616.2021.00062](https://doi.org/10.1109%2FICDCS51616.2021.00062). [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-1-6654-4513-9](https://en.wikipedia.org/wiki/Special:BookSources/978-1-6654-4513-9 "Special:BookSources/978-1-6654-4513-9")
. [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [227126965](https://api.semanticscholar.org/CorpusID:227126965).
113. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-113)**
Wahba, Phil (18 February 2014). ["First U.S. bitcoin ATMs to open soon in Seattle, Austin"](https://www.reuters.com/article/us-bitcoin-robocoin-idUSBREA1H05F20140218). *Reuters*. [Archived](https://web.archive.org/web/20151019092802/http://www.reuters.com/article/2014/02/18/us-bitcoin-robocoin-idUSBREA1H05F20140218) from the original on 19 October 2015. Retrieved 17 August 2022.
114. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-114)**
["CSA Staff Notice 46-307 Cryptocurrency Offerings"](http://www.osc.gov.on.ca/en/SecuritiesLaw_csa_20170824_cryptocurrency-offerings.htm). *Ontario Securities Commission*. 24 August 2017. [Archived](https://web.archive.org/web/20170929101456/http://www.osc.gov.on.ca/en/SecuritiesLaw_csa_20170824_cryptocurrency-offerings.htm) from the original on 29 September 2017. Retrieved 20 January 2018.
115. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-115)**
["SEC Issues Investigative Report Concluding DAO Tokens, a Digital Asset, Were Securities"](https://www.sec.gov/news/press-release/2017-131). *sec.gov*. 25 July 2017. [Archived](https://web.archive.org/web/20171010022343/https://www.sec.gov/news/press-release/2017-131) from the original on 10 October 2017. Retrieved 20 January 2018.
116. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-116)**
["Company Halts ICO After SEC Raises Registration Concerns"](https://www.sec.gov/news/press-release/2017-227). *sec.gov*. 11 December 2017. [Archived](https://web.archive.org/web/20180119192823/https://www.sec.gov/news/press-release/2017-227) from the original on 19 January 2018. Retrieved 20 January 2018.
117. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-117)**
["Switzerland sets out guidelines to support initial coin offerings"](https://www.ft.com/content/52820f90-1307-11e8-940e-08320fc2a277). *Financial Times*. 16 February 2018. [Archived](https://web.archive.org/web/20180527201759/https://www.ft.com/content/52820f90-1307-11e8-940e-08320fc2a277) from the original on 27 May 2018. Retrieved 17 August 2022.
118. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-auto_118-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-auto_118-1)
Meynkhard, Artur (28 November 2019). ["Fair market value of bitcoin: halving effect"](https://doi.org/10.21511%2Fimfi.16%284%29.2019.07). *Investment Management and Financial Innovations*. **16** (4): 72–85\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.21511/imfi.16(4).2019.07](https://doi.org/10.21511%2Fimfi.16%284%29.2019.07). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [212850773](https://api.semanticscholar.org/CorpusID:212850773).
119. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-119)**
Harris, Craig (10 June 2021). ["Cryptocurrency to become option for some workers' 401(k) retirement plans, WSJ reports"](https://www.usatoday.com/story/money/2021/06/10/bitcoin-investing-cryptocurrency-401-k-retirement-plans-launched/7640161002/). *USA TODAY*. [Archived](https://web.archive.org/web/20210614041617/https://www.usatoday.com/story/money/2021/06/10/bitcoin-investing-cryptocurrency-401-k-retirement-plans-launched/7640161002/) from the original on 14 June 2021. Retrieved 16 June 2021.
120. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-120)**
Morris, Chris (10 June 2021). ["Coinbase will let you add crypto to your 401(k) through new deal"](https://fortune.com/2021/06/10/coinbase-crypto-401k-roth-offering-forusall/). *Fortune*. [Archived](https://web.archive.org/web/20210620021241/https://fortune.com/2021/06/10/coinbase-crypto-401k-roth-offering-forusall/) from the original on 20 June 2021. Retrieved 16 June 2021.
121. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-121)**
Asymkos, Stephanie (10 June 2021). ["Bitcoin and crypto go mainstream with new 401(k) retirement offering"](https://money.yahoo.com/bitcoin-crypto-investing-goes-mainstream-in-new-401-k-offering-214411478.html). *money.yahoo.com*. [Archived](https://web.archive.org/web/20210617162820/https://money.yahoo.com/bitcoin-crypto-investing-goes-mainstream-in-new-401-k-offering-214411478.html) from the original on 17 June 2021. Retrieved 16 June 2021.
122. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-122)**
Russell-Jones, Lily (15 May 2022). ["What's happening to cryptocurrencies?"](https://www.thetimes.com/business-money/markets/article/whats-happening-to-cryptocurrencies-hdlklltrk). *Sunday Times*. [Archived](https://web.archive.org/web/20220522225818/https://www.thetimes.co.uk/article/whats-happening-to-cryptocurrencies-hdlklltrk) from the original on 22 May 2022. Retrieved 1 June 2022.
123. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-123)**
Tetrina, Kat (1 March 2022). ["Top 10 Cryptocurrencies In March 2022"](https://www.forbes.com/advisor/investing/top-10-cryptocurrencies/). *Forbes*. [Archived](https://web.archive.org/web/20220405164804/https://www.forbes.com/advisor/investing/top-10-cryptocurrencies/) from the original on 5 April 2022. Retrieved 1 June 2022.
124. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-124)**
["A history of cryptocurrency, from gaming tokens to a \$2tn market"](https://www.ft.com/content/78431430-1afb-4712-bb75-424788c60583). *Financial Times*. 30 November 2021. [Archived](https://web.archive.org/web/20221024133432/https://www.ft.com/content/78431430-1afb-4712-bb75-424788c60583) from the original on 24 October 2022. Retrieved 24 October 2022.
125. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-125)**
Russell-Jones, Lily (7 September 2022). ["Cryptocurrency market slumps below \$1trn"](https://www.thetimes.com/article/cryptocurrency-market-slumps-below-1trn-q0rb8ls9v). *[The Times](https://en.wikipedia.org/wiki/The_Times "The Times")*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0140-0460](https://search.worldcat.org/issn/0140-0460). [Archived](https://web.archive.org/web/20220925203033/https://www.thetimes.co.uk/article/cryptocurrency-market-slumps-below-1trn-q0rb8ls9v) from the original on 25 September 2022. Retrieved 24 October 2022.
126. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-126)**
["Bitcoin, Other Cryptos Fall on Hot Inflation Report"](https://www.wsj.com/livecoverage/stock-market-news-today-09-13-2022/card/bitcoin-and-other-cryptos-fall-on-hot-inflation-report-wC8EiM4cyizUxCZcsBzz). *WSJ*. [Archived](https://web.archive.org/web/20221024133432/https://www.wsj.com/livecoverage/stock-market-news-today-09-13-2022/card/bitcoin-and-other-cryptos-fall-on-hot-inflation-report-wC8EiM4cyizUxCZcsBzz) from the original on 24 October 2022. Retrieved 24 October 2022.
127. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-127)**
Vidal-Tomás, David (2022). "Which cryptocurrency data sources should scholars use?". *International Review of Financial Analysis*. **81** 102061. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1016/j.irfa.2022.102061](https://doi.org/10.1016%2Fj.irfa.2022.102061).
128. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-128)**
Feuer, Alan (14 December 2013). ["The Bitcoin Ideology"](https://www.nytimes.com/2013/12/15/sunday-review/the-bitcoin-ideology.html). *The New York Times*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20180701222302/https://www.nytimes.com/2013/12/15/sunday-review/the-bitcoin-ideology.html) from the original on 1 July 2018. Retrieved 1 March 2022.
129. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-129)**
Krugman, Paul (29 January 2018). ["Opinion \| Bubble, Bubble, Fraud and Trouble"](https://www.nytimes.com/2018/01/29/opinion/bitcoin-bubble-fraud.html). *The New York Times*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20180604124251/https://www.nytimes.com/2018/01/29/opinion/bitcoin-bubble-fraud.html) from the original on 4 June 2018. Retrieved 1 March 2022.
130. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-130)**
["Review of "The Politics of Bitcoin: Software as Right-Wing Extremism""](https://www.newsclick.in/review-politics-bitcoin-software-right-wing-extremism). *NewsClick*. 28 October 2016. [Archived](https://web.archive.org/web/20220301164202/https://www.newsclick.in/review-politics-bitcoin-software-right-wing-extremism) from the original on 1 March 2022. Retrieved 1 March 2022.
131. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-131)**
Peters, Jeremy W.; Popper, Nathaniel (14 June 2018). ["Stephen Bannon Buys Into Bitcoin"](https://www.nytimes.com/2018/06/14/technology/steve-bannon-bitcoin.html). *The New York Times*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20180701015803/https://www.nytimes.com/2018/06/14/technology/steve-bannon-bitcoin.html) from the original on 1 July 2018. Retrieved 1 March 2022.
132. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-132)**
["Bitcoin P2P e-cash paper \| Satoshi Nakamoto Institute"](https://satoshi.nakamotoinstitute.org/emails/cryptography/12/). *satoshi.nakamotoinstitute.org*. 14 November 2008. [Archived](https://web.archive.org/web/20220301185407/https://satoshi.nakamotoinstitute.org/emails/cryptography/12/) from the original on 1 March 2022. Retrieved 10 March 2022.
133. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-133)**
Hayek, Friedrich A. von (Friedrich August) (1990). [*Denationalisation of money : the argument refined; an analysis of the theory and practice of concurrent currencies*](http://archive.org/details/denationalisatio0000haye). Internet Archive. London : Institute of Economic Affairs. [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-0-255-36239-9](https://en.wikipedia.org/wiki/Special:BookSources/978-0-255-36239-9 "Special:BookSources/978-0-255-36239-9")
.
`{{cite book}}`: CS1 maint: publisher location ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_publisher_location "Category:CS1 maint: publisher location"))
134. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-134)**
[*Virtual Currency Schemes*](https://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf) (PDF), European Central Bank, October 2012, [ISBN](https://en.wikipedia.org/wiki/ISBN_\(identifier\) "ISBN (identifier)")
[978-92-899-0862-7](https://en.wikipedia.org/wiki/Special:BookSources/978-92-899-0862-7 "Special:BookSources/978-92-899-0862-7")
, [archived](https://web.archive.org/web/20180525031305/http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf) (PDF) from the original on 25 May 2018, retrieved 1 March 2022
135. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-135)**
Baldwin, Jon (2018). ["In digital we trust: Bitcoin discourse, digital currencies, and decentralized network fetishism"](https://doi.org/10.1057%2Fs41599-018-0065-0). *[Palgrave Communications](https://en.wikipedia.org/wiki/Palgrave_Communications "Palgrave Communications")*. **4** (1) 14: 1–10\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1057/s41599-018-0065-0](https://doi.org/10.1057%2Fs41599-018-0065-0).
136. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-136)**
["How bitcoin met the real world in Africa"](https://www.reuters.com/business/finance/how-bitcoin-met-real-world-africa-2020-09-08/). *Reuters*. 8 September 2020. Retrieved 2 March 2026.
137. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-137)**
Farouk, Menna (9 June 2023). ["FEATURE-Migrants in UAE turn to crypto to send remittances home"](https://www.reuters.com/article/world/feature-migrants-in-uae-turn-to-crypto-to-send-remittances-home-idUSL8N37R1Z2/). *Thomson Reuters Foundation*. Reuters. Retrieved 2 March 2026.
138. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-138)**
Zuckerman, Gregory; Huang, Vicky Ge (25 July 2025). ["The Hottest Business Strategy This Summer Is Buying Crypto"](https://www.livemint.com/companies/news/the-hottest-business-strategy-this-summer-is-buying-crypto-11753494891312.html). *The Wall Street Journal*. Retrieved 27 February 2026 – via LiveMint.
139. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-139)**
Nishant, Niket; Saini, Manya (5 August 2025). ["Small public companies snap up ether in new crypto gold rush, even as risks linger"](http://web.archive.org/web/20250809022341/https://www.reuters.com/business/small-public-companies-snap-up-ether-new-crypto-gold-rush-even-risks-linger-2025-08-05/). *Reuters*. Archived from [the original](https://www.reuters.com/business/small-public-companies-snap-up-ether-new-crypto-gold-rush-even-risks-linger-2025-08-05/) on 9 August 2025. Retrieved 27 February 2026.
140. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-140)**
[*Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers*](https://www.fatf-gafi.org/publications/fatfrecommendations/documents/guidance-rba-virtual-assets.html), FATF, 2019, [archived](https://web.archive.org/web/20210726121248/https://www.fatf-gafi.org/publications/fatfrecommendations/documents/guidance-rba-virtual-assets.html) from the original on 26 July 2021, retrieved 22 July 2021
141. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-141)**
["interVASP Messaging Standards"](https://intervasp.org/wp-content/uploads/2020/05/IVMS101-interVASP-data-model-standard-issue-1-FINAL.pdf) (PDF). *intervasp.org*. [Archived](https://web.archive.org/web/20211009220925/https://intervasp.org/wp-content/uploads/2020/05/IVMS101-interVASP-data-model-standard-issue-1-FINAL.pdf) (PDF) from the original on 9 October 2021. Retrieved 13 October 2021.
142. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-142)**
["12-Month Review of the Revised FATF Standards on Virtual Assets and Virtual Asset Service Providers"](https://www.fatf-gafi.org/media/fatf/documents/recommendations/12-Month-Review-Revised-FATF-Standards-Virtual-Assets-VASPS.pdf) (PDF). *www.fatf-gafi.org*. [Archived](https://web.archive.org/web/20211028171409/https://www.fatf-gafi.org/media/fatf/documents/recommendations/12-Month-Review-Revised-FATF-Standards-Virtual-Assets-VASPS.pdf) (PDF) from the original on 28 October 2021. Retrieved 13 October 2021.
143. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-143)**
["Travel Rule Specification - Bitcoin SV Technical Standards"](https://tsc.bitcoinassociation.net/standards/travel-rule-specification/). *tsc.bitcoinassociation.net*. [Archived](https://web.archive.org/web/20211027183645/https://tsc.bitcoinassociation.net/standards/travel-rule-specification/) from the original on 27 October 2021. Retrieved 13 October 2021.
144. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-144)**
[*Proposal for regulation of Markets in Crypto-assets, and amending Directive (EU) 2019/1937*](https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52020PC0593&from=EN), European Commission, 24 September 2020, [archived](https://web.archive.org/web/20210823212123/https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52020PC0593&from=EN) from the original on 23 August 2021, retrieved 23 August 2021
145. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-145)**
Zetzsche, Dirk A.; Annunziata, Filippo; Arner, Douglas W.; Holdings, Kerry; Buckley, Ross P. (30 November 2020), [*The Markets in Crypto-Assets Regulation (MiCA) and the EU Digital Finance Strategy*](https://www.law.ox.ac.uk/business-law-blog/blog/2020/11/markets-crypto-assets-regulation-mica-and-eu-digital-finance-strategy), University of Oxford Faculty of Law, [archived](https://web.archive.org/web/20210823212133/https://www.law.ox.ac.uk/business-law-blog/blog/2020/11/markets-crypto-assets-regulation-mica-and-eu-digital-finance-strategy) from the original on 23 August 2021, retrieved 23 August 2021
146. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-146)**
Flood, Chris (31 January 2022). ["Crypto risks 'destabilising' emerging markets, says senior IMF official"](https://www.ft.com/content/45ca2229-485e-4043-b709-deda943e9ddb). *Financial Times*. [Archived](https://web.archive.org/web/20220131120346/https://www.ft.com/content/45ca2229-485e-4043-b709-deda943e9ddb) from the original on 31 January 2022. Retrieved 31 January 2022.
147. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-cfins20240510_147-0)**
Alois, JD (10 May 2024). ["House Digital Asset Legislation, the Financial Innovation and Technology for the 21st Century Act, Takes Another Step Forward"](https://www.crowdfundinsider.com/2024/05/224888-house-digital-asset-legislation-the-financial-innovation-and-technology-for-the-21st-century-act-takes-another-step-forward/). *Crowdfund Insider*. [Archived](https://web.archive.org/web/20240513211635/https://www.crowdfundinsider.com/2024/05/224888-house-digital-asset-legislation-the-financial-innovation-and-technology-for-the-21st-century-act-takes-another-step-forward/) from the original on 13 May 2024. Retrieved 14 May 2024.
148. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-148)**
Zhang, Sijia; Gregoriou, Andros (27 November 2020). ["The price and liquidity impact of China forbidding initial coin offerings on the cryptocurrency market"](https://www.tandfonline.com/doi/full/10.1080/13504851.2020.1713979). *Applied Economics Letters*. **27** (20): 1695–1698\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1080/13504851.2020.1713979](https://doi.org/10.1080%2F13504851.2020.1713979). [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [1350-4851](https://search.worldcat.org/issn/1350-4851). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [214099348](https://api.semanticscholar.org/CorpusID:214099348). [Archived](https://web.archive.org/web/20220804220846/https://www.tandfonline.com/doi/full/10.1080/13504851.2020.1713979) from the original on 4 August 2022. Retrieved 4 August 2022.
149. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-149)**
["China bans financial, payment institutions from cryptocurrency business"](https://www.reuters.com/technology/chinese-financial-payment-bodies-barred-cryptocurrency-business-2021-05-18/). *Reuters*. 18 May 2021. [Archived](https://web.archive.org/web/20210711224318/https://www.reuters.com/technology/chinese-financial-payment-bodies-barred-cryptocurrency-business-2021-05-18/) from the original on 11 July 2021. Retrieved 12 July 2021.
150. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-150)**
Nagarajan, Shalini (19 May 2021). ["Bitcoin tumbles as low as \$30,000 amid a broad crypto sell-off after China signals a crackdown"](https://markets.businessinsider.com/currencies/news/bitcoin-price-cryptocurrencies-china-crypto-crackdown-price-outlook-2021-5). *Business Insider*. [Archived](https://web.archive.org/web/20210712192106/https://markets.businessinsider.com/currencies/news/bitcoin-price-cryptocurrencies-china-crypto-crackdown-price-outlook-2021-5) from the original on 12 July 2021. Retrieved 12 July 2021.
151. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-151)**
Shen, Samuel; John, Alun (19 June 2021). ["China's cryptocurrency-mining crackdown spreads to Sichuan"](https://www.reuters.com/technology/chinas-cryptocurrency-mining-crackdown-spreads-sichuan-2021-06-19/). *Reuters*. [Archived](https://web.archive.org/web/20220520161521/https://www.reuters.com/technology/chinas-cryptocurrency-mining-crackdown-spreads-sichuan-2021-06-19/) from the original on 20 May 2022. Retrieved 9 May 2022.
152. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-1_News_Cook_Islands_152-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-1_News_Cook_Islands_152-1)
Dreaver, Barbara (14 April 2024). ["'Spy film type thing' - Alarm grows over Cook Islands cryptocurrency bill"](https://web.archive.org/web/20240418105529/https://www.1news.co.nz/2024/04/14/spy-film-type-thing-alarm-grows-over-cook-islands-cryptocurrency-bill/). *[1News](https://en.wikipedia.org/wiki/1News "1News")*. [TVNZ](https://en.wikipedia.org/wiki/TVNZ "TVNZ"). Archived from [the original](https://www.1news.co.nz/2024/04/14/spy-film-type-thing-alarm-grows-over-cook-islands-cryptocurrency-bill/) on 18 April 2024. Retrieved 18 April 2024.
153. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-reuters.com_153-0)**
["In a world first, El Salvador makes bitcoin legal tender"](https://www.reuters.com/world/americas/el-salvador-approves-first-law-bitcoin-legal-tender-2021-06-09/). *Reuters*. 9 June 2021. [Archived](https://web.archive.org/web/20210812023227/https://www.reuters.com/world/americas/el-salvador-approves-first-law-bitcoin-legal-tender-2021-06-09/) from the original on 12 August 2021. Retrieved 14 July 2021.
154. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-154)**
["Crypto-assets - European Commission"](https://finance.ec.europa.eu/digital-finance/crypto-assets_en). *finance.ec.europa.eu*.
155. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-155)**
["ESMA\_QA\_2404"](https://www.esma.europa.eu/publications-data/questions-answers/2404). *www.esma.europa.eu*.
156. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-156)**
Hennessy, Ashley (27 January 2025). ["ESMA Statement On services Re Non-MiCAR-Compliant ART/EMTs"](https://www.williamfry.com/knowledge/esma-statement-on-services-re-non-micar-compliant-art-emts/). *WILLIAM FRY*.
157. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-157)**
["EU crypto-assets regulatory framework: application of the landmark Markets in Crypto-Assets Regulation (MiCA)"](https://www.dlapiper.com/en/insights/publications/2025/01/articleeu-crypto-assets-regulatory-framework). *DLA Piper*.
158. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-158)**
["The Regulation on Markets in Crypto-Assets Becomes Fully Applicable in All Member States of the European Union"](https://www.klgates.com/The-Regulation-on-Markets-in-Crypto-Assets-Becomes-Fully-Applicable-in-All-Member-States-of-the-European-Union-1-24-2025). *www.klgates.com*.
159. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-159)**
["RBI Lost Case on Cryptocurrency in Supreme Court, It Must Stop Behaving Like Sore Loser"](https://www.news18.com/news/opinion/rbi-lost-case-on-cryptocurrency-in-supreme-court-it-must-stop-behaving-like-sore-loser-4196594.html). *News18*. 18 September 2021. [Archived](https://web.archive.org/web/20220124051652/https://www.news18.com/news/opinion/rbi-lost-case-on-cryptocurrency-in-supreme-court-it-must-stop-behaving-like-sore-loser-4196594.html) from the original on 24 January 2022. Retrieved 24 January 2022.
160. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-160)**
Perumal, Prashanth (2 June 2021). ["Future of cryptocurrency in India continues to hang in the balance"](https://www.thehindu.com/business/future-of-cryptocurrency-in-india-continues-to-hang-in-the-balance/article34704676.ece). *The Hindu*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0971-751X](https://search.worldcat.org/issn/0971-751X). [Archived](https://web.archive.org/web/20220124053149/https://www.thehindu.com/business/future-of-cryptocurrency-in-india-continues-to-hang-in-the-balance/article34704676.ece) from the original on 24 January 2022. Retrieved 24 January 2022.
161. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-161)**
["From ban to regulation, cryptocurrency's journey so far in India"](https://indianexpress.com/article/technology/crypto/cryptocurrency-in-india-a-look-at-the-regulatory-journey-of-cryptocurrencies-7648767/). *The Indian Express*. 1 December 2021. [Archived](https://web.archive.org/web/20220124051648/https://indianexpress.com/article/technology/crypto/cryptocurrency-in-india-a-look-at-the-regulatory-journey-of-cryptocurrencies-7648767/) from the original on 24 January 2022. Retrieved 24 January 2022.
162. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-162)**
["SC Verdict On Cryptocurrencies: What It Means For Investors"](https://www.moneycontrol.com/news/business/personal-finance/sc-verdict-on-cryptocurrencies-what-it-means-for-investors-5070381.html). *Moneycontrol*. 25 March 2020. [Archived](https://web.archive.org/web/20220124051654/https://www.moneycontrol.com/news/business/personal-finance/sc-verdict-on-cryptocurrencies-what-it-means-for-investors-5070381.html) from the original on 24 January 2022. Retrieved 24 January 2022.
163. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-163)**
["Why is the Indian government cracking down on cryptocurrency?"](https://www.dw.com/en/why-is-the-indian-government-cracking-down-on-cryptocurrency/a-60148889). *Deutsche Welle*. [Archived](https://web.archive.org/web/20220128213818/https://www.dw.com/en/why-is-the-indian-government-cracking-down-on-cryptocurrency/a-60148889) from the original on 28 January 2022. Retrieved 24 January 2022.
164. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-164)**
Shashwat Mishra (15 January 2022). ["The Crypto Effect : Framework, challenges & The way forward"](https://web.archive.org/web/20220124050010/https://www.mumbaiuncensored.com/2022/01/15/the-crypto-effect-framework-challenges-the-way-forward/). Archived from the original on 24 January 2022. Retrieved 24 January 2022.
165. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-165)**
["South Africa Moves to Tighten Crypto Regulation After Scams"](https://www.bloomberg.com/news/articles/2021-06-29/regulatory-clock-ticks-for-cryptocurrency-assets-in-south-africa). *www.bloomberg.com*. 29 June 2021. [Archived](https://web.archive.org/web/20210707023401/https://www.bloomberg.com/news/articles/2021-06-29/regulatory-clock-ticks-for-cryptocurrency-assets-in-south-africa) from the original on 7 July 2021. Retrieved 13 July 2021.
166. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-regulations_166-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-regulations_166-1)
["South Africa's \$4 billion in crypto scams has regulators scrambling to bring in new regulations within the next three to six months"](https://www.businessinsider.in/cryptocurrency/news/south-africas-4-billion-in-crypto-scams-has-regulators-scrambling-to-bring-in-new-regulations-within-the-next-three-to-six-months/articleshow/84015957.cms). *Business Insider*. 1 July 2021. [Archived](https://web.archive.org/web/20210713103423/https://www.businessinsider.in/cryptocurrency/news/south-africas-4-billion-in-crypto-scams-has-regulators-scrambling-to-bring-in-new-regulations-within-the-next-three-to-six-months/articleshow/84015957.cms) from the original on 13 July 2021. Retrieved 13 July 2021.
167. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-thediplomat.com_167-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-thediplomat.com_167-1)
["South Korea Tightens Regulations on Cryptocurrencies"](https://thediplomat.com/2021/07/south-korea-tightens-regulations-on-cryptocurrencies/). *thediplomat.com*. 3 July 2021. [Archived](https://web.archive.org/web/20210714122312/https://thediplomat.com/2021/07/south-korea-tightens-regulations-on-cryptocurrencies/) from the original on 14 July 2021. Retrieved 14 July 2021.
168. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-168)**
["FINMA Guidance 02/2019"](https://finma.ch/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20190826-finma-aufsichtsmitteilung-02-2019.pdf?sc_lang=en) (PDF). [Archived](https://web.archive.org/web/20220814134233/https://www.finma.ch/~/media/finma/dokumente/dokumentencenter/myfinma/4dokumentation/finma-aufsichtsmitteilungen/20190826-finma-aufsichtsmitteilung-02-2019.pdf?sc_lang=en) (PDF) from the original on 14 August 2022. Retrieved 31 December 2022.
169. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-169)**
["No more kebabs for bitcoins as Turkey's crypto-payment ban looms"](https://www.reuters.com/technology/no-more-kebabs-bitcoins-turkeys-crypto-payment-ban-looms-2021-04-28/). *Reuters*. 28 April 2021. [Archived](https://web.archive.org/web/20210714122309/https://www.reuters.com/technology/no-more-kebabs-bitcoins-turkeys-crypto-payment-ban-looms-2021-04-28/) from the original on 14 July 2021. Retrieved 14 July 2021.
170. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-ft.com_170-0)**
Samson, Adam (27 June 2021). ["Financial watchdog bans crypto exchange Binance from UK"](https://www.ft.com/content/8bc0e5e0-2705-496d-a265-acccaffaee87). *Financial Times*. [Archived](https://web.archive.org/web/20210712022653/https://www.ft.com/content/8bc0e5e0-2705-496d-a265-acccaffaee87) from the original on 12 July 2021. Retrieved 12 July 2021.
171. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-171)**
["The path ahead for digital assets regulation in 2025"](https://www.grantthornton.co.uk/insights/the-path-ahead-for-digital-assets-regulation-in-2025/). *Grant Thornton UK LLP*.
172. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-172)**
Morton, Heather (16 December 2021). ["Cryptocurrency 2021 Legislation"](https://www.ncsl.org/research/financial-services-and-commerce/cryptocurrency-2021-legislation.aspx). *[National Conference of State Legislatures](https://en.wikipedia.org/wiki/National_Conference_of_State_Legislatures "National Conference of State Legislatures")*. [Archived](https://web.archive.org/web/20210210222704/https://www.ncsl.org/research/financial-services-and-commerce/cryptocurrency-2021-legislation.aspx) from the original on 10 February 2021. Retrieved 4 January 2021.
173. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-173)**
Pimentel, Benjamin (11 August 2021). ["SEC chair pleads for power to protect crypto investors in 'volatile sector'"](https://www.protocol.com/fintech/crypto-warren-gensler-sec). *protocol*. [Archived](https://web.archive.org/web/20230403040815/https://www.protocol.com/fintech/crypto-warren-gensler-sec) from the original on 3 April 2023. Retrieved 2 April 2023.
174. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-174)**
Macheel, Tanaya (18 October 2021). ["First bitcoin futures ETF to make its debut Tuesday on the NYSE, ProShares says"](https://www.cnbc.com/2021/10/18/first-bitcoin-futures-etf-to-make-its-debut-on-the-nyse-tuesday-proshares-says.html). *CNBC*. [Archived](https://web.archive.org/web/20230403040805/https://www.cnbc.com/2021/10/18/first-bitcoin-futures-etf-to-make-its-debut-on-the-nyse-tuesday-proshares-says.html) from the original on 3 April 2023. Retrieved 2 April 2023.
175. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-175)**
Franck, Thomas (20 May 2021). ["U.S. Treasury calls for stricter cryptocurrency compliance with IRS, says they pose tax evasion risk"](https://www.cnbc.com/2021/05/20/us-treasury-calls-for-stricter-cryptocurrency-compliance-with-irs.html). *CNBC*. [Archived](https://web.archive.org/web/20230403040807/https://www.cnbc.com/2021/05/20/us-treasury-calls-for-stricter-cryptocurrency-compliance-with-irs.html) from the original on 3 April 2023. Retrieved 2 April 2023.
176. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-176)**
["US Justice Department taps new cryptocurrency czar"](https://www.aljazeera.com/economy/2022/2/17/us-justice-department-taps-new-cryptocurrency-czar). *Aljazeera*. [Archived](https://web.archive.org/web/20220219142640/https://www.aljazeera.com/economy/2022/2/17/us-justice-department-taps-new-cryptocurrency-czar) from the original on 19 February 2022. Retrieved 19 February 2022.
177. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-177)**
["Executive Order on Ensuring Responsible Development of Digital Assets"](https://bidenwhitehouse.archives.gov/briefing-room/presidential-actions/2022/03/09/executive-order-on-ensuring-responsible-development-of-digital-assets/). *The White House*. 9 March 2022. [Archived](https://web.archive.org/web/20220314045129/https://www.whitehouse.gov/briefing-room/presidential-actions/2022/03/09/executive-order-on-ensuring-responsible-development-of-digital-assets/) from the original on 14 March 2022. Retrieved 2 April 2023.
178. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-178)**
["FACT SHEET: White House Releases First-Ever Comprehensive Framework for Responsible Development of Digital Assets"](https://bidenwhitehouse.archives.gov/briefing-room/statements-releases/2022/09/16/fact-sheet-white-house-releases-first-ever-comprehensive-framework-for-responsible-development-of-digital-assets/). *The White House*. 16 September 2022. [Archived](https://web.archive.org/web/20230401023659/https://www.whitehouse.gov/briefing-room/statements-releases/2022/09/16/fact-sheet-white-house-releases-first-ever-comprehensive-framework-for-responsible-development-of-digital-assets/) from the original on 1 April 2023. Retrieved 2 April 2023.
179. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-179)**
Wolff, Josephine (17 October 2022). ["The competing priorities facing U.S. crypto regulations"](https://www.brookings.edu/techstream/the-competing-priorities-facing-u-s-crypto-regulations-bitcoin-ethereum/). *Brookings*. [Archived](https://web.archive.org/web/20230403040807/https://www.brookings.edu/techstream/the-competing-priorities-facing-u-s-crypto-regulations-bitcoin-ethereum/) from the original on 3 April 2023. Retrieved 2 April 2023.
180. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-180)**
["Crypto Exchange Kraken Ends Staking Program in \$30 Million SEC Settlement"](https://www.bloomberg.com/news/articles/2023-02-09/crypto-exchange-kraken-ends-staking-program-in-sec-settlement). *Bloomberg.com*. 9 February 2023. [Archived](https://web.archive.org/web/20230224134003/https://www.bloomberg.com/news/articles/2023-02-09/crypto-exchange-kraken-ends-staking-program-in-sec-settlement) from the original on 24 February 2023. Retrieved 12 February 2023.
181. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-181)**
["US watchdog warns of risks of buying crypto asset securities"](https://www.reuters.com/business/finance/us-sec-warns-investors-about-risks-purchasing-crypto-asset-securities-2023-03-23/). *Reuters.com*. 23 March 2023. [Archived](https://web.archive.org/web/20230402221010/https://www.reuters.com/business/finance/us-sec-warns-investors-about-risks-purchasing-crypto-asset-securities-2023-03-23/) from the original on 2 April 2023. Retrieved 2 April 2023.
182. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-182)**
["Strengthening American Leadership in Digital Financial Technology"](https://www.federalregister.gov/documents/2025/01/31/2025-02123/strengthening-american-leadership-in-digital-financial-technology). *[Federal Register](https://en.wikipedia.org/wiki/Federal_Register "Federal Register")*. 23 January 2025. Retrieved 31 January 2025.
183. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-183)**
["President Trump Signs Executive Order on Digital Assets \| Insights \| Holland & Knight"](https://www.hklaw.com/en/insights/publications/2025/01/president-trump-signs-executive-order-on-digital-assets). *www.hklaw.com*.
184. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-184)**
Ehrlich, Steven. ["Janet Yellen, Bitcoin And Crypto Fearmongers Get Pushback From Former CIA Director"](https://www.forbes.com/sites/stevenehrlich/2021/04/13/janet-yellen-bitcoin-and-crypto-fearmongers-get-pushback-from-former-cia-director/?sh=1741bd89bb7a). *Forbes*. [Archived](https://web.archive.org/web/20210414164851/https://www.forbes.com/sites/stevenehrlich/2021/04/13/janet-yellen-bitcoin-and-crypto-fearmongers-get-pushback-from-former-cia-director/?sh=1741bd89bb7a) from the original on 14 April 2021. Retrieved 14 April 2021.
185. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-185)**
Kharpal, Arjun (12 April 2017). ["Bitcoin value rises over \$1 billion as Japan, Russia move to legitimize cryptocurrency"](https://www.cnbc.com/2017/04/12/bitcoin-price-rises-japan-russia-regulation.html). CNBC. [Archived](https://web.archive.org/web/20180319214207/https://www.cnbc.com/2017/04/12/bitcoin-price-rises-japan-russia-regulation.html) from the original on 19 March 2018. Retrieved 19 March 2018.
186. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-RCAWNov2021LOC_186-0)**
["Regulation of Cryptocurrency Around the World: November 2021 Update"](https://tile.loc.gov/storage-services/service/ll/llglrd/2021687419/2021687419.pdf) (PDF). *Library of Congress*. The Law Library of Congress, Global Legal Research Center. November 2021. pp. 1–61\. [Archived](https://web.archive.org/web/20211224043203/https://tile.loc.gov/storage-services/service/ll/llglrd/2021687419/2021687419.pdf) (PDF) from the original on 24 December 2021. Retrieved 19 October 2023.
187. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-WaPo52118_187-0)**
Fung, Brian (21 May 2018). ["State regulators unveil nationwide crackdown on suspicious cryptocurrency investment schemes"](https://www.washingtonpost.com/news/the-switch/wp/2018/05/21/state-regulators-unveil-nationwide-crackdown-on-suspicious-cryptocurrency-investment-schemes/). *The Washington Post*. [Archived](https://web.archive.org/web/20180527081727/https://www.washingtonpost.com/news/the-switch/wp/2018/05/21/state-regulators-unveil-nationwide-crackdown-on-suspicious-cryptocurrency-investment-schemes/) from the original on 27 May 2018. Retrieved 27 May 2018.
188. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-188)** [Bitcoin's Legality Around The World](https://www.forbes.com/sites/kashmirhill/2014/01/31/bitcoins-legality-around-the-world/) [Archived](https://web.archive.org/web/20170916060759/https://www.forbes.com/sites/kashmirhill/2014/01/31/bitcoins-legality-around-the-world/) 16 September 2017 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine"), Forbes, 31 January 2014
189. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-189)**
Tasca, Paolo (7 September 2015). "Digital Currencies: Principles, Trends, Opportunities, and Risks". [SSRN](https://en.wikipedia.org/wiki/SSRN_\(identifier\) "SSRN (identifier)") [2657598](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2657598).
190. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-190)**
Thompson, Luke (24 August 2018). ["Bank of Thailand to launch its own crypto-currency"](https://asiatimes.com/2018/08/amputee-in-taiwan-gets-new-3d-printed-prosthetic/). *Asia Times*. [Archived](https://web.archive.org/web/20240628094543/https://widgets.outbrain.com/nanoWidget/externals/topics/topics.html?r=https%3A%2F%2Fasiatimes.com) from the original on 28 June 2024. Retrieved 27 August 2018.
191. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-bing51418_191-0)**
Alsoszatai-Petheo, Melissa (14 May 2018). ["Bing Ads to disallow cryptocurrency advertising"](https://advertise.bingads.microsoft.com/en-us/blog/post/may-2018/bing-ads-to-disallow-cryptocurrency-advertising?feed=blogposts). Microsoft. [Archived](https://web.archive.org/web/20180517152920/https://advertise.bingads.microsoft.com/en-us/blog/post/may-2018/bing-ads-to-disallow-cryptocurrency-advertising?feed=blogposts) from the original on 17 May 2018. Retrieved 16 May 2018.
192. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Search_Engine_Land_2022-06-01_192-0)**
["Crypto exchange ads now allowed on Microsoft Ads (with pre-approval)"](https://searchengineland.com/microsoft-allows-crypto-exchange-385507). *[Search Engine Land](https://en.wikipedia.org/wiki/Search_Engine_Land "Search Engine Land")*. 1 June 2022. [Archived](https://web.archive.org/web/20220707174206/https://searchengineland.com/microsoft-allows-crypto-exchange-385507) from the original on 7 July 2022. Retrieved 16 March 2023.
193. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-ToISW_193-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-ToISW_193-1) [***c***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-ToISW_193-2)
Weinglass, Simona (28 March 2018). ["European Union bans binary options, strictly regulates CFDs"](https://www.timesofisrael.com/european-union-bans-binary-options-strictly-regulates-cfds/). *[The Times of Israel](https://en.wikipedia.org/wiki/The_Times_of_Israel "The Times of Israel")*. [Archived](https://web.archive.org/web/20180401084746/https://www.timesofisrael.com/european-union-bans-binary-options-strictly-regulates-cfds/) from the original on 1 April 2018. Retrieved 2 April 2018.
194. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-CNBC_2021-12-01_194-0)**
["Facebook retreats from crypto ad ban"](https://www.cnbc.com/2021/12/01/facebook-ends-ban-on-cryptocurrency-ads.html). *[CNBC](https://en.wikipedia.org/wiki/CNBC "CNBC")*. 1 December 2021. [Archived](https://web.archive.org/web/20220903181837/https://www.cnbc.com/2021/12/01/facebook-ends-ban-on-cryptocurrency-ads.html) from the original on 3 September 2022. Retrieved 16 March 2023.
195. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Search_Engine_Land_2021-06-03_195-0)**
["Google Ads updates cryptocurrency ad policies"](https://searchengineland.com/google-ads-updates-cryptocurrency-ad-policies-349187). *[Search Engine Land](https://en.wikipedia.org/wiki/Search_Engine_Land "Search Engine Land")*. 3 June 2021. [Archived](https://web.archive.org/web/20220116193251/https://searchengineland.com/google-ads-updates-cryptocurrency-ad-policies-349187) from the original on 16 January 2022. Retrieved 16 March 2023.
196. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:3_196-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:3_196-1)
Wilson, Thomas (28 March 2018). ["Twitter and LinkedIn ban cryptocurrency adverts – leaving regulators behind"](https://www.independent.co.uk/news/business/analysis-and-features/twitter-ban-cryptocurrency-adverts-regulators-bitcoin-facebook-social-media-a8277176.html). *Independent*. [Reuters](https://en.wikipedia.org/wiki/Reuters "Reuters"). [Archived](https://web.archive.org/web/20180404074502/https://www.independent.co.uk/news/business/analysis-and-features/twitter-ban-cryptocurrency-adverts-regulators-bitcoin-facebook-social-media-a8277176.html) from the original on 4 April 2018. Retrieved 3 April 2018.
197. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-3key_197-0)**
French, Jordan (2 April 2018). ["3 Key Factors Behind Bitcoin's Current Slide"](https://www.thestreet.com/story/14541510/1/whats-behind-bitcoin-price-slump.html). theStreet.com. [Archived](https://web.archive.org/web/20180403051718/https://www.thestreet.com/story/14541510/1/whats-behind-bitcoin-price-slump.html) from the original on 3 April 2018. Retrieved 2 April 2018.
198. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-198)**
Schaub, Mark; Phares, H. Banker (15 August 2020). "Cryptocurrency value changes in response to national elections: do they behave like money or commodities?". *Applied Economics Letters*. **27** (14): 1135–1140\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1080/13504851.2019.1673297](https://doi.org/10.1080%2F13504851.2019.1673297).
199. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-199)**
Iwamura, Mitsuru; Kitamura, Yukinobu; Matsumoto, Tsutomu (28 February 2014). "Is Bitcoin the Only Cryptocurrency in the Town? Economics of Cryptocurrency and Friedrich A. Hayek". [SSRN](https://en.wikipedia.org/wiki/SSRN_\(identifier\) "SSRN (identifier)") [2405790](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2405790).
200. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:1_200-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:1_200-1) [***c***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:1_200-2) [***d***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:1_200-3) [***e***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:1_200-4) Ali, S, T; Clarke, D; McCorry, P; Bitcoin: Perils of an Unregulated Global P2P Currency. Newcastle upon Tyne: Newcastle University: Computing Science, 2015. Technical Report Series, No. CS-TR-1470
201. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-201)**
["How white supremacists and the far right use Bitcoin to evade the law and get rich"](https://fortune.com/2021/09/28/currency-of-alt-right-how-white-supremacists-and-far-right-use-bitcoin/). *Fortune*. [Archived](https://web.archive.org/web/20220301210303/https://fortune.com/2021/09/28/currency-of-alt-right-how-white-supremacists-and-far-right-use-bitcoin/) from the original on 1 March 2022. Retrieved 1 March 2022.
202. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-202)**
["How white supremacists and the far right use Bitcoin to evade the law and get rich"](https://fortune.com/2021/09/28/currency-of-alt-right-how-white-supremacists-and-far-right-use-bitcoin/). *Fortune*. [Archived](https://web.archive.org/web/20220301210303/https://fortune.com/2021/09/28/currency-of-alt-right-how-white-supremacists-and-far-right-use-bitcoin/) from the original on 1 March 2022. Retrieved 14 May 2022.
203. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-203)** [Mt. Gox Seeks Bankruptcy After \$480 Million Bitcoin Loss](https://www.bloomberg.com/news/2014-02-28/mt-gox-exchange-files-for-bankruptcy.html) [Archived](https://web.archive.org/web/20150112234804/http://www.bloomberg.com/news/2014-02-28/mt-gox-exchange-files-for-bankruptcy.html) 12 January 2015 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine"), Carter Dougherty and Grace Huang, Bloomberg News, 28 February 2014
204. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-204)**
Russell, Jon. ["Tether, a startup that works with bitcoin exchanges, claims a hacker stole \$31M"](https://techcrunch.com/2017/11/20/tether-claims-a-hacker-stole-31m/). *TechCrunch*. [Archived](https://web.archive.org/web/20171121105158/https://techcrunch.com/2017/11/20/tether-claims-a-hacker-stole-31m/) from the original on 21 November 2017. Retrieved 22 November 2017.
205. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-205)**
Iyengar, Rishi (7 December 2017). ["More than \$70 million stolen in bitcoin hack"](https://money.cnn.com/2017/12/07/technology/nicehash-bitcoin-theft-hacking/index.html). *CNNMoney*. [Archived](https://web.archive.org/web/20220920091520/https://money.cnn.com/2017/12/07/technology/nicehash-bitcoin-theft-hacking/index.html) from the original on 20 September 2022. Retrieved 2 March 2022.
206. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-206)**
Haselton, Todd (19 December 2017). ["A South Korean cryptocurrency exchange files for bankruptcy after hack, says users will get 75% of assets for now"](https://www.cnbc.com/2017/12/19/yapian-youbit-exchange-files-bankruptcy.html). *CNBC*. [Archived](https://web.archive.org/web/20220906124744/https://www.cnbc.com/2017/12/19/yapian-youbit-exchange-files-bankruptcy.html) from the original on 6 September 2022. Retrieved 2 March 2022.
207. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-207)**
["South Korean cryptocurrency exchange to file for bankruptcy after hacking"](https://www.reuters.com/article/us-bitcoin-exchange-southkorea-idUSKBN1ED0NJ). *Reuters*. 19 December 2017. [Archived](https://web.archive.org/web/20220528053057/https://www.reuters.com/article/us-bitcoin-exchange-southkorea-idUSKBN1ED0NJ) from the original on 28 May 2022. Retrieved 2 March 2022.
208. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-208)**
Cimpanu, Catalin (4 September 2018). ["Bitcoin Gold delisted from major cryptocurrency exchange after refusing to pay hack damages"](https://www.zdnet.com/article/bitcoin-gold-delisted-from-major-cryptocurrency-exchange-after-refusing-to-pay-hack-damages/). *ZDNet*. [Archived](https://web.archive.org/web/20220524122220/https://www.zdnet.com/article/bitcoin-gold-delisted-from-major-cryptocurrency-exchange-after-refusing-to-pay-hack-damages/) from the original on 24 May 2022. Retrieved 11 February 2020.
209. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-209)**
["Former Virtual Currency CEO Involved in \$9 Million Fraud Scheme Sentenced to Prison"](https://www.justice.gov/usao-ct/pr/former-virtual-currency-ceo-involved-9-million-fraud-scheme-sentenced-prison). *www.justice.gov*. 13 September 2018. [Archived](https://web.archive.org/web/20220302104750/https://www.justice.gov/usao-ct/pr/former-virtual-currency-ceo-involved-9-million-fraud-scheme-sentenced-prison) from the original on 2 March 2022. Retrieved 2 March 2022.
210. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-210)** Cyris Farivar, [GAW Miners founder owes nearly \$10 million to SEC over Bitcoin fraud](https://arstechnica.com/tech-policy/2017/10/bitcoin-fraudster-hit-with-9-1m-civil-judgment-on-top-of-criminal-guilty-plea/) [Archived](https://web.archive.org/web/20171229112405/https://arstechnica.com/tech-policy/2017/10/bitcoin-fraudster-hit-with-9-1m-civil-judgment-on-top-of-criminal-guilty-plea/) 29 December 2017 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine"), *Ars Technica* (5 October 2017).
211. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-211)**
Shane, Daniel (29 January 2018). ["\$530 million cryptocurrency heist may be biggest ever"](https://money.cnn.com/2018/01/29/technology/coincheck-cryptocurrency-exchange-hack-japan/index.html). *CNNMoney*. [Archived](https://web.archive.org/web/20190815202041/https://money.cnn.com/2018/01/29/technology/coincheck-cryptocurrency-exchange-hack-japan/index.html) from the original on 15 August 2019. Retrieved 2 March 2022.
212. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-212)**
Shane, Daniel (11 June 2018). ["Billions in cryptocurrency wealth wiped out after hack"](https://money.cnn.com/2018/06/11/investing/coinrail-hack-bitcoin-exchange/index.html). *CNNMoney*. [Archived](https://web.archive.org/web/20180711032051/https://money.cnn.com/2018/06/11/investing/coinrail-hack-bitcoin-exchange/index.html) from the original on 11 July 2018. Retrieved 2 March 2022.
213. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-213)**
Lam, Eric; Lee, Jiyeun; Robertson, Jordan (10 June 2018), [*Cryptocurrencies Lose \$42 Billion After South Korean Bourse Hack*](https://www.bloomberg.com/news/articles/2018-06-10/bitcoin-tumbles-most-in-two-weeks-amid-south-korea-exchange-hack), [Bloomberg News](https://en.wikipedia.org/wiki/Bloomberg_News "Bloomberg News"), [archived](https://web.archive.org/web/20180612005144/https://www.bloomberg.com/news/articles/2018-06-10/bitcoin-tumbles-most-in-two-weeks-amid-south-korea-exchange-hack) from the original on 12 June 2018, retrieved 12 June 2018
214. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Bancorhack_214-0)**
Roberts, Jeff John (9 July 2018). ["Another Crypto Fail: Hackers Steal \$23.5 Million from Token Service Bancor"](http://fortune.com/2018/07/09/bancor-hack/). *Fortune*. [Archived](https://web.archive.org/web/20180710013104/http://fortune.com/2018/07/09/bancor-hack/) from the original on 10 July 2018. Retrieved 10 July 2018.
215. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-215)**
Houben, Robby; Snyers, Alexander (April 2020), [*Crypto-assets: Key developments, regulatory concerns and responses*](https://www.europarl.europa.eu/RegData/etudes/STUD/2020/648779/IPOL_STU\(2020\)648779_EN.pdf) (PDF), EU Directorate-General for Internal Policies, [archived](https://web.archive.org/web/20210716211640/https://www.europarl.europa.eu/RegData/etudes/STUD/2020/648779/IPOL_STU\(2020\)648779_EN.pdf) (PDF) from the original on 16 July 2021, retrieved 16 July 2021
216. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-216)**
["Attorney General William P. Barr Announces Publication of Cryptocurrency Enforcement Framework"](https://www.justice.gov/opa/pr/attorney-general-william-p-barr-announces-publication-cryptocurrency-enforcement-framework). *www.justice.gov*. 8 October 2020. [Archived](https://web.archive.org/web/20220117092747/https://www.justice.gov/opa/pr/attorney-general-william-p-barr-announces-publication-cryptocurrency-enforcement-framework) from the original on 17 January 2022. Retrieved 17 January 2022.
217. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-217)**
["DOJ Releases Cryptocurrency Enforcement Report"](https://www.natlawreview.com/article/doj-releases-cryptocurrency-enforcement-report). *The National Law Review*. [Archived](https://web.archive.org/web/20220117093115/https://www.natlawreview.com/article/doj-releases-cryptocurrency-enforcement-report) from the original on 17 January 2022. Retrieved 17 January 2022.
218. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-218)**
["National risk assessment of money laundering and terrorist financing 2020"](https://www.gov.uk/government/publications/national-risk-assessment-of-money-laundering-and-terrorist-financing-2020). *GOV.UK*. [Archived](https://web.archive.org/web/20220118182353/https://www.gov.uk/government/publications/national-risk-assessment-of-money-laundering-and-terrorist-financing-2020) from the original on 18 January 2022. Retrieved 17 January 2022.
219. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-219)**
Campbell-Verduyn, Malcolm (March 2018). "Bitcoin, crypto-coins, and global anti-money laundering governance". *Crime, Law and Social Change*. **69** (2): 283–305\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1007/s10611-017-9756-5](https://doi.org/10.1007%2Fs10611-017-9756-5).
220. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-220)**
["Report: Illicit activity actually a tiny part of cryptocurrency use"](https://www.axios.com/2022/01/06/cryptocurrency-scam-crime-popularity-report). 6 January 2022. [Archived](https://web.archive.org/web/20220823124144/https://www.axios.com/2022/01/06/cryptocurrency-scam-crime-popularity-report) from the original on 23 August 2022. Retrieved 23 August 2022.
221. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-221)**
Sun, Mengqi; Smagalla, David (6 January 2022). ["Cryptocurrency-Based Crime Hit a Record \$14 Billion in 2021"](https://www.wsj.com/articles/cryptocurrency-based-crime-hit-a-record-14-billion-in-2021-11641500073). *[The Wall Street Journal](https://en.wikipedia.org/wiki/The_Wall_Street_Journal "The Wall Street Journal")*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0099-9660](https://search.worldcat.org/issn/0099-9660). [Archived](https://web.archive.org/web/20221007151053/https://www.wsj.com/articles/cryptocurrency-based-crime-hit-a-record-14-billion-in-2021-11641500073) from the original on 7 October 2022. Retrieved 16 January 2022.
222. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-222)**
["Crypto Crime Trends for 2022: Illicit Transaction Activity Reaches All-Time High in Value, All-Time Low in Share of All Cryptocurrency Activity"](https://blog.chainalysis.com/reports/2022-crypto-crime-report-introduction/). *Chainalysis*. 6 January 2022. [Archived](https://web.archive.org/web/20220115103636/https://blog.chainalysis.com/reports/2022-crypto-crime-report-introduction/) from the original on 15 January 2022. Retrieved 16 January 2022.
223. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-223)**
Ye, Josh (22 December 2021). ["Hot Hong Kong NFT project Monkey Kingdom loses US\$1.3 million in hack, exposing security concerns"](https://www.scmp.com/tech/tech-trends/article/3160707/hot-hong-kong-nft-project-monkey-kingdom-loses-us13-million-hack). *SCMP*. [Archived](https://web.archive.org/web/20220413032828/https://www.scmp.com/tech/tech-trends/article/3160707/hot-hong-kong-nft-project-monkey-kingdom-loses-us13-million-hack) from the original on 13 April 2022. Retrieved 13 April 2022.
224. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-cnbc-guilty_224-0)**
Sigalos, MacKenzie (2 November 2023). ["Sam Bankman-Fried found guilty on all seven criminal fraud counts"](https://www.cnbc.com/2023/11/02/sam-bankman-fried-found-guilty-on-all-seven-criminal-fraud-counts.html). *CNBC*. [Archived](https://web.archive.org/web/20231103011927/https://www.cnbc.com/2023/11/02/sam-bankman-fried-found-guilty-on-all-seven-criminal-fraud-counts.html) from the original on 3 November 2023. Retrieved 3 November 2023.
225. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Livni_225-0)**
Livni, Ephrat; Warner, Bernhard (11 November 2023). ["Sam Bankman-Fried Could Get 100 Years in Prison. What Is Fair?"](https://www.nytimes.com/2023/11/11/business/dealbook/sam-bankman-fried-sentencing.html). *The New York Times*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20240229233927/https://www.nytimes.com/2023/11/11/business/dealbook/sam-bankman-fried-sentencing.html) from the original on 29 February 2024. Retrieved 16 November 2023.
226. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Clifford_226-0)**
Clifford, Stephanie (8 November 2023). ["Sam Bankman-Fried's trial has ended, but the fallout has just begun"](https://www.fastcompany.com/90977987/sam-bankman-fried-trial-fallout-has-just-begun). *Fast Company*. [Archived](https://web.archive.org/web/20231115084301/https://www.fastcompany.com/90977987/sam-bankman-fried-trial-fallout-has-just-begun) from the original on 15 November 2023. Retrieved 15 November 2023.
227. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-227)**
Bultman, Matthew (2 November 2023). ["Bankman-Fried's Pre-Trial Antics Haunt Him Before Sentencing (1)"](https://news.bloomberglaw.com/securities-law/bankman-frieds-pre-trial-antics-haunt-him-before-sentencing-1). *[Bloomberg Law](https://en.wikipedia.org/wiki/Bloomberg_Law "Bloomberg Law")*. Retrieved 20 February 2024. "Former federal prosecutors predict the fallen FTX co-founder will receive at least 20 years in prison. At the high end, federal sentencing guidelines could recommend what equates to a life sentence for Bankman-Fried, who turned 31 in March. District Judge Lewis A. Kaplan has been critical of the guidelines and often imposed more lenient sentences in previous cases before his court."
`{{cite web}}`: CS1 maint: deprecated archival service ([link](https://en.wikipedia.org/wiki/Category:CS1_maint:_deprecated_archival_service "Category:CS1 maint: deprecated archival service"))
228. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-228)**
Ramey, James Fanelli and Corinne. ["FTX Founder Sam Bankman-Fried Sentenced to 25 Years"](https://www.wsj.com/finance/currencies/sam-bankman-fried-sentencing-ftx-fraud-2d92fce9). *[Wall Street Journal](https://en.wikipedia.org/wiki/Wall_Street_Journal "Wall Street Journal")*. [Archived](https://web.archive.org/web/20240424005115/https://www.wsj.com/finance/currencies/sam-bankman-fried-sentencing-ftx-fraud-2d92fce9) from the original on 24 April 2024. Retrieved 28 March 2024.
229. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-229)**
["Crypto money laundering rises 30%, report finds"](https://www.bbc.com/news/technology-60072195). *BBC News*. 26 January 2022. [Archived](https://web.archive.org/web/20220301112734/https://www.bbc.com/news/technology-60072195) from the original on 1 March 2022. Retrieved 2 March 2022.
230. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-230)**
Sackey, Andrew; Shah, Hinesh (4 February 2022). ["Cryptocurrency money laundering on DeFi skyrockets"](https://www.pinsentmasons.com/out-law/analysis/cryptocurrency-money-laundering-on-defi-skyrockets). *Pinsent Masons*. [Archived](https://web.archive.org/web/20220302173858/https://www.pinsentmasons.com/out-law/analysis/cryptocurrency-money-laundering-on-defi-skyrockets) from the original on 2 March 2022. Retrieved 2 March 2022.
231. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:0_231-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:0_231-1)
["Russian Cybercriminals Drive Significant Ransomware and Cryptocurrency-based Money Laundering Activity"](https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-russia-ransomware-money-laundering/). *Chainalysis*. 14 February 2022. [Archived](https://web.archive.org/web/20220303033347/https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-russia-ransomware-money-laundering/) from the original on 3 March 2022. Retrieved 2 March 2022.
232. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-232)**
Bergwick, Angus (13 October 2023). ["The Crypto Exchange Moving Money for Criminal Gangs, Rich Russians and a Hamas-Linked Terror Group"](https://www.wsj.com/finance/currencies/garantex-russian-crypto-hamas-crime-sanctions-a3648357). Wall Street Journal. [Archived](https://web.archive.org/web/20231024213701/https://www.wsj.com/finance/currencies/garantex-russian-crypto-hamas-crime-sanctions-a3648357) from the original on 24 October 2023. Retrieved 24 October 2023.
233. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-233)**
["Founder and Majority Owner of Bitzlato, a Cryptocurrency Exchange, Charged with Unlicensed Money Transmitting"](https://www.justice.gov/usao-edny/pr/founder-and-majority-owner-bitzlato-cryptocurrency-exchange-charged-unlicensed-money). *www.justice.gov*. 18 January 2023. [Archived](https://web.archive.org/web/20230118172451/https://www.justice.gov/usao-edny/pr/founder-and-majority-owner-bitzlato-cryptocurrency-exchange-charged-unlicensed-money) from the original on 18 January 2023. Retrieved 18 January 2023.
234. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-234)**
Flitter, Emily; Yaffe-Bellany, David (23 February 2022). ["Russia Could Use Cryptocurrency to Blunt the Force of U.S. Sanctions"](https://www.nytimes.com/2022/02/23/business/russia-sanctions-cryptocurrency.html). *The New York Times*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20220301145413/https://www.nytimes.com/2022/02/23/business/russia-sanctions-cryptocurrency.html) from the original on 1 March 2022. Retrieved 2 March 2022.
235. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-235)**
Matthews, Owen (18 September 2017). ["Why Russia is finally embracing virtual currencies. Hint: It rhymes with honey wandering"](https://www.newsweek.com/russia-finally-embracing-virtual-currencies-666794). *Newsweek*. [Archived](https://web.archive.org/web/20220302173856/https://www.newsweek.com/russia-finally-embracing-virtual-currencies-666794) from the original on 2 March 2022. Retrieved 2 March 2022.
236. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-236)**
["Cross-chain Crime: More Than Half a Billion Dollars has Been Laundered Through a Cross-chain Bridge"](https://hub.elliptic.co/analysis/cross-chain-crime-more-than-half-a-billion-dollars-has-been-laundered-through-a-cross-chain-bridge/). *Elliptic Connect*. 8 October 2022. [Archived](https://web.archive.org/web/20230402231810/https://hub.elliptic.co/analysis/cross-chain-crime-more-than-half-a-billion-dollars-has-been-laundered-through-a-cross-chain-bridge/) from the original on 2 April 2023. Retrieved 2 April 2023.
237. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:2_237-0)**
Raeesi, Reza (23 April 2015). ["The Silk Road, Bitcoins and the Global Prohibition Regime on the International Trade in Illicit Drugs: Can this Storm Be Weathered?"](http://gjis.journals.yorku.ca/index.php/gjis/article/view/38935). *Glendon Journal of International Studies / Revue d'Études Internationales de Glendon*. **8** (1–2\). [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [2291-3920](https://search.worldcat.org/issn/2291-3920). [Archived](https://web.archive.org/web/20151222084405/http://gjis.journals.yorku.ca/index.php/gjis/article/view/38935) from the original on 22 December 2015.
238. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:4_238-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-:4_238-1)
["Six Months After Bitwise, Wash Trading Lives on in Crypto \| Finance Magnates"](https://www.financemagnates.com/cryptocurrency/news/things-are-better-but-wash-trading-persists-in-crypto-heres-why/). *Financial and Business News \| Finance Magnates*. 25 September 2019. [Archived](https://web.archive.org/web/20220303123444/https://www.financemagnates.com/cryptocurrency/news/things-are-better-but-wash-trading-persists-in-crypto-heres-why/) from the original on 3 March 2022. Retrieved 3 March 2022.
239. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-239)**
Bovaird, Charles. ["95% Of Reported Bitcoin Trading Volume Is Fake, Says Bitwise"](https://www.forbes.com/sites/cbovaird/2019/03/22/95-of-reported-bitcoin-trading-volume-is-fake-says-bitwise/). *Forbes*. [Archived](https://web.archive.org/web/20220303123439/https://www.forbes.com/sites/cbovaird/2019/03/22/95-of-reported-bitcoin-trading-volume-is-fake-says-bitwise/) from the original on 3 March 2022. Retrieved 3 March 2022.
240. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-240)** [U.S. Warns Banks, Crypto Firms Against Potential Efforts to Evade Russian Sanctions](https://www.wsj.com/articles/u-s-warns-banks-crypto-firms-against-potential-efforts-to-evade-russian-sanctions-11646696802) [Archived](https://web.archive.org/web/20220310023714/https://www.wsj.com/articles/u-s-warns-banks-crypto-firms-against-potential-efforts-to-evade-russian-sanctions-11646696802) 10 March 2022 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine") (9 March 2022) *www.wsj.com*. Retrieved 9 March 2022.
241. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-241)**
["US cryptocurrency expert jailed for helping North Korea evade sanctions"](https://www.bbc.com/news/business-61090064). *BBC News*. 13 April 2022. [Archived](https://web.archive.org/web/20220514131633/https://www.bbc.com/news/business-61090064) from the original on 14 May 2022. Retrieved 14 May 2022.
242. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-bis_report_242-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-bis_report_242-1)
Janda, Michael (18 June 2018). ["Cryptocurrencies like bitcoin cannot replace money, says Bank for International Settlements"](http://www.abc.net.au/news/2018-06-18/cryptocurrencies-cannot-replace-money-bis/9879448). ABC (Australia). [Archived](https://web.archive.org/web/20180618072225/http://www.abc.net.au/news/2018-06-18/cryptocurrencies-cannot-replace-money-bis/9879448) from the original on 18 June 2018. Retrieved 18 June 2018.
243. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-chapterV_243-0)**
Hyun Song Shin (June 2018). ["Chapter V. Cryptocurrencies: looking beyond the hype"](https://www.bis.org/publ/arpdf/ar2018e5.pdf) (PDF). *BIS 2018 Annual Economic Report*. Bank for International Settlements. [Archived](https://web.archive.org/web/20180618080358/https://www.bis.org/publ/arpdf/ar2018e5.pdf) (PDF) from the original on 18 June 2018. Retrieved 19 June 2018. "Put in the simplest terms, the quest for decentralised trust has quickly become an environmental disaster."
244. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-LATHiltzik_244-0)**
Hiltzik, Michael (18 June 2018). ["Is this scathing report the death knell for bitcoin?"](https://www.latimes.com/business/hiltzik/la-fi-hiltzik-bitcoin-bank-20180618-story.html). *Los Angeles Times*. [Archived](https://web.archive.org/web/20180618233532/http://www.latimes.com/business/hiltzik/la-fi-hiltzik-bitcoin-bank-20180618-story.html) from the original on 18 June 2018. Retrieved 19 June 2018.
245. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-245)**
Polgar, David (28 February 2018). ["Cryptocurrency is a giant multi-level marketing scheme"](https://qz.com/1217460/cryptocurrency-is-a-giant-multi-level-marketing-scheme/). *Quartz*. Quartz Media LLC. [Archived](https://web.archive.org/web/20180301150230/https://qz.com/1217460/cryptocurrency-is-a-giant-multi-level-marketing-scheme/) from the original on 1 March 2018. Retrieved 2 March 2018.
246. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-246)**
Chohan, Usman W. (19 December 2017). Bitcoins and Bank Runs: Analysis of Market Imperfections and Investor Hysterics (Report). [SSRN](https://en.wikipedia.org/wiki/SSRN_\(identifier\) "SSRN (identifier)") [3090405](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3090405).
247. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-247)**
McCrum, Dan (10 November 2015), ["Bitcoin's place in the long history of pyramid schemes"](https://www.ft.com/content/1877c388-8797-11e5-90de-f44762bf9896), *Financial Times*, [archived](https://web.archive.org/web/20170323054631/https://www.ft.com/content/1877c388-8797-11e5-90de-f44762bf9896) from the original on 23 March 2017
248. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-248)**
Kim, Tae (27 July 2017), [*Billionaire investor Marks, who called the dotcom bubble, says bitcoin is a 'pyramid scheme'*](https://www.cnbc.com/2017/07/26/billionaire-investor-marks-who-called-the-dotcom-bubble-says-bitcoin-is-a-pyramid-scheme.html), CNBC, [archived](https://web.archive.org/web/20170905042046/https://www.cnbc.com/2017/07/26/billionaire-investor-marks-who-called-the-dotcom-bubble-says-bitcoin-is-a-pyramid-scheme.html) from the original on 5 September 2017
249. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-249)**
Schwartzkopff, Frances (17 December 2013). ["Bitcoins Spark Regulatory Crackdown as Denmark Drafts Rules"](https://www.bloomberg.com/news/2013-12-17/bitcoin-rules-drafted-in-denmark-as-regulator-warns-against-use.html). Bloomberg. [Archived](https://web.archive.org/web/20131229064125/http://www.bloomberg.com/news/2013-12-17/bitcoin-rules-drafted-in-denmark-as-regulator-warns-against-use.html) from the original on 29 December 2013. Retrieved 29 December 2013.
250. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-250)**
Fedorova, Anna (17 June 2021). ["FCA warns on UK crypto use increase despite gaps in understanding"](https://www.investmentweek.co.uk/news/4033010/fca-warns-uk-crypto-increase-despite-gaps-understanding). *Investment Week*. [Archived](https://web.archive.org/web/20220528071437/https://www.investmentweek.co.uk/news/4033010/fca-warns-uk-crypto-increase-despite-gaps-understanding) from the original on 28 May 2022. Retrieved 9 May 2022.
251. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-251)**
Oliver, Joshua (17 June 2021). ["Most would-be crypto investors unaware of UK regulator's warnings"](https://www.ft.com/content/39718cda-5cd1-4f0d-b7e3-0151e45bf25b). *Financial Times*. [Archived](https://web.archive.org/web/20210624204500/https://www.ft.com/content/39718cda-5cd1-4f0d-b7e3-0151e45bf25b) from the original on 24 June 2021. Retrieved 23 June 2021.
252. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-252)**
Browne, Ryan (19 October 2021). ["Most young crypto traders don't realize it's not regulated, UK markets watchdog says"](https://www.cnbc.com/2021/10/19/young-traders-treat-crypto-investing-like-a-competition-fca-says.html). *CNBC*. [Archived](https://web.archive.org/web/20220301121820/https://www.cnbc.com/2021/10/19/young-traders-treat-crypto-investing-like-a-competition-fca-says.html) from the original on 1 March 2022. Retrieved 1 March 2022.
253. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-253)**
["Unauthorised firms and individuals"](https://www.fca.org.uk/consumers/unauthorised-firms-individuals). [Financial Conduct Authority](https://en.wikipedia.org/wiki/Financial_Conduct_Authority "Financial Conduct Authority") (FCA). 19 August 2021. [Archived](https://web.archive.org/web/20220303180513/https://www.fca.org.uk/consumers/unauthorised-firms-individuals) from the original on 3 March 2022. Retrieved 3 March 2022.
254. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-254)**
Sidel, Robin (22 December 2013). ["Banks Mostly Avoid Providing Bitcoin Services. Lenders Don't Share Investors' Enthusiasm for the Virtual-Currency Craze"](https://www.wsj.com/news/articles/SB10001424052702304202204579252850121034702). *The Wall Street Journal*. [Archived](https://web.archive.org/web/20151119021729/http://www.wsj.com/news/articles/SB10001424052702304202204579252850121034702) from the original on 19 November 2015. Retrieved 29 December 2013.
255. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-255)**
["Central Bank official warns on Bitcoin impact"](https://www.rte.ie/news/business/2014/0703/628309-bitfin-conference/). *RTE*. 3 July 2014. [Archived](https://web.archive.org/web/20150209064737/http://www.rte.ie/news/business/2014/0703/628309-bitfin-conference/) from the original on 9 February 2015.
256. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-256)**
["Warnings and blacklists of unauthorized companies and websites: Forex, binary options, miscellaneous goods, crypto-assets derivatives, usurpations"](https://www.amf-france.org/en/warnings/warnings-and-blacklists). *AMF*. [Archived](https://web.archive.org/web/20220302135153/https://www.amf-france.org/en/warnings/warnings-and-blacklists) from the original on 2 March 2022. Retrieved 2 March 2022.
257. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-257)**
["Bitcoin Is Still Concentrated in a Few Hands, Study Finds"](https://time.com/6110392/bitcoin-ownership/). *Time*. [Archived](https://web.archive.org/web/20240618032614/https://time.com/6110392/bitcoin-ownership/) from the original on 18 June 2024. Retrieved 3 March 2022.
258. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-258)**
["Bitcoin's price just passed a huge milestone"](https://fortune.com/2021/01/07/bitcoin-price-today-soars-ether-cryptocurrency-marketcap/). *Fortune*. [Archived](https://web.archive.org/web/20220303161428/https://fortune.com/2021/01/07/bitcoin-price-today-soars-ether-cryptocurrency-marketcap/) from the original on 3 March 2022. Retrieved 3 March 2022.
259. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-259)**
Popper, Nathaniel (13 June 2018). ["Bitcoin's Price Was Artificially Inflated Last Year, Researchers Say"](https://www.cnbc.com/2018/06/13/bitcoins-price-was-artificially-inflated-last-year-researchers-say.html). *CNBC*. [Archived](https://web.archive.org/web/20220303123437/https://www.cnbc.com/2018/06/13/bitcoins-price-was-artificially-inflated-last-year-researchers-say.html) from the original on 3 March 2022. Retrieved 3 March 2022.
260. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-260)**
Lowenstein, Roger (12 November 2022). ["FTX's founder was called a modern-day J.P. Morgan. The analogy still works"](https://www.nytimes.com/2022/11/12/business/dealbook/ftx-bankman-fried-central-banks.html). *The New York Times*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20221113051328/https://www.nytimes.com/2022/11/12/business/dealbook/ftx-bankman-fried-central-banks.html) from the original on 13 November 2022. Retrieved 13 November 2022.
261. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-261)**
Bonelli, Frédéric (21 May 2019). ["État des lieux des NFT au Paris Blockchain Week Summit"](https://www.forbes.fr/technologie/etat-des-lieux-des-nft-au-paris-blockchain-week-summit/). *Forbes* (in French). Retrieved 26 September 2024.
262. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-LT_262-0)**
Cuny, Delphine (23 May 2019). ["Les Bourses traditionnelles vont s'intéresser aux crypto-actifs et vice-versa"](https://www.latribune.fr/entreprises-finance/banques-finance/les-bourses-traditionnelles-vont-s-interesser-aux-crypto-actifs-et-vice-versa-vanessa-grellet-consensys-817978.html). *La Tribune* (in French). Retrieved 29 September 2024.
263. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-263)**
Son, Hugh (17 March 2021). ["Morgan Stanley becomes the first big U.S. bank to offer its wealthy clients access to bitcoin funds"](https://www.cnbc.com/2021/03/17/bitcoin-morgan-stanley-is-the-first-big-us-bank-to-offer-wealthy-clients-access-to-bitcoin-funds.html). *CNBC*. [Archived](https://web.archive.org/web/20210801153726/https://www.cnbc.com/2021/03/17/bitcoin-morgan-stanley-is-the-first-big-us-bank-to-offer-wealthy-clients-access-to-bitcoin-funds.html) from the original on 1 August 2021. Retrieved 1 August 2021.
264. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-264)**
Franck, Thomas (11 February 2021). ["BNY Mellon to offer bitcoin services, a validation of crypto from a key bank in the financial system"](https://www.cnbc.com/2021/02/11/bny-mellon-to-offer-bitcoin-services-a-validation-of-crypto-from-a-key-bank-in-the-financial-system.html). *CNBC*. [Archived](https://web.archive.org/web/20210801153726/https://www.cnbc.com/2021/02/11/bny-mellon-to-offer-bitcoin-services-a-validation-of-crypto-from-a-key-bank-in-the-financial-system.html) from the original on 1 August 2021. Retrieved 1 August 2021.
265. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-265)**
["Venmo adds support for buying, holding and selling cryptocurrencies"](https://techcrunch.com/2021/04/20/venmo-adds-support-for-buying-holding-and-selling-cryptocurrencies/). *TechCrunch*. 20 April 2021. [Archived](https://web.archive.org/web/20210801155827/https://techcrunch.com/2021/04/20/venmo-adds-support-for-buying-holding-and-selling-cryptocurrencies/) from the original on 1 August 2021. Retrieved 1 August 2021.
266. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-266)**
["Buying Cryptocurrency on Venmo"](https://help.venmo.com/hc/en-us/articles/360061922654-Buying-Cryptocurrency-on-Venmo-). *Venmo*. [Archived](https://web.archive.org/web/20210731194526/https://help.venmo.com/hc/en-us/articles/360061922654-Buying-Cryptocurrency-on-Venmo-) from the original on 31 July 2021. Retrieved 1 August 2021.
267. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-267)**
Son, Hugh (25 October 2021). ["Mastercard says any bank or merchant on its vast network can soon offer crypto services"](https://www.cnbc.com/2021/10/25/mastercard-says-any-bank-or-merchant-on-its-vast-network-can-soon-offer-crypto-services.html). *CNBC*. [Archived](https://web.archive.org/web/20211128164748/https://www.cnbc.com/2021/10/25/mastercard-says-any-bank-or-merchant-on-its-vast-network-can-soon-offer-crypto-services.html) from the original on 28 November 2021. Retrieved 29 November 2021.
268. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-268)**
Foteinis, Spyros (7 February 2018). ["Bitcoin's alarming carbon footprint"](https://doi.org/10.1038%2Fd41586-018-01625-x). *Nature*. **554** (7691): 169. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_\(identifier\) "Bibcode (identifier)"):[2018Natur.554..169F](https://ui.adsabs.harvard.edu/abs/2018Natur.554..169F). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1038/d41586-018-01625-x](https://doi.org/10.1038%2Fd41586-018-01625-x).
269. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-269)**
Krause, Max J.; Tolaymat, Thabet (November 2018). "Quantification of energy and carbon costs for mining cryptocurrencies". *Nature Sustainability*. **1** (11): 711–718\. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_\(identifier\) "Bibcode (identifier)"):[2018NatSu...1..711K](https://ui.adsabs.harvard.edu/abs/2018NatSu...1..711K). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1038/s41893-018-0152-7](https://doi.org/10.1038%2Fs41893-018-0152-7). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [169170289](https://api.semanticscholar.org/CorpusID:169170289).
270. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-270)**
Stoll, Christian; Klaaßen, Lena; Gallersdörfer, Ulrich (July 2019). ["The Carbon Footprint of Bitcoin"](https://doi.org/10.1016%2Fj.joule.2019.05.012). *Joule*. **3** (7): 1647–1661\. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_\(identifier\) "Bibcode (identifier)"):[2019Joule...3.1647S](https://ui.adsabs.harvard.edu/abs/2019Joule...3.1647S). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1016/j.joule.2019.05.012](https://doi.org/10.1016%2Fj.joule.2019.05.012).
271. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-271)**
Davies, Pascale (26 February 2022). ["Bitcoin mining is worse for the environment now since China banned it"](https://www.euronews.com/next/2022/02/26/bitcoin-mining-was-actually-worse-for-the-environment-since-china-banned-it-a-new-study-sa). *euronews*. [Archived](https://web.archive.org/web/20220301145948/https://www.euronews.com/next/2022/02/26/bitcoin-mining-was-actually-worse-for-the-environment-since-china-banned-it-a-new-study-sa) from the original on 1 March 2022. Retrieved 1 March 2022.
272. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-272)**
[Huang, Jon](https://en.wikipedia.org/wiki/Hiroko_Tabuchi "Hiroko Tabuchi"); O'Neill, Claire; Tabuchi, Hiroko (3 September 2021). ["Bitcoin Uses More Electricity Than Many Countries. How Is That Possible?"](https://www.nytimes.com/interactive/2021/09/03/climate/bitcoin-carbon-footprint-electricity.html). *The New York Times*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20230217105559/https://www.nytimes.com/interactive/2021/09/03/climate/bitcoin-carbon-footprint-electricity.html) from the original on 17 February 2023. Retrieved 1 March 2022.
273. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-273)**
["Bitcoin energy consumption worldwide 2017-2021"](https://www.statista.com/statistics/881472/worldwide-bitcoin-energy-consumption/). *Statista*. [Archived](https://web.archive.org/web/20220301145404/https://www.statista.com/statistics/881472/worldwide-bitcoin-energy-consumption/) from the original on 1 March 2022. Retrieved 1 March 2022.
274. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-274)**
de Vries, Alex (April 2019). ["Renewable Energy Will Not Solve Bitcoin's Sustainability Problem"](https://doi.org/10.1016%2Fj.joule.2019.02.007). *Joule*. **3** (4): 893–898\. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_\(identifier\) "Bibcode (identifier)"):[2019Joule...3..893D](https://ui.adsabs.harvard.edu/abs/2019Joule...3..893D). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1016/j.joule.2019.02.007](https://doi.org/10.1016%2Fj.joule.2019.02.007). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [169784459](https://api.semanticscholar.org/CorpusID:169784459).
275. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-275)**
Livni, Ephrat (11 October 2021). ["Can Crypto Go Green?"](https://www.nytimes.com/2021/10/10/business/dealbook/crypto-climate.html). *[The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times")*. [Archived](https://web.archive.org/web/20220122074143/https://www.nytimes.com/2021/10/10/business/dealbook/crypto-climate.html) from the original on 22 January 2022. Retrieved 23 January 2022.
276. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-276)**
Ponciano, Jonathan. ["Bill Gates Sounds Alarm On Bitcoin's Energy Consumption–Here's Why Crypto Is Bad For Climate Change"](https://www.forbes.com/sites/jonathanponciano/2021/03/09/bill-gates-bitcoin-crypto-climate-change/). *Forbes*. [Archived](https://web.archive.org/web/20210711110650/https://www.forbes.com/sites/jonathanponciano/2021/03/09/bill-gates-bitcoin-crypto-climate-change/) from the original on 11 July 2021. Retrieved 30 July 2021.
277. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-277)**
Dance, Gabriel J. X.; Wallace, Tim; Levitt, Zach (10 April 2023). ["The Real-World Costs of the Digital Race for Bitcoin"](https://www.nytimes.com/2023/04/09/business/bitcoin-mining-electricity-pollution.html). *The New York Times*. [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [0362-4331](https://search.worldcat.org/issn/0362-4331). [Archived](https://web.archive.org/web/20230410164020/https://www.nytimes.com/2023/04/09/business/bitcoin-mining-electricity-pollution.html) from the original on 10 April 2023. Retrieved 14 April 2023.
278. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-278)**
Harper, Chris (13 May 2021). ["The most energy efficient cryptocurrency after Tesla axed Bitcoin"](https://www.birminghammail.co.uk/news/uk-news/what-most-energy-efficient-cryptocurrency-20588731). *BirminghamLive*. [Archived](https://web.archive.org/web/20210713214357/https://www.birminghammail.co.uk/news/uk-news/what-most-energy-efficient-cryptocurrency-20588731) from the original on 13 July 2021. Retrieved 30 July 2021.
279. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-laptopmag_279-0)**
Gedeon, Kimberly (1 June 2021). ["The most energy-efficient cryptocurrencies — Tesla's top picks to replace Bitcoin"](https://www.laptopmag.com/uk/best-picks/most-energy-efficient-cryptocurrencies-the-best-picks-for-teslas-new-coin). *LaptopMag*. [Archived](https://web.archive.org/web/20210730143102/https://www.laptopmag.com/uk/best-picks/most-energy-efficient-cryptocurrencies-the-best-picks-for-teslas-new-coin) from the original on 30 July 2021. Retrieved 30 July 2021.
280. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-280)**
Lacey, Rachel (1 March 2022). ["Everything you need to know about eco-friendly cryptocurrencies"](https://web.archive.org/web/20220508232743/https://www.thetimes.co.uk/money-mentor/article/eco-friendly-cryptocurrencies/). *[The Times](https://en.wikipedia.org/wiki/The_Times "The Times")*. Archived from [the original](https://www.thetimes.co.uk/money-mentor/article/eco-friendly-cryptocurrencies/) on 8 May 2022. Retrieved 9 May 2022.
281. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-281)**
Ossinger, Joanna (2 February 2022). ["Polkadot Has Least Carbon Footprint, Crypto Researcher Says"](https://www.bloomberg.com/news/articles/2022-02-02/polkadot-has-smallest-carbon-footprint-crypto-researcher-says). *Bloomberg*. [Archived](https://web.archive.org/web/20220412172017/https://www.bloomberg.com/news/articles/2022-02-02/polkadot-has-smallest-carbon-footprint-crypto-researcher-says) from the original on 12 April 2022. Retrieved 9 May 2022.
282. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-282)**
Spencer Jones, Jonathan (13 September 2021). ["Proof-of-stake blockchains – not all are equal"](https://web.archive.org/web/20210925061707/https://www.smart-energy.com/industry-sectors/new-technology/proof-of-stake-blockchains-not-all-are-equal/). *Smart Energy International*. Archived from [the original](https://www.smart-energy.com/industry-sectors/new-technology/proof-of-stake-blockchains-not-all-are-equal/) on 25 September 2021. Retrieved 9 May 2022.
283. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Fridgen2021_283-0)**
Fridgen, Gilbert; Körner, Marc-Fabian; Walters, Steffen; Weibelzahl, Martin (9 March 2021). ["Not All Doom and Gloom: How Energy-Intensive and Temporally Flexible Data Center Applications May Actually Promote Renewable Energy Sources"](https://doi.org/10.1007%2Fs12599-021-00686-z). *Business & Information Systems Engineering*. **63** (3): 243–256\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1007/s12599-021-00686-z](https://doi.org/10.1007%2Fs12599-021-00686-z). [hdl](https://en.wikipedia.org/wiki/Hdl_\(identifier\) "Hdl (identifier)"):[10419/287421](https://hdl.handle.net/10419%2F287421). [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [2363-7005](https://search.worldcat.org/issn/2363-7005). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [233664180](https://api.semanticscholar.org/CorpusID:233664180). "To gain applicable knowledge, this paper evaluates the developed model by means of two use-cases with real-world data, namely AWS computing instances for training Machine Learning algorithms and Bitcoin mining as relevant DC applications. The results illustrate that for both cases the NPV of the IES compared to a stand-alone RES-plant increases, which may lead to a promotion of RES-plants."
284. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-284)**
Dajani, Mona E. (26 April 2021). ["Green Bitcoin Does Not Have to Be an Oxymoron"](https://news.bloomberglaw.com/environment-and-energy/green-bitcoin-does-not-have-to-be-an-oxymoron). *news.bloomberglaw.com*. [Archived](https://web.archive.org/web/20220116122337/https://news.bloomberglaw.com/environment-and-energy/green-bitcoin-does-not-have-to-be-an-oxymoron) from the original on 16 January 2022. Retrieved 16 January 2022. "One way to invest in Bitcoin that has a positive effect on renewable energy is to encourage mining operations near wind or solar sites. This provides a customer for power that might otherwise need to be transmitted or stored, saving money as well as carbon."
285. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-285)**
Eid, Bilal; Islam, Md Rabiul; Shah, Rakibuzzaman; Nahid, Abdullah-Al; Kouzani, Abbas Z.; Mahmud, M. A. Parvez (1 November 2021). "Enhanced Profitability of Photovoltaic Plants By Utilizing Cryptocurrency-Based Mining Load". *IEEE Transactions on Applied Superconductivity*. **31** (8): 1–5\. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_\(identifier\) "Bibcode (identifier)"):[2021ITAS...3196503E](https://ui.adsabs.harvard.edu/abs/2021ITAS...3196503E). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1109/TASC.2021.3096503](https://doi.org/10.1109%2FTASC.2021.3096503). [hdl](https://en.wikipedia.org/wiki/Hdl_\(identifier\) "Hdl (identifier)"):[20\.500.11782/2513](https://hdl.handle.net/20.500.11782%2F2513). [ISSN](https://en.wikipedia.org/wiki/ISSN_\(identifier\) "ISSN (identifier)") [1558-2515](https://search.worldcat.org/issn/1558-2515). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [237245955](https://api.semanticscholar.org/CorpusID:237245955). "The grid connected photovoltaic (PV) power plants (PVPPs) are booming nowadays. The main problem facing the PV power plants deployment is the intermittency which leads to instability of the grid. \[...\] This paper investigating the usage of a customized load - cryptocurrency mining rig - to create an added value for the owner of the plant and increase the ROI of the project. \[...\] The developed strategy is able to keep the profitability as high as possible during the fluctuation of the mining network."
286. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-286)**
Bastian-Pinto, Carlos L.; Araujo, Felipe V. de S.; Brandão, Luiz E.; Gomes, Leonardo L. (March 2021). "Hedging renewable energy investments with Bitcoin mining". *Renewable and Sustainable Energy Reviews*. **138** 110520. [Bibcode](https://en.wikipedia.org/wiki/Bibcode_\(identifier\) "Bibcode (identifier)"):[2021RSERv.13810520B](https://ui.adsabs.harvard.edu/abs/2021RSERv.13810520B). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1016/j.rser.2020.110520](https://doi.org/10.1016%2Fj.rser.2020.110520). "Windfarms can hedge electricity price risk by investing in Bitcoin mining. \[...\] These findings, which can also be applied to other renewable energy sources, may be of interest to both the energy generator as well as the system regulator as it creates an incentive for early investment in sustainable and renewable energy sources."
287. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-287)**
Rennie, Ellie (22 April 2024). "Climate Change and the Legitimacy of Bitcoin: Legitimacy and Delegitimisation in Relation to Distributed Ledgers". *Cryptoeconomic Systems*. **3** (1). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.21428/58320208.d891046f](https://doi.org/10.21428%2F58320208.d891046f).
288. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-288)** [Want to make money off Bitcoin mining? Hint: Don't mine](https://theweek.com/article/index/242753/want-to-make-money-off-bitcoin-mining-hint-dont-mine) [Archived](https://web.archive.org/web/20140505181855/http://theweek.com/article/index/242753/want-to-make-money-off-bitcoin-mining-hint-dont-mine) 5 May 2014 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine"), *The Week*, 15 April 2013
289. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-289)** [Keeping Your Cryptocurrency Safe](http://c4ss.org/content/25638) [Archived](https://web.archive.org/web/20140712235229/http://c4ss.org/content/25638) 12 July 2014 at the [Wayback Machine](https://en.wikipedia.org/wiki/Wayback_Machine "Wayback Machine"), Center for a Stateless Society, 1 April 2014
290. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-290)**
Hertig, Alyssa (15 September 2015). ["Introducing Ledger, the First Bitcoin-Only Academic Journal"](https://www.vice.com/en/article/introducing-ledger-the-first-bitcoin-only-academic-journal/). *Motherboard*. [Archived](https://web.archive.org/web/20170110172807/http://motherboard.vice.com/read/introducing-ledger-the-first-bitcoin-only-academic-journal) from the original on 10 January 2017.
291. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-291)**
["Editorial Policies"](https://web.archive.org/web/20161223135741/http://www.ledgerjournal.org/ojs/index.php/ledger/about/editorialPolicies#custom-0). *ledgerjournal.org*. Archived from [the original](http://ledgerjournal.org/ojs/index.php/ledger/about/editorialPolicies#custom-0) on 23 December 2016. Retrieved 24 September 2015.
292. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-292)**
Rizun, Peter R.; Wilmer, Christopher E.; Burley, Richard Ford; Miller, Andrew (2015). ["How to Write and Format an Article for Ledger"](http://ledger.pitt.edu/ojs/public/journals/1/AuthorGuide.pdf) (PDF). *[Ledger](https://en.wikipedia.org/wiki/Ledger_\(journal\) "Ledger (journal)")*. **1** (1): 1–12\. [Archived](https://web.archive.org/web/20150922190603/http://ledger.pitt.edu/ojs/public/journals/1/AuthorGuide.pdf) (PDF) from the original on 22 September 2015.
293. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-ibtimesunicef_293-0)**
Mendoza, Ron (14 October 2019). ["UNICEF Blockchain Fund: First UN organization To Accept Cryptocurrency Donations"](https://www.ibtimes.com/unicef-blockchain-fund-first-un-organization-accept-cryptocurrency-donations-2845332). *IB Times*. [Archived](https://web.archive.org/web/20191014071136/https://www.ibtimes.com/unicef-blockchain-fund-first-un-organization-accept-cryptocurrency-donations-2845332) from the original on 14 October 2019. Retrieved 14 October 2019.
294. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-294)**
["UNICEF launches Cryptocurrency Fund"](https://www.unicef.org/press-releases/unicef-launches-cryptocurrency-fund). *www.unicef.org*. 9 October 2019. [Archived](https://web.archive.org/web/20191102011325/https://www.unicef.org/press-releases/unicef-launches-cryptocurrency-fund) from the original on 2 November 2019. Retrieved 1 November 2019.
295. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-295)**
Doshi, Vidhi (9 October 2019). ["Unicef now accepting donations through bitcoin and ether"](https://www.theguardian.com/global-development/2019/oct/09/unicef-now-accepting-donations-through-bitcoin-and-ether). *The Guardian*. [Archived](https://web.archive.org/web/20201028034637/https://www.theguardian.com/global-development/2019/oct/09/unicef-now-accepting-donations-through-bitcoin-and-ether) from the original on 28 October 2020. Retrieved 22 October 2020.
296. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-296)**
Murray, Allison (2 March 2022). ["Charities are turning to bitcoin and NFTs to raise money. Not everyone thinks it's a great idea"](https://www.zdnet.com/finance/blockchain/charities-are-turning-to-cryptocurrencies-and-nfts-not-everyone-thinks-its-a-great-idea/). *ZDNet*. [Archived](https://web.archive.org/web/20220512070349/https://www.zdnet.com/finance/blockchain/charities-are-turning-to-cryptocurrencies-and-nfts-not-everyone-thinks-its-a-great-idea/) from the original on 12 May 2022. Retrieved 9 May 2022.
297. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-297)**
Martin, Katie; Nauman, Billy (20 May 2021). ["Bitcoin's growing energy problem: 'It's a dirty currency'"](https://www.ft.com/content/1aecb2db-8f61-427c-a413-3b929291c8ac). *Financial Times*. [Archived](https://web.archive.org/web/20220209142620/https://www.ft.com/content/1aecb2db-8f61-427c-a413-3b929291c8ac) from the original on 9 February 2022. Retrieved 8 February 2022.
298. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-298)**
Browne, Ryan (27 February 2022). ["Ukraine government raises over \$10 million in cryptocurrency donations"](https://www.cnbc.com/2022/02/27/ukraine-government-raises-over-10-million-in-cryptocurrency-donations.html). *CNBC*. [Archived](https://web.archive.org/web/20220325115433/https://www.cnbc.com/2022/02/27/ukraine-government-raises-over-10-million-in-cryptocurrency-donations.html) from the original on 25 March 2022. Retrieved 27 February 2022.
299. ^ [***a***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-4Nobels_299-0) [***b***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-4Nobels_299-1) [***c***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-4Nobels_299-2) [***d***](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-4Nobels_299-3)
Wolff-Mann, Ethan (27 April 2018). ["'Only good for drug dealers': More Nobel prize winners snub bitcoin"](https://finance.yahoo.com/news/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html). Yahoo Finance. [Archived](https://web.archive.org/web/20180612141128/https://finance.yahoo.com/news/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html) from the original on 12 June 2018.
300. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-300)**
Frank, Jacqui; Chin, Kara; Ciolli, Joe (15 December 2017). ["Paul Krugman says bitcoin is a bubble"](https://www.businessinsider.com/paul-krugman-says-bitcoin-is-a-bubble-2017-12). *Business Insider*. [Archived](https://web.archive.org/web/20220301153645/https://www.businessinsider.com/paul-krugman-says-bitcoin-is-a-bubble-2017-12) from the original on 1 March 2022. Retrieved 1 March 2022.
301. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Shiller_2014_301-0)**
Shiller, Robert (1 March 2014). ["In Search of a Stable Electronic Currency"](https://www.nytimes.com/2014/03/02/business/in-search-of-a-stable-electronic-currency.html?_r=0). *[The New York Times](https://en.wikipedia.org/wiki/The_New_York_Times "The New York Times")*. [Archived](https://web.archive.org/web/20141024120222/http://www.nytimes.com/2014/03/02/business/in-search-of-a-stable-electronic-currency.html?_r=0) from the original on 24 October 2014.
302. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Stiglitz_302-0)**
Costelloe, Kevin (29 November 2017). ["Bitcoin 'Ought to Be Outlawed,' Nobel Prize Winner Stiglitz Says"](https://www.bloomberg.com/news/articles/2017-11-29/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd). Bloomberg. [Archived](https://web.archive.org/web/20180612224313/https://www.bloomberg.com/news/articles/2017-11-29/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd) from the original on 12 June 2018. "It doesn't serve any socially useful function."
303. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Thaler_303-0)**
["Economics Nobel prize winner, Richard Thaler: 'The market that looks most like a bubble to me is Bitcoin and its brethren'"](https://econews.pt/2018/01/22/economics-nobel-prize-winner-richard-thaler-the-market-that-looks-most-like-a-bubble-to-me-is-bitcoin-and-its-brethren/). ECO Portuguese Economy. 22 January 2018. [Archived](https://web.archive.org/web/20180612140603/https://econews.pt/2018/01/22/economics-nobel-prize-winner-richard-thaler-the-market-that-looks-most-like-a-bubble-to-me-is-bitcoin-and-its-brethren/) from the original on 12 June 2018.
304. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Carstens_304-0)**
["Central banker takes stab at bitcoin 'bubble'"](https://phys.org/news/2018-02-central-banker-stab-bitcoin.html). Phys.org. AFP. 6 February 2018. [Archived](https://web.archive.org/web/20180612143028/https://phys.org/news/2018-02-central-banker-stab-bitcoin.html) from the original on 12 June 2018.
305. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Constancio_305-0)**
["Bitcoin is like Tulipmania, says ECB vice-president"](https://www.ft.com/content/18507a26-9fb4-11e7-8cd4-932067fbf946). The Financial Times. 22 September 2017. [Archived](https://web.archive.org/web/20170930234500/https://www.ft.com/content/18507a26-9fb4-11e7-8cd4-932067fbf946) from the original on 30 September 2017.
306. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Kearns_306-0)**
Kearns, Jeff (4 December 2013). ["Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value"](https://www.bloomberg.com/news/2013-12-04/greenspan-says-bitcoin-a-bubble-without-intrinsic-currency-value.html). *bloomberg.com*. Bloomberg LP. [Archived](https://web.archive.org/web/20131229054844/http://www.bloomberg.com/news/2013-12-04/greenspan-says-bitcoin-a-bubble-without-intrinsic-currency-value.html) from the original on 29 December 2013.
307. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-tulip_mania_307-0)**
Hern, Alex (4 December 2013). ["Bitcoin hype worse than 'tulip mania', says Dutch central banker"](https://www.theguardian.com/technology/2013/dec/04/bitcoin-bubble-tulip-dutch-banker). *The Guardian*. [Archived](https://web.archive.org/web/20170320051840/https://www.theguardian.com/technology/2013/dec/04/bitcoin-bubble-tulip-dutch-banker) from the original on 20 March 2017.
308. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-308)**
Crippen, Alex (14 March 2014). ["Bitcoin? Here's what Warren Buffett is saying"](https://www.cnbc.com/2014/03/14/buffett-blasts-bitcoin-as-mirage-stay-away.html). *CNBC*. [Archived](https://web.archive.org/web/20170113070447/http://www.cnbc.com/2014/03/14/buffett-blasts-bitcoin-as-mirage-stay-away.html) from the original on 13 January 2017. Retrieved 11 January 2017.
309. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-GnMSoros_309-0)**
Porzecanski, Katia (25 January 2018). ["George Soros: Bitcoin is a bubble, Trump is a 'danger to the world'"](https://www.theglobeandmail.com/globe-investor/investment-ideas/george-soros-says-bitcoin-bubble-wont-have-sharp-break-like-others/article37739168/). Globe and Mail. Bloomberg News. [Archived](https://web.archive.org/web/20180609071424/https://www.theglobeandmail.com/globe-investor/investment-ideas/george-soros-says-bitcoin-bubble-wont-have-sharp-break-like-others/article37739168/) from the original on 9 June 2018. Retrieved 7 June 2018.
310. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Yang_Ma_310-0)**
Yang, Yingzhi (18 May 2018). ["There's a bitcoin bubble, says Alibaba executive chairman Jack Ma"](https://www.scmp.com/tech/enterprises/article/2146648/theres-bitcoin-bubble-says-alibaba-executive-chairman-jack-ma). South China Morning Post. [Archived](https://web.archive.org/web/20180610214759/http://www.scmp.com/tech/enterprises/article/2146648/theres-bitcoin-bubble-says-alibaba-executive-chairman-jack-ma) from the original on 10 June 2018. Retrieved 10 June 2018.
311. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-Buffet_and_Dimon_311-0)**
Cheng, Evelyn (7 June 2018). ["Warren Buffett and Jamie Dimon on bitcoin: Beware"](https://www.cnbc.com/2018/06/07/warren-buffett-and-jamie-dimon-on-bitcoin-beware.html). CNBC. [Archived](https://web.archive.org/web/20180609122312/https://www.cnbc.com/2018/06/07/warren-buffett-and-jamie-dimon-on-bitcoin-beware.html) from the original on 9 June 2018. Retrieved 7 June 2018.
312. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-312)**
Kim, Tae (9 January 2018). ["Jamie Dimon says he regrets calling bitcoin a fraud and believes in the technology behind it"](https://www.cnbc.com/2018/01/09/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html). *CNBC*. [Archived](https://web.archive.org/web/20180113085325/https://www.cnbc.com/2018/01/09/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html) from the original on 13 January 2018. Retrieved 31 December 2020.
313. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-313)**
Imbert, Fred (13 October 2017). ["BlackRock CEO Larry Fink calls bitcoin an 'index of money laundering'"](https://www.cnbc.com/2017/10/13/blackrock-ceo-larry-fink-calls-bitcoin-an-index-of-money-laundering.html). *[CNBC](https://en.wikipedia.org/wiki/CNBC "CNBC")*. [Archived](https://web.archive.org/web/20171030202248/https://www.cnbc.com/2017/10/13/blackrock-ceo-larry-fink-calls-bitcoin-an-index-of-money-laundering.html) from the original on 30 October 2017. Retrieved 19 November 2017.
314. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-314)**
Browne, Ryan (15 June 2022). ["Bill Gates says crypto and NFTs are '100% based on greater fool theory'"](https://www.cnbc.com/2022/06/15/bill-gates-says-crypto-and-nfts-are-based-on-greater-fool-theory.html). *[CNBC](https://en.wikipedia.org/wiki/CNBC "CNBC")*. [Archived](https://web.archive.org/web/20220615081326/https://www.cnbc.com/2022/06/15/bill-gates-says-crypto-and-nfts-are-based-on-greater-fool-theory.html) from the original on 15 June 2022. Retrieved 15 June 2022.
315. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-315)**
Müller, Lukas; Ong, Malik (17 February 2020). ["Aktuelles zum Recht der Kryptowährungen"](https://www.alexandria.unisg.ch/259362/1/MUELLER_ONG_AJP_02_2020_198-212.pdf) \[Current state of the law of crypto currencies\] (PDF). *Aktuelle Juristische Praxis / Pratique Juridique Actuelle* (in German) (2). [Archived](https://web.archive.org/web/20220210174829/https://www.alexandria.unisg.ch/259362/1/MUELLER_ONG_AJP_02_2020_198-212.pdf) (PDF) from the original on 10 February 2022. Retrieved 17 February 2023.
316. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-316)**
Baer, Katherine; De Mooij, Ruud; Hebous, Shafik; Keen, Michael (2023). ["Taxing cryptocurrencies"](https://doi.org/10.1093%2Foxrep%2Fgrad035). *[Oxford Review of Economic Policy](https://en.wikipedia.org/wiki/Oxford_Review_of_Economic_Policy "Oxford Review of Economic Policy")*. **39** (3): 478–497\. [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.1093/oxrep/grad035](https://doi.org/10.1093%2Foxrep%2Fgrad035).
317. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-317)**
Emem, Mark (12 June 2019). ["Chinese Bitcoin Trader Commits Suicide after Losing 2,000 BTC on 100x Leverage Bet"](https://www.ccn.com/bitcoin-margin-100x-leverage-trader-suicide/). *CCN.com*. Retrieved 31 October 2025.
318. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-318)**
Evans, Holly; Sharman, Laura (17 February 2022). ["Bitcoin trader, 23, takes own life after break-up and losing all his money"](https://www.mirror.co.uk/news/uk-news/heartbroken-man-took-life-after-26260173). *Mirror*. [Archived](https://web.archive.org/web/20220502035724/https://www.mirror.co.uk/news/uk-news/heartbroken-man-took-life-after-26260173) from the original on 2 May 2022. Retrieved 2 May 2022.
319. **[^](https://en.wikipedia.org/wiki/Cryptocurrency#cite_ref-319)**
Sarlin, Jon (17 May 2022). ["Stablecoins were supposed to be 'stable.' Then the crash came"](https://www.cnn.com/2022/05/17/investing/luna-terra-losses-crypto-traders/index.html). CNN. [Archived](https://web.archive.org/web/20220529222016/https://www.cnn.com/2022/05/17/investing/luna-terra-losses-crypto-traders/index.html) from the original on 29 May 2022. Retrieved 30 May 2022.
Further reading
- Chayka, Kyle (2 July 2013). ["What Comes After Bitcoin?"](https://psmag.com/economics/what-comes-after-bitcoin-future-of-cryptocurrency-61660). *Pacific Standard*. Retrieved 18 January 2014.
- Guadamuz, Andres; Marsden, Chris (2015). ["Blockchains and Bitcoin: Regulatory Responses to Cryptocurrencies"](http://sro.sussex.ac.uk/id/eprint/58872/1/bitcoin.pdf) (PDF). *First Monday*. **20** (12). [doi](https://en.wikipedia.org/wiki/Doi_\(identifier\) "Doi (identifier)"):[10\.5210/fm.v20i12.6198](https://doi.org/10.5210%2Ffm.v20i12.6198). [S2CID](https://en.wikipedia.org/wiki/S2CID_\(identifier\) "S2CID (identifier)") [811921](https://api.semanticscholar.org/CorpusID:811921).
- Haynie, Dana L.; Duxbury, Scott W. (2024). "[Online Illegal Cryptomarkets](https://www.annualreviews.org/content/journals/10.1146/annurev-soc-090523-052916)". *Annual Review of Sociology*.
- [Jed S. Rakoff](https://en.wikipedia.org/wiki/Jed_S._Rakoff "Jed S. Rakoff"), "It's a Racket!", *[The New York Review of Books](https://en.wikipedia.org/wiki/The_New_York_Review_of_Books "The New York Review of Books")*, vol.LXXII, no. 20 (18 December 2025), pp. 61–62. "Cryptocurrency ... has often become a vehicle for [fraud](https://en.wikipedia.org/wiki/Fraud "Fraud") and [criminality](https://en.wikipedia.org/wiki/Criminality "Criminality"). ... The only way a cryptocurrency investor could make money was by selling his tokens when their price rose. And such selling, untethered to any underlying economic reality, could cause the price of [Bitcoin](https://en.wikipedia.org/wiki/Bitcoin "Bitcoin") to fall rapidly, as it did ... in 2022, leading to billions of dollars in losses." (p. 61.)
External links |
| Shard | 152 (laksa) |
| Root Hash | 17790707453426894952 |
| Unparsed URL | org,wikipedia!en,/wiki/Cryptocurrency s443 |