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class="vector-toc-list"> <li id="toc-Altcoins" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Altcoins"> <div class="vector-toc-text"> 2.1 Altcoins </div> </a> <ul id="toc-Altcoins-sublist" class="vector-toc-list"> <li id="toc-Stablecoins" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Stablecoins"> <div class="vector-toc-text"> 2.1.1 Stablecoins </div> </a> <ul id="toc-Stablecoins-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Memecoins" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Memecoins"> <div class="vector-toc-text"> 2.1.2 Memecoins </div> </a> <ul id="toc-Memecoins-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Physical_crypto" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Physical_crypto"> <div class="vector-toc-text"> 3 Physical crypto </div> </a> <ul id="toc-Physical_crypto-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Architecture" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Architecture"> <div class="vector-toc-text"> 4 Architecture </div> </a> <button aria-controls="toc-Architecture-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Architecture subsection </button> <ul id="toc-Architecture-sublist" class="vector-toc-list"> <li id="toc-Blockchain" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Blockchain"> <div class="vector-toc-text"> 4.1 Blockchain </div> </a> <ul id="toc-Blockchain-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Nodes" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Nodes"> <div class="vector-toc-text"> 4.2 Nodes </div> </a> <ul id="toc-Nodes-sublist" class="vector-toc-list"> <li id="toc-Timestamping" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Timestamping"> <div class="vector-toc-text"> 4.2.1 Timestamping </div> </a> <ul id="toc-Timestamping-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Mining" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Mining"> <div class="vector-toc-text"> 4.3 Mining </div> </a> <ul id="toc-Mining-sublist" class="vector-toc-list"> <li id="toc-GPU_price_rise" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#GPU_price_rise"> <div class="vector-toc-text"> 4.3.1 GPU price rise </div> </a> <ul id="toc-GPU_price_rise-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Mining_accelerator_chips" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Mining_accelerator_chips"> <div class="vector-toc-text"> 4.3.2 Mining accelerator chips </div> </a> <ul id="toc-Mining_accelerator_chips-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Wallets" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Wallets"> <div class="vector-toc-text"> 4.4 Wallets </div> </a> <ul id="toc-Wallets-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Anonymity" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Anonymity"> <div class="vector-toc-text"> 4.5 Anonymity </div> </a> <ul id="toc-Anonymity-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Economics" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Economics"> <div class="vector-toc-text"> 5 Economics </div> </a> <button aria-controls="toc-Economics-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Economics subsection </button> <ul id="toc-Economics-sublist" class="vector-toc-list"> <li id="toc-Block_rewards" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Block_rewards"> <div class="vector-toc-text"> 5.1 Block rewards </div> </a> <ul id="toc-Block_rewards-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Transaction_fees" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Transaction_fees"> <div class="vector-toc-text"> 5.2 Transaction fees </div> </a> <ul id="toc-Transaction_fees-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Exchanges" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Exchanges"> <div class="vector-toc-text"> 5.3 Exchanges </div> </a> <ul id="toc-Exchanges-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Atomic_swaps" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Atomic_swaps"> <div class="vector-toc-text"> 5.4 Atomic swaps </div> </a> <ul id="toc-Atomic_swaps-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-ATMs" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#ATMs"> <div class="vector-toc-text"> 5.5 ATMs </div> </a> <ul id="toc-ATMs-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Initial_coin_offerings" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Initial_coin_offerings"> <div class="vector-toc-text"> 5.6 Initial coin offerings </div> </a> <ul id="toc-Initial_coin_offerings-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Price_trends" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Price_trends"> <div class="vector-toc-text"> 5.7 Price trends </div> </a> <ul id="toc-Price_trends-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Volatility" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Volatility"> <div class="vector-toc-text"> 5.8 Volatility </div> </a> <ul id="toc-Volatility-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Databases" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Databases"> <div class="vector-toc-text"> 5.9 Databases </div> </a> <ul id="toc-Databases-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Social_and_political_aspects" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Social_and_political_aspects"> <div class="vector-toc-text"> 6 Social and political aspects </div> </a> <ul id="toc-Social_and_political_aspects-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Regulation" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Regulation"> <div class="vector-toc-text"> 7 Regulation </div> </a> <button aria-controls="toc-Regulation-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Regulation subsection </button> <ul id="toc-Regulation-sublist" class="vector-toc-list"> <li id="toc-China" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#China"> <div class="vector-toc-text"> 7.1 China </div> </a> <ul id="toc-China-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Cook_Islands" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Cook_Islands"> <div class="vector-toc-text"> 7.2 Cook Islands </div> </a> <ul id="toc-Cook_Islands-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-El_Salvador" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#El_Salvador"> <div class="vector-toc-text"> 7.3 El Salvador </div> </a> <ul id="toc-El_Salvador-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-EU" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#EU"> <div class="vector-toc-text"> 7.4 EU </div> </a> <ul id="toc-EU-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-India" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#India"> <div class="vector-toc-text"> 7.5 India </div> </a> <ul id="toc-India-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Singapore" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Singapore"> <div class="vector-toc-text"> 7.6 Singapore </div> </a> <ul id="toc-Singapore-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-South_Africa" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#South_Africa"> <div class="vector-toc-text"> 7.7 South Africa </div> </a> <ul id="toc-South_Africa-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-South_Korea" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#South_Korea"> <div class="vector-toc-text"> 7.8 South Korea </div> </a> <ul id="toc-South_Korea-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Switzerland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Switzerland"> <div class="vector-toc-text"> 7.9 Switzerland </div> </a> <ul id="toc-Switzerland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Turkey" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Turkey"> <div class="vector-toc-text"> 7.10 Turkey </div> </a> <ul id="toc-Turkey-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_Arab_Emirates" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_Arab_Emirates"> <div class="vector-toc-text"> 7.11 United Arab Emirates </div> </a> <ul id="toc-United_Arab_Emirates-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_Kingdom" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_Kingdom"> <div class="vector-toc-text"> 7.12 United Kingdom </div> </a> <ul id="toc-United_Kingdom-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_States" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_States"> <div class="vector-toc-text"> 7.13 United States </div> </a> <ul id="toc-United_States-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Legality" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Legality"> <div class="vector-toc-text"> 8 Legality </div> </a> <button aria-controls="toc-Legality-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Legality subsection </button> <ul id="toc-Legality-sublist" class="vector-toc-list"> <li id="toc-Advertising_bans" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Advertising_bans"> <div class="vector-toc-text"> 8.1 Advertising bans </div> </a> <ul id="toc-Advertising_bans-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-U.S._tax_status" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#U.S._tax_status"> <div class="vector-toc-text"> 8.2 U.S. tax status </div> </a> <ul id="toc-U.S._tax_status-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Legal_concerns_relating_to_an_unregulated_global_economy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Legal_concerns_relating_to_an_unregulated_global_economy"> <div class="vector-toc-text"> 8.3 Legal concerns relating to an unregulated global economy </div> </a> <ul id="toc-Legal_concerns_relating_to_an_unregulated_global_economy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Loss,_theft,_and_fraud" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Loss,_theft,_and_fraud"> <div class="vector-toc-text"> 8.4 Loss, theft, and fraud </div> </a> <ul id="toc-Loss,_theft,_and_fraud-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Money_laundering" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Money_laundering"> <div class="vector-toc-text"> 8.5 Money laundering </div> </a> <ul id="toc-Money_laundering-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Darknet_markets" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Darknet_markets"> <div class="vector-toc-text"> 8.6 Darknet markets </div> </a> <ul id="toc-Darknet_markets-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Wash_trades" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Wash_trades"> <div class="vector-toc-text"> 8.7 Wash trades </div> </a> <ul id="toc-Wash_trades-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-As_a_tool_to_evade_sanctions" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#As_a_tool_to_evade_sanctions"> <div class="vector-toc-text"> 8.8 As a tool to evade sanctions </div> </a> <ul id="toc-As_a_tool_to_evade_sanctions-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Impacts_and_analysis" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Impacts_and_analysis"> <div class="vector-toc-text"> 9 Impacts and analysis </div> </a> <button aria-controls="toc-Impacts_and_analysis-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Impacts and analysis subsection </button> <ul id="toc-Impacts_and_analysis-sublist" class="vector-toc-list"> <li id="toc-Speculation,_fraud,_and_adoption" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Speculation,_fraud,_and_adoption"> <div class="vector-toc-text"> 9.1 Speculation, fraud, and adoption </div> </a> <ul id="toc-Speculation,_fraud,_and_adoption-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Non-fungible_tokens" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Non-fungible_tokens"> <div class="vector-toc-text"> 9.2 Non-fungible tokens </div> </a> <ul id="toc-Non-fungible_tokens-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Banks" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Banks"> <div class="vector-toc-text"> 9.3 Banks </div> </a> <ul id="toc-Banks-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Environmental_effects" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Environmental_effects"> <div class="vector-toc-text"> 9.4 Environmental effects </div> </a> <ul id="toc-Environmental_effects-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Technological_limitations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Technological_limitations"> <div class="vector-toc-text"> 9.5 Technological limitations </div> </a> <ul id="toc-Technological_limitations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Academic_studies" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Academic_studies"> <div class="vector-toc-text"> 9.6 Academic studies </div> </a> <ul id="toc-Academic_studies-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Aid_agencies" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Aid_agencies"> <div class="vector-toc-text"> 9.7 Aid agencies </div> </a> <ul id="toc-Aid_agencies-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Criticism" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Criticism"> <div class="vector-toc-text"> 9.8 Criticism </div> </a> <ul id="toc-Criticism-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> 10 See also </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> 11 Notes </div> </a> <ul id="toc-Notes-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> 12 References </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> 13 Further reading </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> 14 External links </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" > Toggle the table of contents </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading">Cryptocurrency</h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 102 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-102" aria-hidden="true" > 102 languages </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-af mw-list-item"><a href="https://af.wikipedia.org/wiki/Kriptogeld" title="Kriptogeld – Afrikaans" lang="af" hreflang="af" data-title="Kriptogeld" data-language-autonym="Afrikaans" data-language-local-name="Afrikaans" class="interlanguage-link-target">Afrikaans</a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B9%D9%85%D9%84%D8%A9_%D9%85%D8%B9%D9%85%D8%A7%D8%A9" title="عملة معماة – Arabic" lang="ar" hreflang="ar" data-title="عملة معماة" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target">العربية</a></li><li class="interlanguage-link interwiki-awa mw-list-item"><a href="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" title="आभासी मुद्रा – Awadhi" lang="awa" hreflang="awa" data-title="आभासी मुद्रा" data-language-autonym="अवधी" data-language-local-name="Awadhi" class="interlanguage-link-target">अवधी</a></li><li class="interlanguage-link interwiki-ay mw-list-item"><a href="https://ay.wikipedia.org/wiki/Cryptocurrency" title="Cryptocurrency – Aymara" lang="ay" hreflang="ay" data-title="Cryptocurrency" data-language-autonym="Aymar aru" data-language-local-name="Aymara" class="interlanguage-link-target">Aymar aru</a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Kriptovalyuta" title="Kriptovalyuta – Azerbaijani" lang="az" hreflang="az" data-title="Kriptovalyuta" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target">Azərbaycanca</a></li><li class="interlanguage-link interwiki-azb mw-list-item"><a href="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" title="کریپتو وارلیق – South Azerbaijani" lang="azb" hreflang="azb" data-title="کریپتو وارلیق" data-language-autonym="تۆرکجه" data-language-local-name="South Azerbaijani" class="interlanguage-link-target">تۆرکجه</a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="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" title="গুপ্তমুদ্রা – Bangla" lang="bn" hreflang="bn" data-title="গুপ্তমুদ্রা" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target">বাংলা</a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/%C3%80m-b%C3%A9_thong-h%C3%B2e" title="Àm-bé thong-hòe – Minnan" lang="nan" hreflang="nan" data-title="Àm-bé thong-hòe" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target">閩南語 / Bân-lâm-gú</a></li><li class="interlanguage-link interwiki-ba mw-list-item"><a href="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" title="Криптовалюта – Bashkir" lang="ba" hreflang="ba" data-title="Криптовалюта" data-language-autonym="Башҡортса" data-language-local-name="Bashkir" class="interlanguage-link-target">Башҡортса</a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="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" title="Крыптавалюта – Belarusian" lang="be" hreflang="be" data-title="Крыптавалюта" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target">Беларуская</a></li><li class="interlanguage-link interwiki-be-x-old mw-list-item"><a href="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" title="Крыптавалюта – Belarusian (Taraškievica orthography)" lang="be-tarask" hreflang="be-tarask" data-title="Крыптавалюта" data-language-autonym="Беларуская (тарашкевіца)" data-language-local-name="Belarusian (Taraškievica orthography)" class="interlanguage-link-target">Беларуская (тарашкевіца)</a></li><li class="interlanguage-link interwiki-bh mw-list-item"><a href="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" title="क्रिप्टोकरेंसी – Bhojpuri" lang="bh" hreflang="bh" data-title="क्रिप्टोकरेंसी" data-language-autonym="भोजपुरी" data-language-local-name="Bhojpuri" class="interlanguage-link-target">भोजपुरी</a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="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" title="Криптовалута – Bulgarian" lang="bg" hreflang="bg" data-title="Криптовалута" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target">Български</a></li><li class="interlanguage-link interwiki-bs mw-list-item"><a href="https://bs.wikipedia.org/wiki/Kriptovaluta" title="Kriptovaluta – Bosnian" lang="bs" hreflang="bs" data-title="Kriptovaluta" data-language-autonym="Bosanski" data-language-local-name="Bosnian" class="interlanguage-link-target">Bosanski</a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Criptomoneda" title="Criptomoneda – Catalan" lang="ca" hreflang="ca" data-title="Criptomoneda" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target">Català</a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Kryptom%C4%9Bna" title="Kryptoměna – Czech" lang="cs" hreflang="cs" data-title="Kryptoměna" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target">Čeština</a></li><li class="interlanguage-link interwiki-cy mw-list-item"><a href="https://cy.wikipedia.org/wiki/Crypto-cyfred" title="Crypto-cyfred – Welsh" lang="cy" hreflang="cy" data-title="Crypto-cyfred" data-language-autonym="Cymraeg" data-language-local-name="Welsh" class="interlanguage-link-target">Cymraeg</a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Kryptovaluta" title="Kryptovaluta – Danish" lang="da" hreflang="da" data-title="Kryptovaluta" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target">Dansk</a></li><li class="interlanguage-link interwiki-ary mw-list-item"><a href="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" title="كريپطوصولدي – Moroccan Arabic" lang="ary" hreflang="ary" data-title="كريپطوصولدي" data-language-autonym="الدارجة" data-language-local-name="Moroccan Arabic" class="interlanguage-link-target">الدارجة</a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Kryptow%C3%A4hrung" title="Kryptowährung – German" lang="de" hreflang="de" data-title="Kryptowährung" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target">Deutsch</a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Kr%C3%BCptoraha" title="Krüptoraha – Estonian" lang="et" hreflang="et" data-title="Krüptoraha" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target">Eesti</a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="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" title="Κρυπτονόμισμα – Greek" lang="el" hreflang="el" data-title="Κρυπτονόμισμα" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target">Ελληνικά</a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Criptomoneda" title="Criptomoneda – Spanish" lang="es" hreflang="es" data-title="Criptomoneda" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target">Español</a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/%C4%88ifrovaluto" title="Ĉifrovaluto – Esperanto" lang="eo" hreflang="eo" data-title="Ĉifrovaluto" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target">Esperanto</a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Kriptodiru" title="Kriptodiru – Basque" lang="eu" hreflang="eu" data-title="Kriptodiru" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target">Euskara</a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B1%D9%85%D8%B2%D8%A7%D8%B1%D8%B2" title="رمزارز – Persian" lang="fa" hreflang="fa" data-title="رمزارز" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target">فارسی</a></li><li class="interlanguage-link interwiki-fo mw-list-item"><a href="https://fo.wikipedia.org/wiki/Kryptovaluta" title="Kryptovaluta – Faroese" lang="fo" hreflang="fo" data-title="Kryptovaluta" data-language-autonym="Føroyskt" data-language-local-name="Faroese" class="interlanguage-link-target">Føroyskt</a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Cryptomonnaie" title="Cryptomonnaie – French" lang="fr" hreflang="fr" data-title="Cryptomonnaie" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target">Français</a></li><li class="interlanguage-link interwiki-fy mw-list-item"><a href="https://fy.wikipedia.org/wiki/Kryptofaluta" title="Kryptofaluta – Western Frisian" lang="fy" hreflang="fy" data-title="Kryptofaluta" data-language-autonym="Frysk" data-language-local-name="Western Frisian" class="interlanguage-link-target">Frysk</a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/Criptea-airgeadra" title="Criptea-airgeadra – Irish" lang="ga" hreflang="ga" data-title="Criptea-airgeadra" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target">Gaeilge</a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Criptomoeda" title="Criptomoeda – Galician" lang="gl" hreflang="gl" data-title="Criptomoeda" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target">Galego</a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%95%94%ED%98%B8%ED%99%94%ED%8F%90" title="암호화폐 – Korean" lang="ko" hreflang="ko" data-title="암호화폐" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target">한국어</a></li><li class="interlanguage-link interwiki-ha mw-list-item"><a href="https://ha.wikipedia.org/wiki/Cryptocurrency" title="Cryptocurrency – Hausa" lang="ha" hreflang="ha" data-title="Cryptocurrency" data-language-autonym="Hausa" data-language-local-name="Hausa" class="interlanguage-link-target">Hausa</a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="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" title="Կրիպտոարժույթ – Armenian" lang="hy" hreflang="hy" data-title="Կրիպտոարժույթ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target">Հայերեն</a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="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" title="क्रिप्टो मुद्रा – Hindi" lang="hi" hreflang="hi" data-title="क्रिप्टो मुद्रा" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target">हिन्दी</a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Kriptovaluta" title="Kriptovaluta – Croatian" lang="hr" hreflang="hr" data-title="Kriptovaluta" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target">Hrvatski</a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Mata_uang_kripto" title="Mata uang kripto – Indonesian" lang="id" hreflang="id" data-title="Mata uang kripto" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target">Bahasa Indonesia</a></li><li class="interlanguage-link interwiki-ia mw-list-item"><a href="https://ia.wikipedia.org/wiki/Cryptomoneta" title="Cryptomoneta – Interlingua" lang="ia" hreflang="ia" data-title="Cryptomoneta" data-language-autonym="Interlingua" data-language-local-name="Interlingua" class="interlanguage-link-target">Interlingua</a></li><li class="interlanguage-link interwiki-ie mw-list-item"><a href="https://ie.wikipedia.org/wiki/Criptomon%C3%A9" title="Criptomoné – Interlingue" lang="ie" hreflang="ie" data-title="Criptomoné" data-language-autonym="Interlingue" data-language-local-name="Interlingue" class="interlanguage-link-target">Interlingue</a></li><li class="interlanguage-link interwiki-zu mw-list-item"><a href="https://zu.wikipedia.org/wiki/INkecesomane" title="INkecesomane – Zulu" lang="zu" hreflang="zu" data-title="INkecesomane" data-language-autonym="IsiZulu" data-language-local-name="Zulu" class="interlanguage-link-target">IsiZulu</a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Rafmynt" title="Rafmynt – Icelandic" lang="is" hreflang="is" data-title="Rafmynt" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target">Íslenska</a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Criptovaluta" title="Criptovaluta – Italian" lang="it" hreflang="it" data-title="Criptovaluta" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target">Italiano</a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%9E%D7%98%D7%91%D7%A2_%D7%9E%D7%91%D7%95%D7%96%D7%A8" title="מטבע מבוזר – Hebrew" lang="he" hreflang="he" data-title="מטבע מבוזר" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target">עברית</a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="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" title="ಕ್ರಿಪ್ಟೋಕರೆನ್ಸಿ – Kannada" lang="kn" hreflang="kn" data-title="ಕ್ರಿಪ್ಟೋಕರೆನ್ಸಿ" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target">ಕನ್ನಡ</a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="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" title="კრიპტოვალუტა – Georgian" lang="ka" hreflang="ka" data-title="კრიპტოვალუტა" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target">ქართული</a></li><li class="interlanguage-link interwiki-sw mw-list-item"><a href="https://sw.wikipedia.org/wiki/Cryptocurrency" title="Cryptocurrency – Swahili" lang="sw" hreflang="sw" data-title="Cryptocurrency" data-language-autonym="Kiswahili" data-language-local-name="Swahili" class="interlanguage-link-target">Kiswahili</a></li><li class="interlanguage-link interwiki-ku mw-list-item"><a href="https://ku.wikipedia.org/wiki/Perey%C3%AA_kr%C3%AEpto" title="Pereyê krîpto – Kurdish" lang="ku" hreflang="ku" data-title="Pereyê krîpto" data-language-autonym="Kurdî" data-language-local-name="Kurdish" class="interlanguage-link-target">Kurdî</a></li><li class="interlanguage-link interwiki-lo mw-list-item"><a href="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" title="ຄຣິບໂຕເຄີເຣນຊີ – Lao" lang="lo" hreflang="lo" data-title="ຄຣິບໂຕເຄີເຣນຊີ" data-language-autonym="ລາວ" data-language-local-name="Lao" class="interlanguage-link-target">ລາວ</a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Kriptonauda" title="Kriptonauda – Latvian" lang="lv" hreflang="lv" data-title="Kriptonauda" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target">Latviešu</a></li><li class="interlanguage-link interwiki-lb mw-list-item"><a href="https://lb.wikipedia.org/wiki/Kryptow%C3%A4rung" title="Kryptowärung – Luxembourgish" lang="lb" hreflang="lb" data-title="Kryptowärung" data-language-autonym="Lëtzebuergesch" data-language-local-name="Luxembourgish" class="interlanguage-link-target">Lëtzebuergesch</a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Kriptovaliuta" title="Kriptovaliuta – Lithuanian" lang="lt" hreflang="lt" data-title="Kriptovaliuta" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target">Lietuvių</a></li><li class="interlanguage-link interwiki-lmo mw-list-item"><a href="https://lmo.wikipedia.org/wiki/Criptodanee" title="Criptodanee – Lombard" lang="lmo" hreflang="lmo" data-title="Criptodanee" data-language-autonym="Lombard" data-language-local-name="Lombard" class="interlanguage-link-target">Lombard</a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Kriptovaluta" title="Kriptovaluta – Hungarian" lang="hu" hreflang="hu" data-title="Kriptovaluta" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target">Magyar</a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="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" title="Криптовалута – Macedonian" lang="mk" hreflang="mk" data-title="Криптовалута" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target">Македонски</a></li><li class="interlanguage-link interwiki-ml mw-list-item"><a href="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" title="ക്രിപ്റ്റോകറൻസികൾ – Malayalam" lang="ml" hreflang="ml" data-title="ക്രിപ്റ്റോകറൻസികൾ" data-language-autonym="മലയാളം" data-language-local-name="Malayalam" class="interlanguage-link-target">മലയാളം</a></li><li class="interlanguage-link interwiki-mr mw-list-item"><a href="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" title="क्रिप्टोकरन्सी – Marathi" lang="mr" hreflang="mr" data-title="क्रिप्टोकरन्सी" data-language-autonym="मराठी" data-language-local-name="Marathi" class="interlanguage-link-target">मराठी</a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Mata_wang_kripto" title="Mata wang kripto – Malay" lang="ms" hreflang="ms" data-title="Mata wang kripto" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target">Bahasa Melayu</a></li><li class="interlanguage-link interwiki-mn mw-list-item"><a href="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" title="Криптовалют – Mongolian" lang="mn" hreflang="mn" data-title="Криптовалют" data-language-autonym="Монгол" data-language-local-name="Mongolian" class="interlanguage-link-target">Монгол</a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Cryptogeld" title="Cryptogeld – Dutch" lang="nl" hreflang="nl" data-title="Cryptogeld" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target">Nederlands</a></li><li class="interlanguage-link interwiki-nds-nl mw-list-item"><a href="https://nds-nl.wikipedia.org/wiki/Cryptogeld" title="Cryptogeld – Low Saxon" lang="nds-NL" hreflang="nds-NL" data-title="Cryptogeld" data-language-autonym="Nedersaksies" data-language-local-name="Low Saxon" class="interlanguage-link-target">Nedersaksies</a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="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" title="क्रिप्टो मुद्रा – Nepali" lang="ne" hreflang="ne" data-title="क्रिप्टो मुद्रा" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target">नेपाली</a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E6%9A%97%E5%8F%B7%E9%80%9A%E8%B2%A8" title="暗号通貨 – Japanese" lang="ja" hreflang="ja" data-title="暗号通貨" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target">日本語</a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Kryptovaluta" title="Kryptovaluta – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Kryptovaluta" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target">Norsk bokmål</a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Kryptovaluta" title="Kryptovaluta – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Kryptovaluta" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target">Norsk nynorsk</a></li><li class="interlanguage-link interwiki-oc mw-list-item"><a href="https://oc.wikipedia.org/wiki/Criptomoneda" title="Criptomoneda – Occitan" lang="oc" hreflang="oc" data-title="Criptomoneda" data-language-autonym="Occitan" data-language-local-name="Occitan" class="interlanguage-link-target">Occitan</a></li><li class="interlanguage-link interwiki-pa mw-list-item"><a href="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" title="ਕ੍ਰਿਪਟੋਕਰੰਸੀ – Punjabi" lang="pa" hreflang="pa" data-title="ਕ੍ਰਿਪਟੋਕਰੰਸੀ" data-language-autonym="ਪੰਜਾਬੀ" data-language-local-name="Punjabi" class="interlanguage-link-target">ਪੰਜਾਬੀ</a></li><li class="interlanguage-link interwiki-pnb mw-list-item"><a href="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" title="کریپٹو کرنسی – Western Punjabi" lang="pnb" hreflang="pnb" data-title="کریپٹو کرنسی" data-language-autonym="پنجابی" data-language-local-name="Western Punjabi" class="interlanguage-link-target">پنجابی</a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D9%85%D8%AC%D8%A7%D8%B2%D9%8A_%D9%BE%D9%8A%D8%B3%DB%90" title="مجازي پيسې – Pashto" lang="ps" hreflang="ps" data-title="مجازي پيسې" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target">پښتو</a></li><li class="interlanguage-link interwiki-km mw-list-item"><a href="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" title="គ្រីបតូខឺរេនស៊ី – Khmer" lang="km" hreflang="km" data-title="គ្រីបតូខឺរេនស៊ី" data-language-autonym="ភាសាខ្មែរ" data-language-local-name="Khmer" class="interlanguage-link-target">ភាសាខ្មែរ</a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Kryptowaluta" title="Kryptowaluta – Polish" lang="pl" hreflang="pl" data-title="Kryptowaluta" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target">Polski</a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Criptomoeda" title="Criptomoeda – Portuguese" lang="pt" hreflang="pt" data-title="Criptomoeda" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target">Português</a></li><li class="interlanguage-link interwiki-kaa mw-list-item"><a href="https://kaa.wikipedia.org/wiki/Kriptovalyuta" title="Kriptovalyuta – Kara-Kalpak" lang="kaa" hreflang="kaa" data-title="Kriptovalyuta" data-language-autonym="Qaraqalpaqsha" data-language-local-name="Kara-Kalpak" class="interlanguage-link-target">Qaraqalpaqsha</a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Criptomoned%C4%83" title="Criptomonedă – Romanian" lang="ro" hreflang="ro" data-title="Criptomonedă" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target">Română</a></li><li class="interlanguage-link interwiki-qu mw-list-item"><a href="https://qu.wikipedia.org/wiki/Ukhulli_ka%C3%B1ina" title="Ukhulli kañina – Quechua" lang="qu" hreflang="qu" data-title="Ukhulli kañina" data-language-autonym="Runa Simi" data-language-local-name="Quechua" class="interlanguage-link-target">Runa Simi</a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="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" title="Криптовалюта – Russian" lang="ru" hreflang="ru" data-title="Криптовалюта" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target">Русский</a></li><li class="interlanguage-link interwiki-nso mw-list-item"><a href="https://nso.wikipedia.org/wiki/T%C5%A1helete_ya_Crypto" title="Tšhelete ya Crypto – Northern Sotho" lang="nso" hreflang="nso" data-title="Tšhelete ya Crypto" data-language-autonym="Sesotho sa Leboa" data-language-local-name="Northern Sotho" class="interlanguage-link-target">Sesotho sa Leboa</a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Kriptovaluta" title="Kriptovaluta – Albanian" lang="sq" hreflang="sq" data-title="Kriptovaluta" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target">Shqip</a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Cryptocurrency" title="Cryptocurrency – Simple English" lang="en-simple" hreflang="en-simple" data-title="Cryptocurrency" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target">Simple English</a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Kryptomena" title="Kryptomena – Slovak" lang="sk" hreflang="sk" data-title="Kryptomena" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target">Slovenčina</a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://sl.wikipedia.org/wiki/Kriptovaluta" title="Kriptovaluta – Slovenian" lang="sl" hreflang="sl" data-title="Kriptovaluta" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target">Slovenščina</a></li><li class="interlanguage-link interwiki-ckb mw-list-item"><a href="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" title="دراوی ڕەمزی – Central Kurdish" lang="ckb" hreflang="ckb" data-title="دراوی ڕەمزی" data-language-autonym="کوردی" data-language-local-name="Central Kurdish" class="interlanguage-link-target">کوردی</a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="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" title="Криптовалута – Serbian" lang="sr" hreflang="sr" data-title="Криптовалута" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target">Српски / srpski</a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Kriptovaluta" title="Kriptovaluta – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Kriptovaluta" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target">Srpskohrvatski / српскохрватски</a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Kryptovaluutta" title="Kryptovaluutta – Finnish" lang="fi" hreflang="fi" data-title="Kryptovaluutta" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target">Suomi</a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Kryptovaluta" title="Kryptovaluta – Swedish" lang="sv" hreflang="sv" data-title="Kryptovaluta" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target">Svenska</a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Salaping_kripto" title="Salaping kripto – Tagalog" lang="tl" hreflang="tl" data-title="Salaping kripto" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target">Tagalog</a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="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" title="ஆல்ட்காயின் – Tamil" lang="ta" hreflang="ta" data-title="ஆல்ட்காயின்" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target">தமிழ்</a></li><li class="interlanguage-link interwiki-te mw-list-item"><a href="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" title="క్రిప్టోకరెన్సీ – Telugu" lang="te" hreflang="te" data-title="క్రిప్టోకరెన్సీ" data-language-autonym="తెలుగు" data-language-local-name="Telugu" class="interlanguage-link-target">తెలుగు</a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="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" title="คริปโทเคอร์เรนซี – Thai" lang="th" hreflang="th" data-title="คริปโทเคอร์เรนซี" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target">ไทย</a></li><li class="interlanguage-link