A digital asset, or currency. Strong encryption techniques are used to control how units of cryptocurrency are created and to verify transactions. Cryptocurrencies generally operate independently of a central bank, central authority or government. It can be exchanged for goods and services by those willing to accept it.

It's considered pseudo-anonymous. Every Bitcoin transaction is captured on the blockchain, which is a public ledger of transactions similar to what you would find in an accountant's office. It's an electronic record of every transaction, which includes details such as the amount sent and the addresses involved. But the owner's identity is never displayed. Many cyber criminals use cryptocurrency due to its pseudo-anonymity.

» English Glossary