A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.
The anonymous nature of cryptocurrency transactions makes them well-suited for a host of nefarious activities, such as money laundering and tax evasion.
The first cryptocurrency to capture the public imagination was Bitcoin, which was launched in 2009 by a group known under the pseudonym Satoshi Nakamoto. As of September 2017, there were over 16.5 million bitcoins in circulation with a total market value of $70 billion. Bitcoin's success has spawned a number of competing cryptocurrencies, such as Etherium, Litecoin, Ripple, DASH.