interwiki-tg mw-list-item"><a href="https://tg.wikipedia.org/wiki/%D0%A0%D0%B0%D0%BC%D0%B7%D0%B0%D1%80%D0%B7" title="Рамзарз – Tajik" lang="tg" hreflang="tg" data-title="Рамзарз" data-language-autonym="Тоҷикӣ" data-language-local-name="Tajik" class="interlanguage-link-target">Тоҷикӣ</a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Kripto_para" title="Kripto para – Turkish" lang="tr" hreflang="tr" data-title="Kripto para" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target">Türkçe</a></li><li class="interlanguage-link interwiki-tk mw-list-item"><a href="https://tk.wikipedia.org/wiki/Kriptote%C5%88%C5%88e" title="Kriptoteňňe – Turkmen" lang="tk" hreflang="tk" data-title="Kriptoteňňe" data-language-autonym="Türkmençe" data-language-local-name="Turkmen" class="interlanguage-link-target">Türkmençe</a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="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" title="Криптовалюта – Ukrainian" lang="uk" hreflang="uk" data-title="Криптовалюта" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target">Українська</a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="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" title="کرپٹو کرنسی – Urdu" lang="ur" hreflang="ur" data-title="کرپٹو کرنسی" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target">اردو</a></li><li class="interlanguage-link interwiki-ug mw-list-item"><a href="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" title="شىفىرلىق پۇل – Uyghur" lang="ug" hreflang="ug" data-title="شىفىرلىق پۇل" data-language-autonym="ئۇيغۇرچە / Uyghurche" data-language-local-name="Uyghur" class="interlanguage-link-target">ئۇيغۇرچە / Uyghurche</a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Ti%E1%BB%81n_m%C3%A3_h%C3%B3a" title="Tiền mã hóa – Vietnamese" lang="vi" hreflang="vi" data-title="Tiền mã hóa" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target">Tiếng Việt</a></li><li class="interlanguage-link interwiki-wa mw-list-item"><a href="https://wa.wikipedia.org/wiki/Criptomanoye" title="Criptomanoye – Walloon" lang="wa" hreflang="wa" data-title="Criptomanoye" data-language-autonym="Walon" data-language-local-name="Walloon" class="interlanguage-link-target">Walon</a></li><li class="interlanguage-link interwiki-vls mw-list-item"><a href="https://vls.wikipedia.org/wiki/Cryptogeld" title="Cryptogeld – West Flemish" lang="vls" hreflang="vls" data-title="Cryptogeld" data-language-autonym="West-Vlams" data-language-local-name="West Flemish" class="interlanguage-link-target">West-Vlams</a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E5%AF%86%E7%A0%81%E8%B4%A7%E5%B8%81" title="密码货币 – Wu" lang="wuu" hreflang="wuu" data-title="密码货币" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target">吴语</a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E5%8A%A0%E5%AF%86%E9%9B%BB%E5%AD%90%E8%B2%A8%E5%B9%A3" title="加密電子貨幣 – Cantonese" lang="yue" hreflang="yue" data-title="加密電子貨幣" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target">粵語</a></li><li class="interlanguage-link interwiki-diq mw-list-item"><a href="https://diq.wikipedia.org/wiki/Perey_kriptoy" title="Perey kriptoy – Dimli" lang="diq" hreflang="diq" data-title="Perey kriptoy" data-language-autonym="Zazaki" data-language-local-name="Dimli" class="interlanguage-link-target">Zazaki</a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E5%8A%A0%E5%AF%86%E8%B2%A8%E5%B9%A3" title="加密貨幣 – Chinese" lang="zh" hreflang="zh" data-title="加密貨幣" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target">中文</a></li> </ul> <div class="after-portlet after-portlet-lang"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q13479982#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-nstab-main" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Cryptocurrency" title="View the content page [c]" accesskey="c">Article</a></li><li id="ca-talk" 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srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8c/Extended-protection-shackle.svg/30px-Extended-protection-shackle.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8c/Extended-protection-shackle.svg/40px-Extended-protection-shackle.svg.png 2x" data-file-width="512" data-file-height="512" /></a></div></div> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Digital currency not reliant on a central authority</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Not to be confused with <a href="/wiki/Virtual_currency" title="Virtual currency">Virtual currency</a>.</div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:Bitcoin.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/46/Bitcoin.svg/183px-Bitcoin.svg.png" decoding="async" width="183" height="183" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/46/Bitcoin.svg/275px-Bitcoin.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/46/Bitcoin.svg/366px-Bitcoin.svg.png 2x" data-file-width="64" data-file-height="64" /></a><figcaption>A logo for <a href="/wiki/Bitcoin" title="Bitcoin">Bitcoin</a>, the first <a href="/wiki/Decentralization" title="Decentralization">decentralized</a> cryptocurrency</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Bitcoin-Genesis-block.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Bitcoin-Genesis-block.svg/330px-Bitcoin-Genesis-block.svg.png" decoding="async" width="330" height="228" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Bitcoin-Genesis-block.svg/495px-Bitcoin-Genesis-block.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/4c/Bitcoin-Genesis-block.svg/660px-Bitcoin-Genesis-block.svg.png 2x" data-file-width="1342" data-file-height="927" /></a><figcaption>The <a href="/wiki/Genesis_(blockchain)" class="mw-redirect" title="Genesis (blockchain)">genesis block</a> of Bitcoin's <a href="/wiki/Blockchain" title="Blockchain">blockchain</a>, with a note containing <a href="/wiki/The_Times" title="The Times">The Times</a> newspaper headline. This note has been interpreted as a comment on the instability caused by <a href="/wiki/Fractional-reserve_banking" title="Fractional-reserve banking">fractional-reserve banking</a>.<a href="#cite_note-:5-1">[1]</a>: 18 </figcaption></figure> A cryptocurrency, crypto-currency, or colloquially, crypto, is a <a href="/wiki/Digital_currency" title="Digital currency">digital currency</a> designed to work through a <a href="/wiki/Computer_network" title="Computer network">computer network</a> that is not reliant on any central authority, such as a <a href="/wiki/Government" title="Government">government</a> or <a href="/wiki/Bank" title="Bank">bank</a>, to uphold or maintain it.<a href="#cite_note-:02-2">[2]</a> Individual coin ownership records are stored in a digital <a href="/wiki/Ledger" title="Ledger">ledger</a> or <a href="/wiki/Blockchain" title="Blockchain">blockchain</a>, which is a computerized <a href="/wiki/Database" title="Database">database</a> that uses a consensus mechanism to secure <a href="/wiki/E-commerce" title="E-commerce">transaction</a> records, control the creation of additional coins, and verify the transfer of coin ownership.<a href="#cite_note-crypto_currency-3">[3]</a><a href="#cite_note-reuterspricing-4">[4]</a><a href="#cite_note-5">[5]</a> The two most common consensus mechanisms are <a href="/wiki/Proof_of_work" title="Proof of work">proof of work</a> and <a href="/wiki/Proof_of_stake" title="Proof of stake">proof of stake</a>.<a href="#cite_note-6">[6]</a> Despite the name, which has come to describe many of the <a href="/wiki/Fungibility" title="Fungibility">fungible</a> blockchain tokens that have been created, cryptocurrencies are not considered to be <a href="/wiki/Currency" title="Currency">currencies</a> in the traditional sense, and varying legal treatments have been applied to them in various jurisdicitons, including classification as <a href="/wiki/Commodity" title="Commodity">commodities</a>, <a href="/wiki/Security_(finance)" title="Security (finance)">securities</a>, and currencies. Cryptocurrencies are generally viewed as a distinct asset class in practice.<a href="#cite_note-7">[7]</a><a href="#cite_note-8">[8]</a><a href="#cite_note-9">[9]</a> The first cryptocurrency was <a href="/wiki/Bitcoin" title="Bitcoin">bitcoin</a>, which was first released as open-source software in 2009. As of June 2023, there were more than 25,000 <a href="/wiki/List_of_cryptocurrencies" title="List of cryptocurrencies">other cryptocurrencies</a> in the marketplace, of which more than 40 had a <a href="#Price_trends">market capitalization</a> exceeding $1 billion.<a href="#cite_note-10">[10]</a> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/History_of_bitcoin" title="History of bitcoin">History of bitcoin</a> and <a href="/wiki/Cryptocurrency_bubble#History" title="Cryptocurrency bubble">Cryptocurrency bubble § History</a></div> In 1983, American <a href="/wiki/Cryptography" title="Cryptography">cryptographer</a> <a href="/wiki/David_Chaum" title="David Chaum">David Chaum</a> conceived of a type of cryptographic <a href="/wiki/Electronic_money" class="mw-redirect" title="Electronic money">electronic money</a> called <a href="/wiki/Ecash" title="Ecash">ecash</a>.<a href="#cite_note-11">[11]</a><a href="#cite_note-12">[12]</a> Later, in 1995, he implemented it through <a href="/wiki/Digicash" class="mw-redirect" title="Digicash">Digicash</a>,<a href="#cite_note-13">[13]</a> 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 <a href="/wiki/National_Security_Agency" title="National Security Agency">National Security Agency</a> 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 <a href="/wiki/MIT" class="mw-redirect" title="MIT">MIT</a> mailing list (October 1996) and later (April 1997) in The American Law Review.<a href="#cite_note-14">[14]</a> In 1998, <a href="/wiki/Wei_Dai" title="Wei Dai">Wei Dai</a> described "b-money," an anonymous, distributed electronic cash system.<a href="#cite_note-15">[15]</a> Shortly thereafter, <a href="/wiki/Nick_Szabo" title="Nick Szabo">Nick Szabo</a> described <a href="/wiki/Bit_gold" class="mw-redirect" title="Bit gold">bit gold</a>.<a href="#cite_note-16">[16]</a> 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 <a href="/wiki/Proof_of_work" title="Proof of work">proof of work</a> function with solutions being cryptographically put together and published. In January 2009, bitcoin was created by <a href="/wiki/Pseudonym" title="Pseudonym">pseudonymous</a> developer <a href="/wiki/Satoshi_Nakamoto" title="Satoshi Nakamoto">Satoshi Nakamoto</a>. It used <a href="/wiki/SHA-256" class="mw-redirect" title="SHA-256">SHA-256</a>, a cryptographic hash function, in its <a href="/wiki/Proof-of-work" class="mw-redirect" title="Proof-of-work">proof-of-work</a> scheme.<a href="#cite_note-primer-17">[17]</a><a href="#cite_note-18">[18]</a> In April 2011, <a href="/wiki/Namecoin" title="Namecoin">Namecoin</a> was created as an attempt at forming a decentralized <a href="/wiki/Domain_name_system" class="mw-redirect" title="Domain name system">DNS</a>. In October 2011, <a href="/wiki/Litecoin" title="Litecoin">Litecoin</a> was released, which used <a href="/wiki/Scrypt" title="Scrypt">scrypt</a> as its hash function instead of SHA-256. <a href="/wiki/Peercoin" title="Peercoin">Peercoin</a>, created in August 2012, used a hybrid of proof-of-work and <a href="/wiki/Proof-of-stake" class="mw-redirect" title="Proof-of-stake">proof-of-stake</a>.<a href="#cite_note-Steadman2013-19">[19]</a> Cryptocurrency has undergone several periods of growth and retraction, including several <a href="/wiki/Economic_bubble" title="Economic bubble">bubbles</a> and market crashes, such as in 2011, 2013–2014/15, 2017–2018, and 2021–2023.<a href="#cite_note-20">[20]</a><a href="#cite_note-21">[21]</a> On 6 August 2014, the UK announced its <a href="/wiki/HM_Treasury" title="HM Treasury">Treasury</a> 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.<a href="#cite_note-Crypto_currencyUK-22">[22]</a> Its final report was published in 2018,<a href="#cite_note-23">[23]</a> and it issued a consultation on cryptoassets and <a href="/wiki/Stablecoin" title="Stablecoin">stablecoins</a> in January 2021.<a href="#cite_note-24">[24]</a> In June 2021, <a href="/wiki/El_Salvador" title="El Salvador">El Salvador</a> became the first country to accept bitcoin as <a href="/wiki/Legal_tender" title="Legal tender">legal tender</a>, after the <a href="/wiki/Legislative_Assembly_of_El_Salvador" title="Legislative Assembly of El Salvador">Legislative Assembly</a> had voted 62–22 to pass a bill submitted by President <a href="/wiki/Nayib_Bukele" title="Nayib Bukele">Nayib Bukele</a> classifying the cryptocurrency as such.<a href="#cite_note-25">[25]</a> In August 2021, <a href="/wiki/Cuba" title="Cuba">Cuba</a> followed with Resolution 215 to recognize and regulate cryptocurrencies such as bitcoin.<a href="#cite_note-26">[26]</a> In September 2021, the <a href="/wiki/Government_of_China" title="Government of China">government of China</a>, 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.<a href="#cite_note-BBC_News-27">[27]</a> On 15 September 2022, the world's second largest cryptocurrency at that time, <a href="/wiki/Ethereum" title="Ethereum">Ethereum</a>, transitioned its <a href="/wiki/Consensus_(computer_science)" title="Consensus (computer science)">consensus mechanism</a> from <a href="/wiki/Proof_of_work" title="Proof of work">proof-of-work</a> (PoW) to <a href="/wiki/Proof_of_stake" title="Proof of stake">proof-of-stake</a> (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%.<a href="#cite_note-28">[28]</a> On 11 November 2022, <a href="/wiki/FTX_Trading_Ltd." class="mw-redirect" title="FTX Trading Ltd.">FTX Trading Ltd.</a>, a <a href="/wiki/Cryptocurrency_exchange" title="Cryptocurrency exchange">cryptocurrency exchange</a>, which also operated a crypto <a href="/wiki/Hedge_fund" title="Hedge fund">hedge fund</a>, and had been valued at $18 billion,<a href="#cite_note-valued-29">[29]</a> <a href="/wiki/Bankruptcy_proceedings" class="mw-redirect" title="Bankruptcy proceedings">filed</a> for <a href="/wiki/Bankruptcy_of_FTX" title="Bankruptcy of FTX">bankruptcy</a>.<a href="#cite_note-filed-30">[30]</a> The financial impact of the collapse extended beyond the immediate FTX customer base, as reported,<a href="#cite_note-far-31">[31]</a> while, at a <a href="/wiki/Reuters" title="Reuters">Reuters</a> conference, financial industry executives said that "regulators must step in to protect crypto investors."<a href="#cite_note-protect-32">[32]</a> Technology analyst Avivah Litan commented on the cryptocurrency ecosystem that "everything...needs to improve dramatically in terms of user experience, controls, safety, customer service."<a href="#cite_note-ton-33">[33]</a> <div class="mw-heading mw-heading2"><h2 id="Formal_definition">Formal definition</h2></div> According to Jan Lansky, a cryptocurrency is a system that meets six conditions:<a href="#cite_note-34">[34]</a> <ol><li>The system does not require a central authority; its state is maintained through distributed consensus.</li> <li>The system keeps an overview of cryptocurrency units and their ownership.</li> <li>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.</li> <li>Ownership of cryptocurrency units can be proved exclusively cryptographically.</li> <li>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.</li> <li>If two different instructions for changing the ownership of the same cryptographic units are simultaneously entered, the system performs at most one of them.</li></ol> In March 2018, the word cryptocurrency was added to the <a href="/wiki/Merriam-Webster_Dictionary" class="mw-redirect" title="Merriam-Webster Dictionary">Merriam-Webster Dictionary</a>.<a href="#cite_note-35">[35]</a> <div class="mw-heading mw-heading3"><h3 id="Altcoins">Altcoins</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/List_of_cryptocurrencies" title="List of cryptocurrencies">List of cryptocurrencies</a></div> After the early innovation of bitcoin in 2008 and the early <a href="/wiki/Network_effect" title="Network effect">network effect</a> gained by bitcoin, tokens, cryptocurrencies, and other digital assets that were not bitcoin became collectively known during the 2010s as alternative cryptocurrencies,<a href="#cite_note-36">[36]</a><a href="#cite_note-37">[37]</a><a href="#cite_note-38">[38]</a> or "altcoins".<a href="#cite_note-aumatell2021-39">[39]</a> Sometimes the term "alt coins" was used,<a href="#cite_note-40">[40]</a><a href="#cite_note-41">[41]</a> or disparagingly, "shitcoins".<a href="#cite_note-42">[42]</a> Paul Vigna of The Wall Street Journal described altcoins in 2020 as "alternative versions of Bitcoin"<a href="#cite_note-43">[43]</a> given its role as the model protocol for cryptocurrency designers. A <a href="/wiki/Polytechnic_University_of_Catalonia" title="Polytechnic University of Catalonia">Polytechnic University of Catalonia</a> 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. <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Eth-diamond-rainbow.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d0/Eth-diamond-rainbow.png/220px-Eth-diamond-rainbow.png" decoding="async" width="220" height="367" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d0/Eth-diamond-rainbow.png/330px-Eth-diamond-rainbow.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d0/Eth-diamond-rainbow.png/440px-Eth-diamond-rainbow.png 2x" data-file-width="1920" data-file-height="3201" /></a><figcaption>The logo of Ethereum, the second largest cryptocurrency</figcaption></figure> Altcoins often have underlying differences when compared to bitcoin. For example, <a href="/wiki/Litecoin" title="Litecoin">Litecoin</a> aims to process a block every 2.5 minutes, rather than bitcoin's 10 minutes which allows Litecoin to confirm transactions faster than bitcoin.<a href="#cite_note-Steadman2013-19">[19]</a> Another example is <a href="/wiki/Ethereum" title="Ethereum">Ethereum</a>, which has <a href="/wiki/Smart_contract" title="Smart contract">smart contract</a> functionality that allows decentralized applications to be run on its blockchain.<a href="#cite_note-44">[44]</a> Ethereum was the most used blockchain in 2020, according to Bloomberg News.<a href="#cite_note-45">[45]</a> In 2016, it had the largest "following" of any altcoin, according to the New York Times.<a href="#cite_note-46">[46]</a> Significant market price rallies across multiple altcoin markets are often referred to as an "altseason".<a href="#cite_note-47">[47]</a><a href="#cite_note-48">[48]</a> <div class="mw-heading mw-heading4"><h4 id="Stablecoins">Stablecoins</h4></div> <a href="/wiki/Stablecoin" title="Stablecoin">Stablecoins</a> are cryptocurrencies designed to maintain a stable level of <a href="/wiki/Purchasing_power" title="Purchasing power">purchasing power</a>.