Cryptocurrency is a digital form of currency that utilizes cryptography for security purposes

 The creation and management of cryptocurrency operates on blockchain technology, which serves as a decentralized ledger system to track transactions and to prevent the same coin from being spent twice.

This form of currency is often associated with the internet that uses cryptography, the process of converting legible information into an uncrackable code, to track purchases and transfers. The cryptography also makes it extremely hard to counterfeit or double-spend.

Bitcoin, created in 2009, was the first cryptocurrency and remains the best-known. Today there are over a thousand cryptocurrencies available over the internet and new ones are being created all the time.

Cryptocurrency is attractive to many for its promise of being able to transact and store value outside the traditional banking system, offering increased anonymity, security and resistance to inflation. However, these same characteristics make it a favorable tool for illicit activities, which has brought it under the scrutiny of regulators worldwide.