cryptocurrency

Cryptocurrencies use cryptographic methods to create cash-like digital currencies that are (usually) without central control. Most make use of blockchain to enable distrubuted updates of a complete log of all past transactions, and some form of consensus to ensure that new transactions are recorded permananetly and indelibly. Most cryptocurrencies have no underlying value beyond the belief of those using them, but some, called stablecoins, are backed by regular currency or commodities.

Cryptocurrencies are often seen as a libertarian (or anarchistic) alternative to 'fiat' currencies of indivdual states, thus by-passing much of the state control of regular banking. However, they have also become the means for virtually untracable transactions facilitating money laundering, extortion and other criminal activities. Some states, notably China, have controlled or prohibited cryptocurrencies, in part to protect citizens and in part their own power over cash.