<a href="#cite_note-49">[49]</a> Notably, these designs are not foolproof, as a number of stablecoins have crashed or lost their <a href="/wiki/Fixed_exchange-rate_system" class="mw-redirect" title="Fixed exchange-rate system">peg</a>. For example, on 11 May 2022, <a href="/wiki/Terra_(blockchain)" title="Terra (blockchain)">Terra</a>'s stablecoin UST fell from $1 to 26 cents.<a href="#cite_note-50">[50]</a><a href="#cite_note-51">[51]</a> The subsequent failure of <a href="/wiki/Terraform_Labs" class="mw-redirect" title="Terraform Labs">Terraform Labs</a> resulted in the loss of nearly $40B invested in the Terra and Luna coins.<a href="#cite_note-52">[52]</a> In September 2022, South Korean prosecutors requested the issuance of an <a href="/wiki/Interpol_red_notice" class="mw-redirect" title="Interpol red notice">Interpol Red Notice</a> against the company's founder, <a href="/wiki/Do_Kwon" title="Do Kwon">Do Kwon</a>.<a href="#cite_note-53">[53]</a> In Hong Kong, the expected regulatory framework for stablecoins in 2023/24 is being shaped and includes a few considerations.<a href="#cite_note-54">[54]</a> <div class="mw-heading mw-heading4"><h4 id="Memecoins">Memecoins</h4></div> <a href="/wiki/Meme_coin" title="Meme coin">Memecoins</a> are a category of cryptocurrencies that originated from <a href="/wiki/Internet_meme" title="Internet meme">Internet memes</a> or jokes. The most notable example is <a href="/wiki/Dogecoin" title="Dogecoin">Dogecoin</a>, a memecoin featuring the <a href="/wiki/Shiba_Inu" title="Shiba Inu">Shiba Inu</a> dog from the <a href="/wiki/Doge_(meme)" title="Doge (meme)">Doge</a> meme.<a href="#cite_note-Yaffe-Bellany-55">[55]</a> 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.<a href="#cite_note-Yaffe-Bellany-55">[55]</a> Scams are prolific among memecoins.<a href="#cite_note-Yaffe-Bellany-55">[55]</a> <div class="mw-heading mw-heading2"><h2 id="Physical_crypto">Physical crypto</h2></div> Physical cryptocurrency coins have been made as promotional items and some have become collectibles.<a href="#cite_note-56">[56]</a> 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".<a href="#cite_note-57">[57]</a> 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".<a href="#cite_note-58">[58]</a> These physical representations of cryptocurrency do not hold any value by themselves; these are only utilized for collectable purposes. <div class="mw-heading mw-heading2"><h2 id="Architecture">Architecture</h2></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Duplication plainlinks metadata ambox ambox-style" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/40px-Edit-clear.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/60px-Edit-clear.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/f/f2/Edit-clear.svg/80px-Edit-clear.svg.png 2x" data-file-width="48" data-file-height="48" /></div></td><td class="mbox-text"><div class="mbox-text-span">This section <a href="/wiki/Wikipedia:CFORK" class="mw-redirect" title="Wikipedia:CFORK">duplicates</a> the scope of other articles, specifically <a href="/wiki/Blockchain" title="Blockchain">Blockchain</a>. Please <a href="/wiki/Talk:Cryptocurrency" title="Talk:Cryptocurrency">discuss this issue</a> and help introduce a <a href="/wiki/Wikipedia:Summary_style" title="Wikipedia:Summary style">summary style</a> to the section by replacing the section with a link and a summary or by <a href="/wiki/Wikipedia:SPLIT" class="mw-redirect" title="Wikipedia:SPLIT">splitting the content</a> into a new article. (August 2022)</div></td></tr></tbody></table> 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 <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve System</a>, corporate boards or governments control the supply of currency.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] 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 <a href="/wiki/Satoshi_Nakamoto" title="Satoshi Nakamoto">Satoshi Nakamoto</a>.<a href="#cite_note-te20151031-59">[59]</a> Within a <a href="/wiki/Proof-of-work" class="mw-redirect" title="Proof-of-work">proof-of-work</a> system such as bitcoin, the safety, integrity, and balance of <a href="/wiki/Ledger" title="Ledger">ledgers</a> are maintained by a community of mutually distrustful parties referred to as <a href="/wiki/Bitcoin_miners" class="mw-redirect" title="Bitcoin miners">miners</a>. Miners use their computers to help validate and timestamp transactions, adding them to the ledger in accordance with a particular timestamping scheme.<a href="#cite_note-primer-17">[17]</a> In a <a href="/wiki/Proof-of-stake" class="mw-redirect" title="Proof-of-stake">proof-of-stake</a> 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.<a href="#cite_note-60">[60]</a> Compared with ordinary currencies held by financial institutions or kept as <a href="/wiki/Cash" title="Cash">cash</a> on hand, cryptocurrencies can be more difficult for <a href="/wiki/Search_and_seizure" title="Search and seizure">seizure</a> by law enforcement.<a href="#cite_note-crypto_currency-3">[3]</a> <div class="mw-heading mw-heading3"><h3 id="Blockchain">Blockchain</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Blockchain" title="Blockchain">Blockchain</a></div> The validity of each cryptocurrency's coins is provided by a <a href="/wiki/Blockchain" title="Blockchain">blockchain</a>. A blockchain is a continuously growing list of <a href="/wiki/Record_(computer_science)" title="Record (computer science)">records</a>, called blocks, which are linked and secured using cryptography.<a href="#cite_note-te20151031-59">[59]</a><a href="#cite_note-cryptocurrencytech-61">[61]</a> Each block typically contains a <a href="/wiki/Cryptographic_hash_function" title="Cryptographic hash function">hash</a> pointer as a link to a previous block,<a href="#cite_note-cryptocurrencytech-61">[61]</a> a <a href="/wiki/Trusted_timestamping" title="Trusted timestamping">timestamp</a>, and transaction data.<a href="#cite_note-IPblockchain-62">[62]</a> By design, blockchains are inherently resistant to modification of the data. A blockchain is "an open, <a href="/wiki/Distributed_ledger" title="Distributed ledger">distributed ledger</a> that can record transactions between two parties efficiently and in a verifiable and permanent way".<a href="#cite_note-hbr201701-63">[63]</a> For use as a distributed ledger, a blockchain is typically managed by a <a href="/wiki/Peer-to-peer" title="Peer-to-peer">peer-to-peer</a> 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 <a href="/wiki/Secure_by_design" title="Secure by design">secure by design</a> and are an example of a distributed computing system with high <a href="/wiki/Byzantine_fault_tolerance" class="mw-redirect" title="Byzantine fault tolerance">Byzantine fault tolerance</a>. <a href="/wiki/Decentralized" class="mw-redirect" title="Decentralized">Decentralized</a> consensus has therefore been achieved with a blockchain.<a href="#cite_note-decapp-64">[64]</a> <div class="mw-heading mw-heading3"><h3 id="Nodes">Nodes</h3></div> 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 responsible for developing the cryptocurrency blockchain network technology, or those who are enticed to host a node to receive rewards from hosting the node network.<a href="#cite_note-65">[65]</a> <div class="mw-heading mw-heading4"><h4 id="Timestamping">Timestamping</h4></div> 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 <a href="/wiki/Proof_of_work" title="Proof of work">proof-of-work</a> scheme. The most widely used proof-of-work schemes are based on SHA-256 and <a href="/wiki/Scrypt" title="Scrypt">scrypt</a>.<a href="#cite_note-Steadman2013-19">[19]</a> Some other hashing algorithms that are used for proof-of-work include <a href="/wiki/CryptoNote" title="CryptoNote">CryptoNote</a>, <a href="/wiki/BLAKE_(hash_function)" title="BLAKE (hash function)">Blake</a>, <a href="/wiki/SHA-3" title="SHA-3">SHA-3</a>, and <a href="/wiki/X11_algorithm" class="mw-redirect" title="X11 algorithm">X11</a>. Another method is called the <a href="/wiki/Proof_of_stake" title="Proof of stake">proof-of-stake</a> 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.<a href="#cite_note-Steadman2013-19">[19]</a> <div class="mw-heading mw-heading3"><h3 id="Mining">Mining</h3></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/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" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a8/%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/220px-%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" decoding="async" width="220" height="220" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a8/%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/330px-%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 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a8/%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/440px-%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 2x" data-file-width="2448" data-file-height="2448" /></a><figcaption>Hashcoin <a href="/wiki/Bitcoin_network#Mining" class="mw-redirect" title="Bitcoin network">mine</a></figcaption></figure> On a blockchain, mining is the validation of transactions. For this effort, successful miners obtain new cryptocurrency as a reward. The reward decreases <a href="#Transaction_fees">transaction fees</a> 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 <a href="/wiki/Field-programmable_gate_array" title="Field-programmable gate array">FPGAs</a> and <a href="/wiki/Application-specific_integrated_circuit" title="Application-specific integrated circuit">ASICs</a> running complex hashing algorithms like SHA-256 and <a href="/wiki/Scrypt" title="Scrypt">scrypt</a>.<a href="#cite_note-computer201709-66">[66]</a> This arms race for cheaper-yet-efficient machines has existed since bitcoin was introduced in 2009.<a href="#cite_note-computer201709-66">[66]</a> Mining is measured by <a href="/wiki/Hashrate" title="Hashrate">hash rate</a>, typically in TH/s.<a href="#cite_note-67">[67]</a> A 2023 <a href="/wiki/IMF" class="mw-redirect" title="IMF">IMF</a> 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<a href="#cite_note-68">[68]</a> 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.<a href="#cite_note-69">[69]</a> 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.<a href="#cite_note-70">[70]</a> Some <a href="/wiki/Mining_pool" title="Mining pool">miners pool resources</a>, sharing their <a href="/wiki/Computer_performance" title="Computer performance">processing power</a> over a network to split the reward equally, according to the amount of work they contributed to the probability of finding a <a href="/wiki/Blockchain_(database)" class="mw-redirect" title="Blockchain (database)">block</a>. A "share" is awarded to members of the mining pool who present a valid partial proof-of-work. As of February 2018<a class="external text" href="https://en.wikipedia.org/w/index.php?title=Cryptocurrency&action=edit">[update]</a>, 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<a href="#cite_note-71">[71]</a> and Texas.<a href="#cite_note-72">[72]</a> One company is operating data centers for mining operations at Canadian oil and gas field sites due to low gas prices.<a href="#cite_note-73">[73]</a> In June 2018, <a href="/wiki/Hydro-Qu%C3%A9bec" title="Hydro-Québec">Hydro Quebec</a> proposed to the provincial government to allocate 500 megawatts of power to crypto companies for mining.<a href="#cite_note-74">[74]</a> According to a February 2018 report from <a href="/wiki/Fortune_(magazine)" title="Fortune (magazine)">Fortune</a>, Iceland has become a haven for cryptocurrency miners in part because of its cheap electricity.<a href="#cite_note-75">[75]</a> In March 2018, the city of <a href="/wiki/Plattsburgh_(city),_New_York" class="mw-redirect" title="Plattsburgh (city), New York">Plattsburgh, New York</a> put an 18-month <a href="/wiki/Moratorium_(law)" title="Moratorium (law)">moratorium</a> on all cryptocurrency mining in an effort to preserve natural resources and the "character and direction" of the city.<a href="#cite_note-76">[76]</a> In 2021, <a href="/wiki/Kazakhstan" title="Kazakhstan">Kazakhstan</a> became the second-biggest crypto-currency mining country, producing 18.1% of the global <a href="/wiki/Exahash" class="mw-redirect" title="Exahash">exahash</a> rate. The country built a compound containing 50,000 computers near <a href="/wiki/Ekibastuz" class="mw-redirect" title="Ekibastuz">Ekibastuz</a>.<a href="#cite_note-77">[77]</a> <div class="mw-heading mw-heading4"><h4 id="GPU_price_rise">GPU price rise</h4></div> An increase in cryptocurrency mining increased the demand for <a href="/wiki/Graphics_cards" class="mw-redirect" title="Graphics cards">graphics cards</a> (GPU) in 2017.<a href="#cite_note-78">[78]</a> The computing power of GPUs makes them well-suited to generating hashes. Popular favorites of cryptocurrency miners, such as Nvidia's <a href="/wiki/GTX_1060" class="mw-redirect" title="GTX 1060">GTX 1060</a> and <a href="/wiki/GTX_1070" class="mw-redirect" title="GTX 1070">GTX 1070</a> graphics cards, as well as AMD's RX 570 and RX 580 GPUs, doubled or tripled in price – or were out of stock.<a href="#cite_note-79">[79]</a> 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), was released at an <a href="/wiki/MSRP" class="mw-redirect" title="MSRP">MSRP</a> of $250 and sold for almost $500. RX 570 and RX 580 cards from <a href="/wiki/AMD" title="AMD">AMD</a> were out of stock for almost a year. Miners regularly buy up the entire stock of new GPUs as soon as they are available.<a href="#cite_note-80">[80]</a> <a href="/wiki/Nvidia" title="Nvidia">Nvidia</a> 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."<a href="#cite_note-81">[81]</a> <div class="mw-heading mw-heading4"><h4 id="Mining_accelerator_chips">Mining accelerator chips</h4></div> Numerous companies developed dedicated crypto-mining accelerator chips, capable of price-performance far higher than that of CPU or <a href="/wiki/GPU_mining" title="GPU mining">GPU mining</a>. At one point, <a href="/wiki/Intel" title="Intel">Intel</a> marketed its own brand of crypto accelerator chip, named <a href="/wiki/Blockscale" title="Blockscale">Blockscale</a>.<a href="#cite_note-82">[82]</a> <div class="mw-heading mw-heading3"><h3 id="Wallets">Wallets</h3></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:A_paper_printable_Bitcoin_wallet_consisting_of_one_bitcoin_address_for_receiving_and_the_corresponding_private_key_for_spending.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c6/A_paper_printable_Bitcoin_wallet_consisting_of_one_bitcoin_address_for_receiving_and_the_corresponding_private_key_for_spending.png/220px-A_paper_printable_Bitcoin_wallet_consisting_of_one_bitcoin_address_for_receiving_and_the_corresponding_private_key_for_spending.png" decoding="async" width="220" height="64" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c6/A_paper_printable_Bitcoin_wallet_consisting_of_one_bitcoin_address_for_receiving_and_the_corresponding_private_key_for_spending.png/330px-A_paper_printable_Bitcoin_wallet_consisting_of_one_bitcoin_address_for_receiving_and_the_corresponding_private_key_for_spending.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c6/A_paper_printable_Bitcoin_wallet_consisting_of_one_bitcoin_address_for_receiving_and_the_corresponding_private_key_for_spending.png/440px-A_paper_printable_Bitcoin_wallet_consisting_of_one_bitcoin_address_for_receiving_and_the_corresponding_private_key_for_spending.png 2x" data-file-width="2643" data-file-height="770" /></a><figcaption>An example paper printable Bitcoin wallet consisting of one Bitcoin address for receiving and the corresponding private key for spending</figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Cryptocurrency_wallet" title="Cryptocurrency wallet">Cryptocurrency wallet</a></div> A <a href="/wiki/Cryptocurrency_wallet" title="Cryptocurrency wallet">cryptocurrency wallet</a> is a means of storing the <a href="/wiki/Public-key_cryptography" title="Public-key cryptography">public and private "keys"</a> (address) or seed, which can be used to receive or spend the cryptocurrency.<a href="#cite_note-83">[83]</a> 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.<a href="#cite_note-84">[84]</a> <div class="mw-heading mw-heading3"><h3 id="Anonymity">Anonymity</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Privacy_and_blockchain" title="Privacy and blockchain">Privacy and blockchain</a></div> Bitcoin is <a href="/wiki/Pseudonymous" class="mw-redirect" title="Pseudonymous">pseudonymous</a>, rather than <a href="/wiki/Anonymity" title="Anonymity">anonymous</a>; the cryptocurrency in a wallet is not tied to a person but rather to one or more specific keys (or "addresses").<a href="#cite_note-85">[85]</a> Thereby, bitcoin owners are not immediately identifiable, but all transactions are publicly available in the blockchain.<a href="#cite_note-86">[86]</a> Still, <a href="/wiki/Cryptocurrency_exchanges" class="mw-redirect" title="Cryptocurrency exchanges">cryptocurrency exchanges</a> are often required by law to collect the personal information of their users.<a href="#cite_note-87">[87]</a> Some cryptocurrencies, such as <a href="/wiki/Monero" title="Monero">Monero</a>, <a href="/wiki/Zerocoin" class="mw-redirect" title="Zerocoin">Zerocoin</a>, <a href="/wiki/Zerocash" class="mw-redirect" title="Zerocash">Zerocash</a>, and <a href="/wiki/CryptoNote" title="CryptoNote">CryptoNote</a>, implement additional measures to increase privacy, such as by using <a href="/wiki/Zero-knowledge_proofs" class="mw-redirect" title="Zero-knowledge proofs">zero-knowledge proofs</a>.<a href="#cite_note-88">[88]</a><a href="#cite_note-89">[89]</a> 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 <a href="/wiki/IP_address" title="IP address">IP address</a> of the source.<a href="#cite_note-90">[90]</a> <div class="mw-heading mw-heading2"><h2 id="Economics">Economics</h2></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Cryptoeconomics" title="Cryptoeconomics">Cryptoeconomics</a></div> Cryptocurrencies are used primarily outside banking and governmental institutions and are exchanged over the Internet. <div class="mw-heading mw-heading3"><h3 id="Block_rewards">Block rewards</h3></div> 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.<a href="#cite_note-91">[91]</a> 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. Not only do miners have to factor in the costs associated with expensive equipment necessary to stand a chance of solving a hash problem, they must further 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.<a href="#cite_note-92">[92]</a> The current value, not the long-term value, of the cryptocurrency supports the reward scheme to incentivize miners to engage in costly mining activities.<a href="#cite_note-93">[93]</a> 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.<a href="#cite_note-94">[94]</a> <div class="mw-heading mw-heading3"><h3 id="Transaction_fees">Transaction fees</h3></div> Transaction fees (sometimes also referred to as miner fees or gas fees) for cryptocurrency depend mainly on the <a href="/wiki/Supply_and_demand" title="Supply and demand">supply</a> of network capacity at the time, versus the <a href="/wiki/Supply_and_demand" title="Supply and demand">demand</a> from the currency holder for a faster transaction.<a href="#cite_note-95">[95]</a> The ability for the holder to be allowed to set the fee manually often depends on the wallet software used, and central <a href="/wiki/Cryptocurrency_exchange" title="Cryptocurrency exchange">exchanges for cryptocurrency</a> (CEX) usually do not allow the customer to set a custom transaction fee for the transaction.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] Their wallet software, such as <a href="/wiki/Coinbase" title="Coinbase">Coinbase</a> Wallet, however, might support adjusting the fee.<a href="#cite_note-96">[96]</a> 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 on August 13th, 2023, "due to market changes and regulatory pressure".<a href="#cite_note-97">[97]</a> The "recommended fee" suggested by the network will often depend on the time of day (due to depending on network load). For <a href="/wiki/Ethereum" title="Ethereum">Ethereum</a>, transaction fees differ by computational complexity, bandwidth use, and storage needs, while bitcoin transaction fees differ by transaction size and whether the transaction uses <a href="/wiki/SegWit" title="SegWit">SegWit</a>. In February 2023, the median transaction fee for Ether corresponded to $2.2845,<a href="#cite_note-98">[98]</a> while for bitcoin it corresponded to $0.659.<a href="#cite_note-99">[99]</a> Some cryptocurrencies have no transaction fees, the most well-known example being <a href="/wiki/Nano_(cryptocurrency)" title="Nano (cryptocurrency)">Nano (XNO)</a>, and instead rely on <a href="/wiki/Client-side" class="mw-redirect" title="Client-side">client-side</a> proof-of-work as the transaction prioritization and anti-spam mechanism.<a href="#cite_note-scalabilityOfBitcoinAndNano-100">[100]</a><a href="#cite_note-”comparativeAnalysis”-101">[101]</a><a href="#cite_note-blockchainCompared-102">[102]</a> <div class="mw-heading mw-heading3"><h3 id="Exchanges">Exchanges</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Cryptocurrency_exchange" title="Cryptocurrency exchange">Cryptocurrency exchange</a></div> <a href="/wiki/Cryptocurrency_exchange" title="Cryptocurrency exchange">Cryptocurrency exchanges</a> allow customers to trade cryptocurrencies<a href="#cite_note-103">[103]</a> for other assets, such as conventional <a href="/wiki/Fiat_money" title="Fiat money">fiat money</a>, 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 <a href="/wiki/Arbitrage" title="Arbitrage">arbitrage</a> to find the difference in price across several markets.<a href="#cite_note-104">[104]</a> <div class="mw-heading mw-heading3"><h3 id="Atomic_swaps">Atomic swaps</h3></div> 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.<a href="#cite_note-105">[105]</a> <div class="mw-heading mw-heading3"><h3 id="ATMs">ATMs</h3></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Bitcoin_Teller_SIBOS_Boston_2014_2.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/21/Bitcoin_Teller_SIBOS_Boston_2014_2.jpg/170px-Bitcoin_Teller_SIBOS_Boston_2014_2.jpg" decoding="async" width="170" height="227" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/21/Bitcoin_Teller_SIBOS_Boston_2014_2.jpg/255px-Bitcoin_Teller_SIBOS_Boston_2014_2.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/21/Bitcoin_Teller_SIBOS_Boston_2014_2.jpg/340px-Bitcoin_Teller_SIBOS_Boston_2014_2.jpg 2x" data-file-width="2448" data-file-height="3264" /></a><figcaption><a href="/wiki/Bitcoin_ATM" title="Bitcoin ATM">Bitcoin ATM</a> </figcaption></figure> Jordan Kelley, founder of <a href="/wiki/Bitcoin_ATM" title="Bitcoin ATM">Robocoin</a>, launched the first <a href="/wiki/Bitcoin_ATM" title="Bitcoin ATM">bitcoin ATM</a> in the United States on 20 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.<a href="#cite_note-106">[106]</a> <div class="mw-heading mw-heading3"><h3 id="Initial_coin_offerings">Initial coin offerings</h3></div> An <a href="/wiki/Initial_coin_offering" title="Initial coin offering">initial coin offering</a> (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.<a href="#cite_note-107">[107]</a><a href="#cite_note-108">[108]</a><a href="#cite_note-109">[109]</a> According to <a href="/wiki/PricewaterhouseCoopers" class="mw-redirect" title="PricewaterhouseCoopers">PricewaterhouseCoopers</a>, four of the 10 biggest proposed initial coin offerings have used <a href="/wiki/Switzerland" title="Switzerland">Switzerland</a> as a base, where they are frequently registered as non-profit foundations. The Swiss regulatory agency <a href="/wiki/Swiss_Financial_Market_Supervisory_Authority" title="Swiss Financial Market Supervisory Authority">FINMA</a> 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.<a href="#cite_note-110">[110]</a> <div class="mw-heading mw-heading3"><h3 id="Price_trends">Price trends</h3></div> The <a href="/wiki/Market_capitalization" title="Market capitalization">market capitalization</a> 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. 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.<a href="#cite_note-111">[111]</a> By June 2021, cryptocurrency had begun to be offered by some wealth managers in the US for <a href="/wiki/401(k)" title="401(k)">401(k)s</a>.<a href="#cite_note-112">[112]</a><a href="#cite_note-113">[113]</a><a href="#cite_note-114">[114]</a> <div class="mw-heading mw-heading3"><h3 id="Volatility">Volatility</h3></div> Cryptocurrency prices are much more volatile than established financial assets such as <a href="/wiki/Stock" title="Stock">stocks</a>. For example, over one week in May 2022, bitcoin lost 20% of its value and Ethereum lost 26%, while <a href="/wiki/Solana_(blockchain_platform)" title="Solana (blockchain platform)">Solana</a> and <a href="/wiki/Cardano_(blockchain_platform)" title="Cardano (blockchain platform)">Cardano</a> lost 41% and 35% respectively. The falls were attributed to warnings about inflation. By comparison, in the same week, the <a href="/wiki/Nasdaq-100" title="Nasdaq-100">Nasdaq</a> tech stock index fell 7.6 per cent and the <a href="/wiki/FTSE_100_Index" title="FTSE 100 Index">FTSE 100</a> was 3.6 per cent down.<a href="#cite_note-115">[115]</a> In the longer term, of the <a href="/wiki/List_of_cryptocurrencies" title="List of cryptocurrencies">10 leading cryptocurrencies</a> identified by the total value of coins in circulation in January 2018, only four (bitcoin, Ethereum, Cardano and <a href="/wiki/Ripple_(payment_protocol)" class="mw-redirect" title="Ripple (payment protocol)">Ripple</a> (XRP)) were still in that position in early 2022.<a href="#cite_note-116">[116]</a> The total value of all cryptocurrencies was $2 trillion at the end of 2021, but had halved nine months later.<a href="#cite_note-117">[117]</a><a href="#cite_note-118">[118]</a> 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.<a href="#cite_note-119">[119]</a> <div class="mw-heading mw-heading3"><h3 id="Databases">Databases</h3></div> 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.<a href="#cite_note-120">[120]</a> <div class="mw-heading mw-heading2"><h2 id="Social_and_political_aspects">Social and political aspects</h2></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Crypto-anarchism" class="mw-redirect" title="Crypto-anarchism">Crypto-anarchism</a> and <a href="/wiki/Cypherpunk" title="Cypherpunk">Cypherpunk</a></div> According to Alan Feuer of <a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a>, <a href="/wiki/Libertarian" class="mw-redirect" title="Libertarian">libertarians</a> and <a href="/wiki/Anarcho-capitalist" class="mw-redirect" title="Anarcho-capitalist">anarcho-capitalists</a> were attracted to the philosophical idea behind bitcoin. Early bitcoin supporter <a href="/wiki/Roger_Ver" title="Roger Ver">Roger Ver</a> 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."<a href="#cite_note-121">[121]</a> Economist <a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a> argues that cryptocurrencies like bitcoin are "something of a cult" based in "paranoid fantasies" of government power.<a href="#cite_note-122">[122]</a> David Golumbia says that the ideas influencing bitcoin advocates emerge from right-wing extremist movements such as the <a href="/wiki/Liberty_Lobby" title="Liberty Lobby">Liberty Lobby</a> and the <a href="/wiki/John_Birch_Society" title="John Birch Society">John Birch Society</a> and their anti-Central Bank rhetoric, or, more recently, <a href="/wiki/Ron_Paul" title="Ron Paul">Ron Paul</a> and <a href="/wiki/Tea_Party_movement" title="Tea Party movement">Tea Party</a>-style libertarianism.<a href="#cite_note-123">[123]</a> <a href="/wiki/Steve_Bannon" title="Steve Bannon">Steve Bannon</a>, who owns a "good stake" in bitcoin, sees cryptocurrency as a form of disruptive populism, taking control back from central authorities.<a href="#cite_note-124">[124]</a> Bitcoin's founder, <a href="/wiki/Satoshi_Nakamoto" title="Satoshi Nakamoto">Satoshi Nakamoto</a>, 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.<a href="#cite_note-125">[125]</a> According to the <a href="/wiki/European_Central_Bank" title="European Central Bank">European Central Bank</a>, the decentralization of money offered by bitcoin has its theoretical roots in the <a href="/wiki/Austrian_school_of_economics" title="Austrian school of economics">Austrian school of economics</a>, especially with <a href="/wiki/Friedrich_von_Hayek" class="mw-redirect" title="Friedrich von Hayek">Friedrich von Hayek</a> in his book Denationalisation of Money: The Argument Refined,<a href="#cite_note-126">[126]</a> in which Hayek advocates a complete <a href="/wiki/Free_market" title="Free market">free market</a> in the production, distribution and management of money to end the monopoly of <a href="/wiki/Central_banks" class="mw-redirect" title="Central banks">central banks</a>.<a href="#cite_note-127">[127]</a><a href="#cite_note-128">[128]</a> <div class="mw-heading mw-heading2"><h2 id="Regulation">Regulation</h2></div> 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 <a href="/wiki/Financial_Action_Task_Force" title="Financial Action Task Force">Financial Action Task Force</a> (FATF) has defined cryptocurrency-related services as "virtual asset service providers" (VASPs) and recommended that they be regulated with the same <a href="/wiki/Money_laundering" title="Money laundering">money laundering</a> (<a href="/wiki/Money_laundering#Combating" title="Money laundering">AML</a>) and <a href="/wiki/Know_your_customer" title="Know your customer">know your customer</a> (KYC) requirements as financial institutions.<a href="#cite_note-129">[129]</a> 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.<a href="#cite_note-130">[130]</a> 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.<a href="#cite_note-131">[131]</a> Subsequent standardized protocol specifications recommended using <a href="/wiki/JSON" title="JSON">JSON</a> 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.<a href="#cite_note-132">[132]</a> 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.<a href="#cite_note-133">[133]</a><a href="#cite_note-134">[134]</a> On 10 June 2021, the <a href="/wiki/Basel_Committee_on_Banking_Supervision" title="Basel Committee on Banking Supervision">Basel Committee on Banking Supervision</a> 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 is seeking a coordinated, consistent and comprehensive approach to supervising cryptocurrencies. <a href="/wiki/Tobias_Adrian" title="Tobias Adrian">Tobias Adrian</a>, 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,"<a href="#cite_note-135">[135]</a> In May 2024, 15 years after the advent of the first blockchain, bitcoin, the <a href="/wiki/US_Congress" class="mw-redirect" title="US Congress">US Congress</a> advanced a bill to the full <a href="/wiki/United_States_House_of_Representatives" title="United States House of Representatives">House of Representatives</a> to provide regulatory clarity for digital assets. The <a href="/wiki/Financial_Innovation_and_Technology_for_the_21st_Century_Act" title="Financial Innovation and Technology for the 21st Century Act">Financial Innovation and Technology for the 21st Century Act</a>, which defines responsibilities between various US agencies, notably between the <a href="/wiki/Commodity_Futures_Trading_Commission" title="Commodity Futures Trading Commission">Commodity Futures Trading Commission</a> (CFTC) for decentralized blockchains and the <a href="/wiki/Securities_and_Exchange_Commission" class="mw-redirect" title="Securities and Exchange Commission">Securities and Exchange Commission</a> (SEC) for blockchains that are functional but not decentralized. <a href="/wiki/Stablecoin" title="Stablecoin">Stablecoins</a> are excluded from both CFTC and SEC regulation in this bill, "except for fraud and certain activities by registered firms."<a href="#cite_note-cfins20240510-136">[136]</a> <div class="mw-heading mw-heading3"><h3 id="China">China</h3></div> In September 2017, China banned <a href="/wiki/Initial_coin_offering" title="Initial coin offering">ICOs</a> to cause <a href="/wiki/Abnormal_return" title="Abnormal return">abnormal return</a> 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.<a href="#cite_note-137">[137]</a> On 18 May 2021, China banned financial institutions and payment companies from being able to provide cryptocurrency transaction related services.<a href="#cite_note-138">[138]</a> This led to a sharp fall in the price of the biggest <a href="/wiki/Proof_of_work" title="Proof of work">proof of work</a> cryptocurrencies. For instance, <a href="/wiki/Bitcoin" title="Bitcoin">bitcoin</a> fell 31%, <a href="/wiki/Ethereum" title="Ethereum">Ethereum</a> fell 44%, <a href="/wiki/Binance#BNB" title="Binance">Binance Coin</a> fell 32% and <a href="/wiki/Dogecoin" title="Dogecoin">Dogecoin</a> fell 30%.<a href="#cite_note-139">[139]</a> 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.<a href="#cite_note-140">[140]</a> In September 2021, the Chinese government declared all cryptocurrency transactions of any kind illegal, completing its crackdown on cryptocurrency.<a href="#cite_note-BBC_News-27">[27]</a> <div class="mw-heading mw-heading3"><h3 id="Cook_Islands">Cook Islands</h3></div> In April 2024, <a href="/wiki/TVNZ" title="TVNZ">TVNZ</a>'s <a href="/wiki/1News" title="1News">1News</a> reported that the <a href="/wiki/Cook_Islands" title="Cook Islands">Cook Islands</a> 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.<a href="#cite_note-1_News_Cook_Islands-141">[141]</a> Similar criticism was echoed by <a href="/wiki/Auckland_University_of_Technology" title="Auckland University of Technology">Auckland University of Technology</a> cryptocurrency specialist and senior lecturer Jeff Nijsse and <a href="/wiki/University_of_Otago" title="University of Otago">University of Otago</a> <a href="/wiki/Political_science" title="Political science">political scientist</a> Professor <a href="/w/index.php?title=Robert_Patman&action=edit&redlink=1" class="new" title="Robert Patman (page does not exist)">Robert Patman</a>, who described it as government overreach and described it as inconsistent with international law. Since the Cook Islands is an <a href="/wiki/Associated_state" title="Associated state">associated state</a> that is part of the <a href="/wiki/Realm_of_New_Zealand" title="Realm of New Zealand">Realm of New Zealand</a>, Patman said that the law would have "implications for New Zealand's governance arrangements." A spokesperson for <a href="/wiki/Minister_of_Foreign_Affairs_(New_Zealand)" title="Minister of Foreign Affairs (New Zealand)">New Zealand Foreign Minister</a> <a href="/wiki/Winston_Peters" title="Winston Peters">Winston Peters</a> confirmed that New Zealand officials were discussing the legislation with their Cook Islands counterparts. <a href="/wiki/Prime_Minister_of_the_Cook_Islands" title="Prime Minister of the Cook Islands">Cook Islands Prime Minister</a> <a href="/wiki/Mark_Brown_(Cook_Islands)" title="Mark Brown (Cook Islands)">Mark Brown</a> defended the legislation as part of the territory's fight against international cybercrime.<a href="#cite_note-1_News_Cook_Islands-141">[141]</a> <div class="mw-heading mw-heading3"><h3 id="El_Salvador">El Salvador</h3></div> On 9 June 2021, <a href="/wiki/El_Salvador" title="El Salvador">El Salvador</a> announced that it will adopt <a href="/wiki/Bitcoin" title="Bitcoin">bitcoin</a> as legal tender, becoming the first country to do so.<a href="#cite_note-reuters.com-142">[142]</a> <div class="mw-heading mw-heading3"><h3 id="EU">EU</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Markets_in_Crypto-Assets" title="Markets in Crypto-Assets">Markets in Crypto-Assets</a></div> 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."<a href="#cite_note-143">[143]</a> 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 <a href="/wiki/European_Securities_and_Markets_Authority" title="European Securities and Markets Authority">European Securities and Markets Authority</a> (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.<a href="#cite_note-144">[144]</a><a href="#cite_note-145">[145]</a> 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.<a href="#cite_note-146">[146]</a><a href="#cite_note-147">[147]</a> <div class="mw-heading mw-heading3"><h3 id="India">India</h3></div> 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.<a href="#cite_note-148">[148]</a><a href="#cite_note-149">[149]</a><a href="#cite_note-150">[150]</a><a href="#cite_note-151">[151]</a> 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.<a href="#cite_note-152">[152]</a> Expressing his public policy opinion on the Indian cryptocurrency market to a well-known online publication, a leading <a href="/wiki/Public_policy" title="Public policy">public policy</a> lawyer and Vice President of <a href="/wiki/South_Asian_Association_for_Regional_Cooperation" title="South Asian Association for Regional Cooperation">SAARCLAW</a> (South Asian Association for Regional Co-operation in Law) <a href="/w/index.php?title=Hemant_Batra&action=edit&redlink=1" class="new" title="Hemant Batra (page does not exist)">Hemant Batra</a> 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".<a href="#cite_note-153">[153]</a> He mooted regulating the cryptocurrency market rather than completely banning it. He favoured following <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">IMF</a> and <a href="/wiki/Financial_Action_Task_Force" title="Financial Action Task Force">FATF</a> guidelines in this regard. <div class="mw-heading mw-heading3"><h3 id="Singapore">Singapore</h3></div> <div class="mw-heading mw-heading3"><h3 id="South_Africa">South Africa</h3></div> 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.<a href="#cite_note-154">[154]</a> 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 <a href="/wiki/Bitcoin" title="Bitcoin">bitcoin</a>.<a href="#cite_note-regulations-155">[155]</a> Additionally, <a href="/wiki/Mirror_Trading_International" title="Mirror Trading International">Mirror Trading International</a> disappeared with $170 million worth of cryptocurrency in January 2021.<a href="#cite_note-regulations-155">[155]</a> <div class="mw-heading mw-heading3"><h3 id="South_Korea">South Korea</h3></div> 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.<a href="#cite_note-thediplomat.com-156">[156]</a> 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.<a href="#cite_note-thediplomat.com-156">[156]</a> <div class="mw-heading mw-heading3"><h3 id="Switzerland">Switzerland</h3></div> 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, however with stricter requirements. According to FINMA's<a href="#cite_note-157">[157]</a> requirements, VASPs need to verify the identity of the beneficiary of the transfer. <div class="mw-heading mw-heading3"><h3 id="Turkey">Turkey</h3></div> On 30 April 2021, the <a href="/wiki/Central_Bank_of_the_Republic_of_Turkey" title="Central Bank of the Republic of Turkey">Central Bank of the Republic of Turkey</a> banned the use of cryptocurrencies and <a href="/wiki/Cryptoassets" class="mw-redirect" title="Cryptoassets">cryptoassets</a> for making purchases on the grounds that the use of cryptocurrencies for such payments poses significant transaction risks.<a href="#cite_note-158">[158]</a> <div class="mw-heading mw-heading3"><h3 id="United_Arab_Emirates">United Arab Emirates</h3></div> <div class="mw-heading mw-heading3"><h3 id="United_Kingdom">United Kingdom</h3></div> 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 <a href="/wiki/Financial_Conduct_Authority" title="Financial Conduct Authority">Financial Conduct Authority</a>. Additionally, on 27 June 2021, the financial watchdog demanded that <a href="/wiki/Binance" title="Binance">Binance</a>, the world's largest cryptocurrency exchange,<a href="#cite_note-159">[159]</a> cease all regulated activities in the UK.<a href="#cite_note-ft.com-160">[160]</a> The incoming Labour government confirmed in November 2024 that it will proceed with the regulation of cryptoassets and new UK requirements are expected to come into force in 2026.<a href="#cite_note-161">[161]</a> <div class="mw-heading mw-heading3"><h3 id="United_States">United States</h3></div> In 2021, 17 states in the US passed laws and resolutions concerning cryptocurrency regulation.<a href="#cite_note-162">[162]</a> This led the Securities and Exchange Commission to start considering what steps to take. On 8 July 2021, <a href="/wiki/Elizabeth_Warren" title="Elizabeth Warren">Senator Elizabeth Warren</a>, part of the <a href="/wiki/United_States_Senate_Committee_on_Banking,_Housing,_and_Urban_Affairs" title="United States Senate Committee on Banking, Housing, and Urban Affairs">Senate Banking Committee</a>, 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, <a href="/wiki/Gary_Gensler" title="Gary Gensler">Gary Gensler</a>, 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.<a href="#cite_note-163">[163]</a> On 19 October 2021, the first bitcoin-linked exchange-traded fund (ETF) from <a href="/wiki/ProShares" title="ProShares">ProShares</a> started trading on the NYSE under the ticker "BITO." <a href="/wiki/ProShares" title="ProShares">ProShares</a> 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.<a href="#cite_note-164">[164]</a> The <a href="/wiki/United_States_Department_of_the_Treasury" title="United States Department of the Treasury">Department of the Treasury</a>, on 20 May 2021, announced that it would require any transfer worth $10,000 or more to be reported to the <a href="/wiki/Internal_Revenue_Service" title="Internal Revenue Service">Internal Revenue Service</a> 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.<a href="#cite_note-165">[165]</a> On 17 February 2022, the <a href="/wiki/United_States_Department_of_Justice" title="United States Department of Justice">Department of Justice</a> 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.<a href="#cite_note-166">[166]</a> 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.<a href="#cite_note-167">[167]</a> Followed this, on 16 September 2022, the Comprehensive Framework for Responsible Development of Digital Assets document was released<a href="#cite_note-168">[168]</a> 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.<a href="#cite_note-169">[169]</a> In February 2023, the SEC ruled that cryptocurrency exchange <a href="/wiki/Kraken_(company)" title="Kraken (company)">Kraken</a>'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.<a href="#cite_note-170">[170]</a> 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.<a href="#cite_note-171">[171]</a> On 23 January 2025, President Donald Trump signed <a href="/wiki/Executive_Order_14178" title="Executive Order 14178">Executive Order 14178</a>, Strengthening American Leadership in Digital Financial Technology<a href="#cite_note-172">[172]</a> revoking <a href="/wiki/Executive_Order_14067" title="Executive Order 14067">Executive Order 14067</a> 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 <a href="/wiki/Central_bank_digital_currency" title="Central bank digital currency">Central bank digital currency</a> and establishes a group tasked with proposing a federal regulatory framework for digital assets within 180 days.<a href="#cite_note-173">[173]</a> <div class="mw-heading mw-heading2"><h2 id="Legality">Legality</h2></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Legality_of_cryptocurrency_by_country_or_territory" title="Legality of cryptocurrency by country or territory">Legality of cryptocurrency by country or territory</a></div> The <a href="/wiki/Legality_of_cryptocurrency_by_country_or_territory" title="Legality of cryptocurrency by country or territory">legal status of cryptocurrencies</a> 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.<a href="#cite_note-174">[174]</a> While some countries have explicitly allowed their use and trade,<a href="#cite_note-175">[175]</a> others have banned or restricted it. According to the <a href="/wiki/Library_of_Congress" title="Library of Congress">Library of Congress</a> 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, Cote 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.<a href="#cite_note-RCAWNov2021LOC-176">[176]</a> In the United States and Canada, state and provincial securities regulators, coordinated through the <a href="/wiki/North_American_Securities_Administrators_Association" title="North American Securities Administrators Association">North American Securities Administrators Association</a>, are investigating "Bitcoin scams" and <a href="/wiki/Initial_coin_offering" title="Initial coin offering">ICOs</a> in 40 jurisdictions.<a href="#cite_note-WaPo52118-177">[177]</a> Various government agencies, departments, and courts have classified bitcoin differently. <a href="/wiki/China_Central_Bank" class="mw-redirect" title="China Central Bank">China Central Bank</a> banned the handling of bitcoins by financial institutions in <a href="/wiki/China" title="China">China</a> in early 2014. In Russia, though owning cryptocurrency is legal, its residents are only allowed to purchase goods from other residents using the <a href="/wiki/Russian_ruble" title="Russian ruble">Russian ruble</a> while nonresidents are allowed to use foreign currency.<a href="#cite_note-178">[178]</a> Regulations and bans that apply to bitcoin probably extend to similar cryptocurrency systems.<a href="#cite_note-179">[179]</a> In August 2018, the <a href="/wiki/Bank_of_Thailand" title="Bank of Thailand">Bank of Thailand</a> announced its plans to create its own cryptocurrency, the Central Bank Digital Currency (CBDC).<a href="#cite_note-180">[180]</a> <div class="mw-heading mw-heading3"><h3 id="Advertising_bans">Advertising bans</h3></div> Cryptocurrency advertisements have been banned on the following platforms: <ul><li><a href="/wiki/Google" title="Google">Google</a><a href="#cite_note-ToISW-181">[181]</a> - Ended August 2021<a href="#cite_note-Search_Engine_Land_2021-06-03-182">[182]</a></li> <li><a href="/wiki/Twitter" title="Twitter">Twitter</a><a href="#cite_note-ToISW-181">[181]</a></li> <li><a href="/wiki/Facebook" title="Facebook">Facebook</a><a href="#cite_note-ToISW-181">[181]</a> - Ended December 2021<a href="#cite_note-CNBC_2021-12-01-183">[183]</a></li> <li><a href="/wiki/Bing_(search_engine)" class="mw-redirect" title="Bing (search engine)">Bing</a><a href="#cite_note-bing51418-184">[184]</a> - Ended June 2022<a href="#cite_note-Search_Engine_Land_2022-06-01-185">[185]</a></li> <li><a href="/wiki/Snapchat" title="Snapchat">Snapchat</a></li> <li><a href="/wiki/LinkedIn" title="LinkedIn">LinkedIn</a><a href="#cite_note-:3-186">[186]</a></li> <li><a href="/wiki/MailChimp" class="mw-redirect" title="MailChimp">MailChimp</a><a href="#cite_note-3key-187">[187]</a></li> <li><a href="/wiki/Baidu" title="Baidu">Baidu</a></li> <li><a href="/wiki/Tencent" title="Tencent">Tencent</a></li> <li><a href="/wiki/Weibo_(company)" class="mw-redirect" title="Weibo (company)">Weibo</a></li> <li><a href="/wiki/Line_Corporation" title="Line Corporation">Line</a></li> <li><a href="/wiki/Yandex" title="Yandex">Yandex</a><a href="#cite_note-:3-186">[186]</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="U.S._tax_status">U.S. tax status</h3></div> On 25 March 2014, the United States <a href="/wiki/Internal_Revenue_Service" title="Internal Revenue Service">Internal Revenue Service</a> (IRS) ruled that bitcoin will be treated as property for tax purposes. Therefore, virtual currencies are considered commodities subject to capital gains tax.<a href="#cite_note-188">[188]</a> <div class="mw-heading mw-heading3"><h3 id="Legal_concerns_relating_to_an_unregulated_global_economy">Legal concerns relating to an unregulated global economy</h3></div> As the popularity and demand for online currencies has increased since the inception of bitcoin in 2009,<a href="#cite_note-189">[189]</a> so have concerns that such an unregulated person to person global economy that cryptocurrencies offer may become a threat to society. Concerns abound that altcoins may become tools for anonymous web criminals.<a href="#cite_note-:1-190">[190]</a> Cryptocurrency networks display a lack of regulation that has been criticized as enabling criminals who seek to evade taxes and <a href="/wiki/Money_laundering" title="Money laundering">launder money</a>. Money laundering issues <a href="/wiki/FinCEN_Files" title="FinCEN Files">are also present in regular bank transfers</a>, however with bank-to-bank wire transfers for instance, the account holder must at least <a href="/wiki/Wire_transfer#Security" title="Wire transfer">provide a proven identity</a>. Transactions that occur through the use and exchange of these altcoins 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 existing cryptocurrencies, a mode of exchange that is complex and difficult to track.<a href="#cite_note-:1-190">[190]</a> Systems of anonymity that most cryptocurrencies offer can also serve as a simpler means to launder money. Rather than laundering money through an intricate net of financial actors and offshore bank accounts, laundering money through altcoins can be achieved through anonymous transactions.<a href="#cite_note-:1-190">[190]</a> Cryptocurrency makes legal enforcement against extremist groups more complicated, which consequently strengthens them.<a href="#cite_note-191">[191]</a> White supremacist <a href="/wiki/Richard_B._Spencer" title="Richard B. Spencer">Richard Spencer</a> went as far as to declare bitcoin the "currency of the alt-right".<a href="#cite_note-192">[192]</a> <div class="mw-heading mw-heading3"><h3 id="Loss,_theft,_and_fraud">Loss, theft, and fraud</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Cryptocurrency_and_crime" title="Cryptocurrency and crime">Cryptocurrency and crime</a></div> In February 2014, the world's largest bitcoin exchange, <a href="/wiki/Mt._Gox" title="Mt. Gox">Mt. Gox</a>, declared <a href="/wiki/Bankruptcy" title="Bankruptcy">bankruptcy</a>. 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 <a href="/wiki/Transaction_malleability_problem" title="Transaction malleability problem">transaction malleability problems</a> in the network. The price of a bitcoin fell from a high of about $1,160 in December to under $400 in February.<a href="#cite_note-193">[193]</a> On 21 November 2017, <a href="/wiki/Tether_(cryptocurrency)" title="Tether (cryptocurrency)">Tether</a> announced that it had been hacked, losing $31 million in USDT from its core treasury wallet.<a href="#cite_note-194">[194]</a> On 7 December 2017, Slovenian cryptocurrency exchange <a href="/wiki/NiceHash" title="NiceHash">Nicehash</a> reported that hackers had stolen over $70 million using a hijacked company computer.<a href="#cite_note-195">[195]</a> On 19 December 2017, Yapian, the owner of South Korean exchange Youbit, filed for bankruptcy after suffering two hacks that year.<a href="#cite_note-196">[196]</a><a href="#cite_note-197">[197]</a> Customers were still granted access to 75% of their assets. In May 2018, <a href="/wiki/Bitcoin_Gold" title="Bitcoin Gold">Bitcoin Gold</a> had its transactions hijacked and abused by unknown hackers.<a href="#cite_note-198">[198]</a> 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.<a href="#cite_note-199">[199]</a> Garza had founded the cryptocurrency startups GAW Miners and ZenMiner in 2014, acknowledged in a <a href="/wiki/Plea_agreement" class="mw-redirect" title="Plea agreement">plea agreement</a> that the companies were part of a <a href="/wiki/Pyramid_scheme" title="Pyramid scheme">pyramid scheme</a>, and pleaded guilty to <a href="/wiki/Wire_fraud" class="mw-redirect" title="Wire fraud">wire fraud</a> 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.<a href="#cite_note-200">[200]</a> In January 2018, Japanese exchange <a href="/wiki/Coincheck" title="Coincheck">Coincheck</a> reported that hackers had stolen cryptocurrency worth $530 million.<a href="#cite_note-201">[201]</a> In June 2018, South Korean exchange Coinrail was hacked, losing over $37 million in crypto.<a href="#cite_note-202">[202]</a> The hack worsened a cryptocurrency selloff by an additional $42 billion.<a href="#cite_note-203">[203]</a> On 9 July 2018, the exchange Bancor, whose code and fundraising had been subjects of controversy, had $23.5 million in crypto stolen.<a href="#cite_note-Bancorhack-204">[204]</a> 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".<a href="#cite_note-205">[205]</a> According to a 2020 report produced by the <a href="/wiki/United_States_Attorney_General" title="United States Attorney General">United States Attorney General</a>'s Cyber-Digital Task Force, hree categories make up the majority of illicit cryptocurrency uses: "(1) financial transactions associated with the commission of crimes; (2) <a href="/wiki/Money_laundering" title="Money laundering">money laundering</a> and the <a href="/wiki/Tax_evasion" title="Tax evasion">shielding of legitimate activity from tax</a>, 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".<a href="#cite_note-206">[206]</a><a href="#cite_note-207">[207]</a> 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).<a href="#cite_note-208">[208]</a> Legal scholars suggested that the money laundering opportunities may be more perceived than real.<a href="#cite_note-209">[209]</a> <a href="/wiki/Blockchain_analysis" title="Blockchain analysis">Blockchain analysis</a> company Chainalysis concluded that illicit activities like <a href="/wiki/Cybercrime" title="Cybercrime">cybercrime</a>, <a href="/wiki/Money_laundering" title="Money laundering">money laundering</a> and <a href="/wiki/Terrorism_financing" title="Terrorism financing">terrorism financing</a> made up only 0.15% of all crypto transactions conducted in 2021, representing a total of $14 billion.<a href="#cite_note-210">[210]</a><a href="#cite_note-211">[211]</a><a href="#cite_note-212">[212]</a> In December 2021, Monkey Kingdom, a NFT project based in Hong Kong, lost US$1.3 million worth of cryptocurrencies via a phishing link used by the hacker.<a href="#cite_note-213">[213]</a> On November 2, 2023, <a href="/wiki/Sam_Bankman-Fried" title="Sam Bankman-Fried">Sam Bankman-Fried</a> was pronounced guilty on seven counts of fraud related to <a href="/wiki/FTX" title="FTX">FTX</a>.<a href="#cite_note-cnbc-guilty-214">[214]</a> Federal criminal court sentencing experts speculated on the potential amount of prison time likely to be meted out.<a href="#cite_note-Livni-215">[215]</a><a href="#cite_note-Clifford-216">[216]</a><a href="#cite_note-217">[217]</a> On March 28, 2024, the court sentenced Bankman-Fried to 25 years in prison.<a href="#cite_note-218">[218]</a> <div class="mw-heading mw-heading3"><h3 id="Money_laundering">Money laundering</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Cryptocurrency_and_crime" title="Cryptocurrency and crime">Cryptocurrency and crime</a></div> According to blockchain data company <a href="/wiki/Chainalysis" title="Chainalysis">Chainalysis</a>, criminals laundered <a href="/wiki/United_States_dollar" title="United States dollar">US$</a>8,600,000,000 worth of cryptocurrency in 2021, up by 30% from the previous year.<a href="#cite_note-219">[219]</a> 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.<a href="#cite_note-220">[220]</a> Almost $2.2bn worth of cryptocurrencies was embezzled from DeFi protocols in 2021, which represents 72% of all cryptocurrency theft in 2021. According to Bloomberg and the New York Times, Federation Tower, a two skyscraper complex in the heart of Moscow City, 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.<a href="#cite_note-:0-221">[221]</a> Notable businesses include <a href="/w/index.php?title=Garantex&action=edit&redlink=1" class="new" title="Garantex (page does not exist)">Garantex</a>,<a href="#cite_note-222">[222]</a> 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.<a href="#cite_note-223">[223]</a> 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.<a href="#cite_note-224">[224]</a> The platform demands that sellers liquidate cryptocurrency only through certain regional exchanges, which has made it difficult for investigators to trace the money. 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.<a href="#cite_note-:0-221">[221]</a> However, Russians are also leaders in the benign adoption of cryptocurrencies, as the ruble is unreliable, and <a href="/wiki/Vladimir_Putin" title="Vladimir Putin">President Putin</a> favours the idea of "overcoming the excessive domination of the limited number of reserve currencies."<a href="#cite_note-225">[225]</a> 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 <a href="/wiki/North_Korea" title="North Korea">North Korea</a>.<a href="#cite_note-226">[226]</a> <div class="mw-heading mw-heading3"><h3 id="Darknet_markets">Darknet markets</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Darknet_market" title="Darknet market">Darknet market</a></div> 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 <a href="/wiki/Darknet_market" title="Darknet market">online black markets</a>, such as <a href="/wiki/Silk_Road_(marketplace)" title="Silk Road (marketplace)">Silk Road</a>.<a href="#cite_note-:1-190">[190]</a> 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.<a href="#cite_note-:1-190">[190]</a> Darknet markets present challenges in regard to 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".[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] This type of ambiguous classification puts pressure on law enforcement agencies around the world to adapt to the shifting drug trade of dark markets.<a href="#cite_note-:2-227">[227]</a>[<a href="/wiki/Wikipedia:Reliable_sources" title="Wikipedia:Reliable sources">unreliable source?</a>] <div class="mw-heading mw-heading3"><h3 id="Wash_trades">Wash trades</h3></div> Various studies have found that crypto-trading is rife with <a href="/wiki/Wash_trade" title="Wash trade">wash trading</a>. Wash trading is a process, illegal in some jurisdictions, involving buyers and sellers being the same person or group, and 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.<a href="#cite_note-:4-228">[228]</a> A study from 2019 concluded that up to 80% of trades on unregulated cryptocurrency exchanges could be wash trades.<a href="#cite_note-:4-228">[228]</a> 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.<a href="#cite_note-229">[229]</a> <div class="mw-heading mw-heading3"><h3 id="As_a_tool_to_evade_sanctions">As a tool to evade sanctions</h3></div> In 2022, cryptocurrencies attracted attention when Western nations imposed severe economic sanctions on Russia in the aftermath of <a href="/wiki/2022_Russian_invasion_of_Ukraine" class="mw-redirect" title="2022 Russian invasion of Ukraine">its invasion of Ukraine</a> in February. However, American sources warned in March that some crypto-transactions could potentially be used to evade economic sanctions against Russia and Belarus.<a href="#cite_note-230">[230]</a> In April 2022, the computer programmer <a href="/wiki/Virgil_Griffith" title="Virgil Griffith">Virgil Griffith</a> 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.<a href="#cite_note-231">[231]</a> <div class="mw-heading mw-heading2"><h2 id="Impacts_and_analysis">Impacts and analysis</h2></div> <style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><table class="infobox" style="width: 210px; clear: right; float:right;margin:0 0 1.5em 1.5em"><tbody><tr><th colspan="2" class="infobox-above" style="font-size:115%">External videos</th></tr><tr><td colspan="2" class="infobox-full-data" style="text-align: left"><img alt="video icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Nuvola_apps_kaboodle.svg/16px-Nuvola_apps_kaboodle.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Nuvola_apps_kaboodle.svg/24px-Nuvola_apps_kaboodle.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1b/Nuvola_apps_kaboodle.svg/32px-Nuvola_apps_kaboodle.svg.png 2x" data-file-width="128" data-file-height="128" /> <a rel="nofollow" class="external text" href="https://www.youtube.com/watch?v=vo6s1mUjxQQ">Cryptocurrencies: looking beyond the hype</a>, <a href="/wiki/Hyun_Song_Shin" class="mw-redirect" title="Hyun Song Shin">Hyun Song Shin</a>, <a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a>, 2:48<a href="#cite_note-bis_report-232">[232]</a></td></tr></tbody></table> The <a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a> 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.<a href="#cite_note-bis_report-232">[232]</a><a href="#cite_note-chapterV-233">[233]</a><a href="#cite_note-LATHiltzik-234">[234]</a> <div class="mw-heading mw-heading3"><h3 id="Speculation,_fraud,_and_adoption">Speculation, fraud, and adoption</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Cryptocurrency_bubble" title="Cryptocurrency bubble">Cryptocurrency bubble</a>, <a href="/wiki/Cryptocurrency_and_crime" title="Cryptocurrency and crime">Cryptocurrency and crime</a>, and <a href="/wiki/Bitcoin_network" class="mw-redirect" title="Bitcoin network">Criminal activity on Bitcoin's network</a></div> Cryptocurrencies have been compared to <a href="/wiki/Ponzi_schemes" class="mw-redirect" title="Ponzi schemes">Ponzi schemes</a>, <a href="/wiki/Pyramid_scheme" title="Pyramid scheme">pyramid schemes</a><a href="#cite_note-235">[235]</a> and <a href="/wiki/Economic_bubble" title="Economic bubble">economic bubbles</a>,<a href="#cite_note-236">[236]</a> such as <a href="/wiki/Housing_market_bubble" class="mw-redirect" title="Housing market bubble">housing market bubbles</a>.<a href="#cite_note-237">[237]</a> <a href="/wiki/Howard_Marks_(investor)" title="Howard Marks (investor)">Howard Marks</a> of <a href="/wiki/Oaktree_Capital_Management" title="Oaktree Capital Management">Oaktree Capital Management</a> 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 <a href="/wiki/Tulip_mania" title="Tulip mania">tulip mania</a> (1637), <a href="/wiki/South_Sea_Bubble" class="mw-redirect" title="South Sea Bubble">South Sea Bubble</a> (1720), and <a href="/wiki/Dot-com_bubble" title="Dot-com bubble">dot-com bubble</a> (1999), which all experienced profound price booms and busts.<a href="#cite_note-238">[238]</a> Regulators in several countries have warned against cryptocurrency and some have taken measures to dissuade users.<a href="#cite_note-239">[239]</a> 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 <a href="/wiki/Financial_Conduct_Authority" title="Financial Conduct Authority">FCA</a> website, and 12% of crypto users were not aware that their holdings were not protected by <a href="/wiki/Financial_Services_Compensation_Scheme" title="Financial Services Compensation Scheme">statutory compensation</a>.<a href="#cite_note-240">[240]</a><a href="#cite_note-241">[241]</a> Of 1,000 respondents between the ages of eighteen and forty, almost 70% wrongly assumed cryptocurrencies were regulated, 75% of younger crypto investors claimed to be driven by competition with friends and family, 58% said that social media enticed them to make high risk investments.<a href="#cite_note-242">[242]</a> The FCA recommends making use of its warning list, which flags unauthorized financial firms.<a href="#cite_note-243">[243]</a> Many banks do not offer virtual currency services themselves and can refuse to do business with virtual currency companies.<a href="#cite_note-244">[244]</a> In 2014, Gareth Murphy, a senior banking officer, suggested that the widespread adoption of cryptocurrencies may lead to too much money being <a href="/wiki/Obfuscation" title="Obfuscation">obfuscated</a>, blinding economists who would use such information to better steer the economy.<a href="#cite_note-245">[245]</a> 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 <a href="/wiki/Chargeback" title="Chargeback">chargebacks</a>. The French regulator <a href="/wiki/Autorit%C3%A9_des_march%C3%A9s_financiers_(France)" class="mw-redirect" title="Autorité des marchés financiers (France)">Autorité des marchés financiers</a> (AMF) lists 16 websites of companies that solicit investment in cryptocurrency without being authorized to do so in France.<a href="#cite_note-246">[246]</a> An October 2021 paper by the <a href="/wiki/National_Bureau_of_Economic_Research" title="National Bureau of Economic Research">National Bureau of Economic Research</a> found that bitcoin suffers from systemic risk as the top 10,000 addresses control about one-third of all bitcoin in circulation.<a href="#cite_note-247">[247]</a> 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.<a href="#cite_note-248">[248]</a> This is considered risky as a great deal of the market is in the hands of a few entities. A paper by John Griffin, a finance professor at the <a href="/wiki/University_of_Texas_at_Austin" title="University of Texas at Austin">University of Texas</a>, and Amin Shams, a graduate student found that in 2017 the price of bitcoin had been substantially inflated using another cryptocurrency, Tether.<a href="#cite_note-249">[249]</a> <a href="/wiki/Roger_Lowenstein" title="Roger Lowenstein">Roger Lowenstein</a>, author of "Bank of America: The Epic Struggle to Create the Federal Reserve," says in a New York Times story that FTX will face over $8 billion in claims.<a href="#cite_note-250">[250]</a> <div class="mw-heading mw-heading3"><h3 id="Non-fungible_tokens">Non-fungible tokens</h3></div> <a href="/wiki/Non-fungible_token" title="Non-fungible token">Non-fungible tokens</a> (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. <div class="mw-heading mw-heading3"><h3 id="Banks">Banks</h3></div> According to Vanessa Grellet, renowned panelist in blockchain conferences,<a href="#cite_note-251">[251]</a> there was an increasing interest from traditional <a href="/wiki/Stock_exchange" title="Stock exchange">stock exchanges</a> in crypto-assets at the end of the 2010s, while crypto-exchanges such as <a href="/wiki/Coinbase" title="Coinbase">Coinbase</a> were gradually entering the traditional <a href="/wiki/Financial_market" title="Financial market">financial markets</a>. 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 <a href="/wiki/Security_token_offering" title="Security token offering">Security Token Offering</a> (STO), enabling new ways of <a href="/wiki/Fundraising" title="Fundraising">fundraising</a>. Tokenization, turning assets such as <a href="/wiki/Real_estate" title="Real estate">real estate</a>, <a href="/wiki/Investment_fund" title="Investment fund">investment funds</a>, and <a href="/wiki/Private_equity" title="Private equity">private equity</a> 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 <a href="/wiki/JPMorgan_Chase" title="JPMorgan Chase">JPMorgan Chase</a>, were actively working on blockchain initiatives, exemplified by the creation of Quorum, a private blockchain platform.<a href="#cite_note-LT-252">[252]</a> As the first big Wall Street bank to embrace cryptocurrencies, <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a> 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.<a href="#cite_note-253">[253]</a> BNY Mellon on 11 February 2021 announced that it would begin offering cryptocurrency services to its clients.<a href="#cite_note-254">[254]</a> On 20 April 2021,<a href="#cite_note-255">[255]</a> <a href="/wiki/Venmo" title="Venmo">Venmo</a> added support to its platform to enable customers to buy, hold and sell cryptocurrencies.<a href="#cite_note-256">[256]</a> In October 2021, financial services company <a href="/wiki/Mastercard" title="Mastercard">Mastercard</a> announced it is working with digital asset manager <a href="/wiki/Bakkt" title="Bakkt">Bakkt</a> on a platform that would allow any bank or merchant on the Mastercard network to offer cryptocurrency services.<a href="#cite_note-257">[257]</a> <div class="mw-heading mw-heading3"><h3 id="Environmental_effects">Environmental effects</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Environmental_effects_of_bitcoin" class="mw-redirect" title="Environmental effects of bitcoin">Environmental effects of bitcoin</a></div> Mining for <a href="/wiki/Proof-of-work" class="mw-redirect" title="Proof-of-work">proof-of-work</a> cryptocurrencies requires enormous amounts of electricity and consequently comes with a large <a href="/wiki/Carbon_footprint" title="Carbon footprint">carbon footprint</a> due to causing <a href="/wiki/Greenhouse_gas_emissions" title="Greenhouse gas emissions">greenhouse gas emissions</a>.<a href="#cite_note-258">[258]</a> Proof-of-work blockchains such as bitcoin, <a href="/wiki/Ethereum" title="Ethereum">Ethereum</a>, <a href="/wiki/Litecoin" title="Litecoin">Litecoin</a>, and <a href="/wiki/Monero" title="Monero">Monero</a> were estimated to have added between 3 million and 15 million tons of <a href="/wiki/Carbon_dioxide_in_Earth%27s_atmosphere" title="Carbon dioxide in Earth's atmosphere">carbon dioxide (CO2) to the atmosphere</a> in the period from 1 January 2016 to 30 June 2017.<a href="#cite_note-259">[259]</a> By November 2018, bitcoin was estimated to have an annual <a href="/wiki/Energy_consumption" title="Energy consumption">energy consumption</a> of 45.8TWh, generating 22.0 to 22.9 million tons of CO2, rivalling nations like <a href="/wiki/Jordan" title="Jordan">Jordan</a> and <a href="/wiki/Sri_Lanka" title="Sri Lanka">Sri Lanka</a>.<a href="#cite_note-260">[260]</a> By the end of 2021, bitcoin was estimated to produce 65.4 million tons of CO2, as much as <a href="/wiki/Greece" title="Greece">Greece</a>,<a href="#cite_note-261">[261]</a> and consume between 91 and 177 terawatt-hours annually.<a href="#cite_note-262">[262]</a><a href="#cite_note-263">[263]</a> Critics have also identified a large <a href="/wiki/Electronic_waste" title="Electronic waste">electronic waste</a> problem in disposing of <a href="/wiki/Bitcoin_mining" class="mw-redirect" title="Bitcoin mining">mining rigs</a>.<a href="#cite_note-264">[264]</a> Mining hardware is improving at a fast rate, quickly resulting in older generations of hardware.<a href="#cite_note-265">[265]</a> Bitcoin is the least energy-efficient cryptocurrency, using 707.6 kilowatt-hours of electricity per transaction.<a href="#cite_note-266">[266]</a> 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 that 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.<a href="#cite_note-267">[267]</a> The world's second-largest cryptocurrency, Ethereum, uses 62.56 kilowatt-hours of electricity per transaction.<a href="#cite_note-268">[268]</a> <a href="/wiki/XRP" class="mw-redirect" title="XRP">XRP</a> is the world's most energy efficient cryptocurrency, using 0.0079 kilowatt-hours of electricity per transaction.<a href="#cite_note-laptopmag-269">[269]</a> 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: <a href="/wiki/Chia_(cryptocurrency)" class="mw-redirect" title="Chia (cryptocurrency)">Chia</a>, <a href="/wiki/IOTA_(technology)" title="IOTA (technology)">IOTA</a>, <a href="/wiki/Cardano_(blockchain_platform)" title="Cardano (blockchain platform)">Cardano</a>, <a href="/wiki/Nano_(cryptocurrency)" title="Nano (cryptocurrency)">Nano</a>, Solarcoin and Bitgreen.<a href="#cite_note-270">[270]</a> Academics and researchers have used various methods for estimating the energy use and energy efficiency of blockchains. A study of the six largest proof-of-stake networks in May 2021 concluded: <ul><li><a href="/wiki/Cardano_(blockchain_platform)" title="Cardano (blockchain platform)">Cardano</a> has the lowest electricity use per node;</li> <li><a href="/wiki/Polkadot_(cryptocurrency)" class="mw-redirect" title="Polkadot (cryptocurrency)">Polkadot</a> has the lowest electricity use overall; and</li> <li><a href="/wiki/Solana_(blockchain_platform)" title="Solana (blockchain platform)">Solana</a> has the lowest electricity use per transaction.</li></ul> In terms of annual consumption (kWh/yr), the figures were: Polkadot (70,237), <a href="/wiki/Tezos" title="Tezos">Tezos</a> (113,249), <a href="/wiki/Avalanche_(blockchain_platform)" title="Avalanche (blockchain platform)">Avalanche</a> (489,311), <a href="/wiki/Algorand" title="Algorand">Algorand</a> (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.<a href="#cite_note-271">[271]</a> University College London researchers reached a similar conclusion.<a href="#cite_note-272">[272]</a> <a href="/wiki/Variable_renewable_energy" title="Variable renewable energy">Variable renewable energy</a> power stations could invest in bitcoin mining to reduce <a href="/wiki/Curtailment_(electricity)" title="Curtailment (electricity)">curtailment</a>, <a href="/wiki/Hedge_(finance)" title="Hedge (finance)">hedge</a> <a href="/wiki/Electricity_market#Risk_management" title="Electricity market">electricity price risk</a>, stabilize the grid, increase the <a href="/wiki/Energy_return_on_investment" title="Energy return on investment">profitability of renewable energy</a> power stations and therefore accelerate <a href="/wiki/Transition_to_sustainable_energy" class="mw-redirect" title="Transition to sustainable energy">transition to sustainable energy</a>.<a href="#cite_note-Fridgen2021-273">[273]</a><a href="#cite_note-274">[274]</a><a href="#cite_note-275">[275]</a><a href="#cite_note-276">[276]</a><a href="#cite_note-277">[277]</a> <div class="mw-heading mw-heading3"><h3 id="Technological_limitations">Technological limitations</h3></div> There are also purely technical elements to consider. For example, technological advancement in cryptocurrencies such as bitcoin result in high up-front costs to miners in the form of specialized <a href="/wiki/Computer_hardware" title="Computer hardware">hardware</a> and <a href="/wiki/Software" title="Software">software</a>.<a href="#cite_note-278">[278]</a> 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 the destruction of the physical media. This precludes the cryptocurrency from being spent, resulting in its effective removal from the markets.<a href="#cite_note-279">[279]</a> <div class="mw-heading mw-heading3"><h3 id="Academic_studies">Academic studies</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Ledger_(journal)" title="Ledger (journal)">Ledger (journal)</a></div> In September 2015, the establishment of the <a href="/wiki/Peer-reviewed" class="mw-redirect" title="Peer-reviewed">peer-reviewed</a> <a href="/wiki/Academic_journal" title="Academic journal">academic journal</a> <a href="/wiki/Ledger_(journal)" title="Ledger (journal)">Ledger</a> (<style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://www.worldcat.org/search?fq=x0:jrnl&q=n2:2379-5980">2379-5980</a>) was announced. It covers studies of cryptocurrencies and related technologies, and is published by the <a href="/wiki/University_of_Pittsburgh" title="University of Pittsburgh">University of Pittsburgh</a>.<a href="#cite_note-280">[280]</a> The journal encourages authors to <a href="/wiki/Digital_signature" title="Digital signature">digitally sign</a> a <a href="/wiki/Hash_function" title="Hash function">file hash</a> of submitted papers, which will then be <a href="/wiki/Trusted_timestamping" title="Trusted timestamping">timestamped</a> into the bitcoin <a href="/wiki/Blockchain_(database)" class="mw-redirect" title="Blockchain (database)">blockchain</a>. Authors are also asked to include a personal bitcoin address in the first page of their papers.<a href="#cite_note-281">[281]</a><a href="#cite_note-282">[282]</a> <div class="mw-heading mw-heading3"><h3 id="Aid_agencies">Aid agencies</h3></div> A number of <a href="/wiki/Aid_agency" title="Aid agency">aid agencies</a> have started accepting donations in cryptocurrencies, including <a href="/wiki/UNICEF" title="UNICEF">UNICEF</a>.<a href="#cite_note-ibtimesunicef-283">[283]</a> 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.<a href="#cite_note-284">[284]</a><a href="#cite_note-285">[285]</a> 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.<a href="#cite_note-286">[286]</a> The <a href="/wiki/Greenpeace_USA" title="Greenpeace USA">U.S. arm of Greenpeace</a> 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."<a href="#cite_note-287">[287]</a> In 2022, the <a href="/wiki/Ukrainian_government" class="mw-redirect" title="Ukrainian government">Ukrainian government</a> raised over <a href="/wiki/United_States_dollar" title="United States dollar">US$</a>10,000,000 worth of aid through cryptocurrency following the <a href="/wiki/2022_Russian_invasion_of_Ukraine" class="mw-redirect" title="2022 Russian invasion of Ukraine">2022 Russian invasion of Ukraine</a>.<a href="#cite_note-288">[288]</a> <div class="mw-heading mw-heading3"><h3 id="Criticism">Criticism</h3></div> <a href="/wiki/Bitcoin" title="Bitcoin">Bitcoin</a> has been characterized as a <a href="/wiki/Speculative_bubble" class="mw-redirect" title="Speculative bubble">speculative bubble</a> by eight <a href="/wiki/Winners_of_the_Nobel_Memorial_Prize_in_Economic_Sciences" class="mw-redirect" title="Winners of the Nobel Memorial Prize in Economic Sciences">winners of the Nobel Memorial Prize in Economic Sciences</a>: <a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a>,<a href="#cite_note-289">[289]</a> <a href="/wiki/Robert_J._Shiller" title="Robert J. Shiller">Robert J. Shiller</a>,<a href="#cite_note-Shiller_2014-290">[290]</a> <a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a>,<a href="#cite_note-Stiglitz-291">[291]</a> <a href="/wiki/Richard_Thaler" title="Richard Thaler">Richard Thaler</a>,<a href="#cite_note-Thaler-292">[292]</a> <a href="/wiki/James_Heckman" title="James Heckman">James Heckman</a>,<a href="#cite_note-4Nobels-293">[293]</a> <a href="/wiki/Thomas_Sargent" class="mw-redirect" title="Thomas Sargent">Thomas Sargent</a>,<a href="#cite_note-4Nobels-293">[293]</a> <a href="/wiki/Angus_Deaton" title="Angus Deaton">Angus Deaton</a>,<a href="#cite_note-4Nobels-293">[293]</a> and <a href="/wiki/Oliver_Hart_(economist)" title="Oliver Hart (economist)">Oliver Hart</a>;<a href="#cite_note-4Nobels-293">[293]</a> and by central bank officials including <a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Alan Greenspan</a>,<a href="#cite_note-Kearns-294">[294]</a> <a href="/wiki/Agust%C3%ADn_Carstens" title="Agustín Carstens">Agustín Carstens</a>,<a href="#cite_note-Carstens-295">[295]</a> <a href="/wiki/V%C3%ADtor_Const%C3%A2ncio" title="Vítor Constâncio">Vítor Constâncio</a>,<a href="#cite_note-Constancio-296">[296]</a> and <a href="/wiki/Nout_Wellink" title="Nout Wellink">Nout Wellink</a>.<a href="#cite_note-tulip_mania-297">[297]</a> Investors <a href="/wiki/Warren_Buffett" title="Warren Buffett">Warren Buffett</a> and <a href="/wiki/George_Soros" title="George Soros">George Soros</a> have respectively characterized it as a "mirage"<a href="#cite_note-298">[298]</a> and a "bubble";<a href="#cite_note-GnMSoros-299">[299]</a> while business executives <a href="/wiki/Jack_Ma" title="Jack Ma">Jack Ma</a> and <a href="/wiki/JP_Morgan_Chase" class="mw-redirect" title="JP Morgan Chase">JP Morgan Chase</a> CEO <a href="/wiki/Jamie_Dimon" title="Jamie Dimon">Jamie Dimon</a> have called it a "bubble"<a href="#cite_note-Yang_Ma-300">[300]</a> and a "fraud",<a href="#cite_note-Buffet_and_Dimon-301">[301]</a> respectively, although Jamie Dimon later said he regretted dubbing bitcoin a fraud.<a href="#cite_note-302">[302]</a> <a href="/wiki/BlackRock" title="BlackRock">BlackRock</a> CEO <a href="/wiki/Laurence_D._Fink" class="mw-redirect" title="Laurence D. Fink">Laurence D. Fink</a> called bitcoin an "index of <a href="/wiki/Money_laundering" title="Money laundering">money laundering</a>".<a href="#cite_note-303">[303]</a> In June 2022, business magnate <a href="/wiki/Bill_Gates" title="Bill Gates">Bill Gates</a> said that cryptocurrencies are "100% based on <a href="/wiki/Greater_fool_theory" title="Greater fool theory">greater fool theory</a>".<a href="#cite_note-304">[304]</a> 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 <a href="/wiki/Property_law" title="Property law">property law</a>, as cryptocurrencies do not belong to any class of legally defined objects (Typenzwang, the legal <a href="/wiki/Numerus_clausus_(law)" title="Numerus clausus (law)">numerus clausus</a>). Therefore, it is debated whether anybody could even be sued for <a href="/wiki/Embezzlement" title="Embezzlement">embezzlement</a> of cryptocurrency if he/she had access to someone's wallet. However, in the <a href="/wiki/Law_of_obligations" title="Law of obligations">law of obligations</a> and <a href="/wiki/Contract" title="Contract">contract law</a>, any kind of object would be legally valid, but the object would have to be tied to an identified <a href="/wiki/Counterparty" title="Counterparty">counterparty</a>. However, as 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.<a href="#cite_note-305">[305]</a><a href="#cite_note-306">[306]</a> In 2018, an increase in crypto-related suicides was noticed after the cryptocurrency market crashed in August. The situation was particularly critical in Korea as crypto traders were on "suicide watch". A cryptocurrency forum on Reddit even started providing suicide prevention support to affected investors.<a href="#cite_note-307">[307]</a><a href="#cite_note-308">[308]</a> The May 2022 collapse of the Luna currency operated by <a href="/wiki/Terra_(blockchain)" title="Terra (blockchain)">Terra</a> also led to reports of suicidal investors in crypto-related subreddits.<a href="#cite_note-309">[309]</a> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col"> <ul><li><a href="/wiki/2018_crypto_crash" class="mw-redirect" title="2018 crypto crash">2018 crypto crash</a></li> <li><a href="/wiki/Blockchain-based_remittances_company" class="mw-redirect" title="Blockchain-based remittances company">Blockchain-based remittances company</a></li> <li><a href="/wiki/Cryptocurrency_bubble" title="Cryptocurrency bubble">Cryptocurrency bubble</a></li> <li><a href="/wiki/Cryptocurrency_exchange" title="Cryptocurrency exchange">Cryptocurrency exchange</a></li> <li><a href="/wiki/Cryptographic_protocol" title="Cryptographic protocol">Cryptographic protocol</a></li> <li><a href="/wiki/List_of_cryptocurrencies" title="List of cryptocurrencies">List of cryptocurrencies</a></li> <li><a href="/wiki/Virtual_currency_law_in_the_United_States" title="Virtual currency law in the United States">Virtual currency law in the United States</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-lower-alpha"> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626"><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-:5-1"><a href="#cite_ref-:5_1-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPagliery2014" class="citation book cs1">Pagliery, Jose (2014). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=_-wuBAAAQBAJ">Bitcoin: And the Future of Money</a>. 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Retrieved 18 June 2016.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economist&rft.atitle=Blockchains%3A+The+great+chain+of+being+sure+about+things&rft.date=2015-10-31&rft_id=https%3A%2F%2Fwww.economist.com%2Fnews%2Fbriefing%2F21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-60"><a href="#cite_ref-60">^</a> "<a rel="nofollow" class="external text" href="http://www.americanbanker.com/bankthink/how-cryptocurrencies-could-upend-banks-monetary-role-1057597-1.html?zkPrintable=1&nopagination=1">How Cryptocurrencies Could Upend Banks' Monetary Role</a>". <a rel="nofollow" class="external text" href="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">Archived</a> 27 September 2013 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, American Banker. 26 May 2013 </li> <li id="cite_note-cryptocurrencytech-61">^ <a href="#cite_ref-cryptocurrencytech_61-0">a</a> <a href="#cite_ref-cryptocurrencytech_61-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFNarayananBonneauFeltenMiller2016" class="citation book cs1">Narayanan, Arvind; Bonneau, Joseph; Felten, Edward; Miller, Andrew; Goldfeder, Steven (2016). 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Princeton: Princeton University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-691-17169-2" title="Special:BookSources/978-0-691-17169-2"><bdi>978-0-691-17169-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Bitcoin+and+cryptocurrency+technologies%3A+a+comprehensive+introduction&rft.place=Princeton&rft.pub=Princeton+University+Press&rft.date=2016&rft.isbn=978-0-691-17169-2&rft.aulast=Narayanan&rft.aufirst=Arvind&rft.au=Bonneau%2C+Joseph&rft.au=Felten%2C+Edward&rft.au=Miller%2C+Andrew&rft.au=Goldfeder%2C+Steven&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-IPblockchain-62"><a href="#cite_ref-IPblockchain_62-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.investopedia.com/terms/b/blockchain.asp">"Blockchain"</a>. Investopedia. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160323045814/http://www.investopedia.com/terms/b/blockchain.asp">Archived</a> from the original on 23 March 2016. Retrieved 19 March 2016. <q>Based on the Bitcoin protocol, the blockchain database is shared by all nodes participating in a system.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Investopedia&rft.atitle=Blockchain&rft_id=http%3A%2F%2Fwww.investopedia.com%2Fterms%2Fb%2Fblockchain.asp&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-hbr201701-63"><a href="#cite_ref-hbr201701_63-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFIansitiLakhani2017" class="citation news cs1">Iansiti, Marco; Lakhani, Karim R. 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Retrieved 17 January 2017. <q>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.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Harvard+Business+Review&rft.atitle=The+Truth+About+Blockchain&rft.date=2017-01&rft.aulast=Iansiti&rft.aufirst=Marco&rft.au=Lakhani%2C+Karim+R.&rft_id=https%3A%2F%2Fhbr.org%2F2017%2F01%2Fthe-truth-about-blockchain&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-decapp-64"><a href="#cite_ref-decapp_64-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRaval2016" class="citation book cs1">Raval, Siraj (2016). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=fvywDAAAQBAJ">Decentralized Applications: Harnessing Bitcoin's Blockchain Technology</a>. O'Reilly Media, Inc. pp. <a rel="nofollow" class="external text" href="https://books.google.com/books?id=fvywDAAAQBAJ&pg=PA1">1</a>–<a rel="nofollow" class="external text" href="https://books.google.com/books?id=fvywDAAAQBAJ">2</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-4919-2452-5" title="Special:BookSources/978-1-4919-2452-5"><bdi>978-1-4919-2452-5</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20240628094550/https://books.google.com/books?id=fvywDAAAQBAJ">Archived</a> from the original on 28 June 2024. Retrieved 21 January 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Decentralized+Applications%3A+Harnessing+Bitcoin%27s+Blockchain+Technology&rft.pages=1-2&rft.pub=O%27Reilly+Media%2C+Inc.&rft.date=2016&rft.isbn=978-1-4919-2452-5&rft.aulast=Raval&rft.aufirst=Siraj&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DfvywDAAAQBAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-65"><a href="#cite_ref-65">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFParkImSeolPaek2019" class="citation journal cs1">Park, Sehyun; Im, Seongwon; Seol, Youhwan; Paek, Jeongyeup (2019). <a rel="nofollow" class="external text" href="https://doi.org/10.1109%2FACCESS.2019.2914098">"Nodes in the Bitcoin Network: Comparative Measurement Study and Survey"</a>. IEEE Access. 7: 57009–57022. <a href="/wiki/Bibcode_(identifier)" class="mw-redirect" title="Bibcode (identifier)">Bibcode</a>:<a rel="nofollow" class="external text" href="https://ui.adsabs.harvard.edu/abs/2019IEEEA...757009P">2019IEEEA...757009P</a>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1109%2FACCESS.2019.2914098">10.1109/ACCESS.2019.2914098</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:155106629">155106629</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=IEEE+Access&rft.atitle=Nodes+in+the+Bitcoin+Network%3A+Comparative+Measurement+Study+and+Survey&rft.volume=7&rft.pages=%3Cspan+class%3D%22nowrap%22%3E57009-%3C%2Fspan%3E57022&rft.date=2019&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A155106629%23id-name%3DS2CID&rft_id=info%3Adoi%2F10.1109%2FACCESS.2019.2914098&rft_id=info%3Abibcode%2F2019IEEEA...757009P&rft.aulast=Park&rft.aufirst=Sehyun&rft.au=Im%2C+Seongwon&rft.au=Seol%2C+Youhwan&rft.au=Paek%2C+Jeongyeup&rft_id=https%3A%2F%2Fdoi.org%2F10.1109%252FACCESS.2019.2914098&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-computer201709-66">^ <a href="#cite_ref-computer201709_66-0">a</a> <a href="#cite_ref-computer201709_66-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBedford_Taylor2017" class="citation magazine cs1">Bedford Taylor, Michael (1 September 2017). <a rel="nofollow" class="external text" href="https://www.computer.org/csdl/magazine/co/2017/09/mco2017090058/13rRUwghdcJ">"The Evolution of Bitcoin Hardware"</a>. Computer. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200927165421/https://www.computer.org/csdl/magazine/co/2017/09/mco2017090058/13rRUwghdcJ">Archived</a> from the original on 27 September 2020. Retrieved 14 December 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Computer&rft.atitle=The+Evolution+of+Bitcoin+Hardware&rft.date=2017-09-01&rft.aulast=Bedford+Taylor&rft.aufirst=Michael&rft_id=https%3A%2F%2Fwww.computer.org%2Fcsdl%2Fmagazine%2Fco%2F2017%2F09%2Fmco2017090058%2F13rRUwghdcJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-67"><a href="#cite_ref-67">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKentBain2022" class="citation book cs1">Kent, Peter; Bain, Tyler (13 July 2022). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=HWJ6EAAAQBAJ&dq=Crypto+mining+th%2Fs&pg=PA222">Cryptocurrency Mining for Dummies</a>. John Wiley & Sons. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781119885368" title="Special:BookSources/9781119885368"><bdi>9781119885368</bdi></a>. <a rel="nofollow" class="external text" href="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">Archived</a> from the original on 28 June 2024. Retrieved 7 February 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Cryptocurrency+Mining+for+Dummies&rft.pub=John+Wiley+%26+Sons&rft.date=2022-07-13&rft.isbn=9781119885368&rft.aulast=Kent&rft.aufirst=Peter&rft.au=Bain%2C+Tyler&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DHWJ6EAAAQBAJ%26dq%3DCrypto%2Bmining%2Bth%252Fs%26pg%3DPA222&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-68"><a href="#cite_ref-68">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.imf.org/en/Blogs/Articles/2024/08/15/carbon-emissions-from-ai-and-crypto-are-surging-and-tax-policy-can-help">"Carbon Emissions from AI and Crypto Are Surging and Tax Policy Can Help"</a>. IMF. 15 August 2024. 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The Guardian. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180123061505/https://www.theguardian.com/technology/2018/jan/17/bitcoin-electricity-usage-huge-climate-cryptocurrency">Archived</a> from the original on 23 January 2018. Retrieved 23 January 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Guardian&rft.atitle=Bitcoin%27s+energy+usage+is+huge+%E2%80%93+we+can%27t+afford+to+ignore+it&rft.date=2018-01-17&rft.aulast=Hern&rft.aufirst=Alex&rft_id=https%3A%2F%2Fwww.theguardian.com%2Ftechnology%2F2018%2Fjan%2F17%2Fbitcoin-electricity-usage-huge-climate-cryptocurrency&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-70"><a href="#cite_ref-70">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBaraniuk2019" class="citation web cs1">Baraniuk, Chris (3 July 2019). <a rel="nofollow" class="external text" href="https://www.bbc.com/news/technology-48853230">"Bitcoin's global energy use 'equals Switzerland'"</a>. BBC News. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200116160730/https://www.bbc.com/news/technology-48853230">Archived</a> from the original on 16 January 2020. 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Retrieved 3 March 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Bloomberg.com&rft.atitle=China%27s+Crypto+Crackdown+Sends+Miners+Scurrying+to+Chilly+Canada&rft.date=2018-02-02&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2018-02-02%2Fchina-crypto-exodus-leads-to-cheap-clean-power-in-chilly-canada&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-72"><a href="#cite_ref-72">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bbc.com/news/world-us-canada-58414555">"Why China's bitcoin miners are moving to Texas"</a>. BBC News. 3 September 2021. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210904221716/https://www.bbc.com/news/world-us-canada-58414555">Archived</a> from the original on 4 September 2021. Retrieved 4 September 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=BBC+News&rft.atitle=Why+China%27s+bitcoin+miners+are+moving+to+Texas&rft.date=2021-09-03&rft_id=https%3A%2F%2Fwww.bbc.com%2Fnews%2Fworld-us-canada-58414555&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-73"><a href="#cite_ref-73">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.worldoil.com/news/2018/1/26/cryptocurrency-mining-operation-launched-by-iron-bridge-resources">"Cryptocurrency mining operation launched by Iron Bridge Resources"</a>. World Oil. 26 January 2018. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180130091353/http://www.worldoil.com/news/2018/1/26/cryptocurrency-mining-operation-launched-by-iron-bridge-resources">Archived</a> from the original on 30 January 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=World+Oil&rft.atitle=Cryptocurrency+mining+operation+launched+by+Iron+Bridge+Resources&rft.date=2018-01-26&rft_id=http%3A%2F%2Fwww.worldoil.com%2Fnews%2F2018%2F1%2F26%2Fcryptocurrency-mining-operation-launched-by-iron-bridge-resources&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-74"><a href="#cite_ref-74">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://marketexclusive.com/bitcoin-major-currencies-today-crypto-currency-daily-roundup-june-25/2018/06/">"Bitcoin and crypto currencies trending up today - Crypto Currency Daily Roundup June 25 - Market Exclusive"</a>. marketexclusive.com. 25 June 2018. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200413024944/https://marketexclusive.com/bitcoin-major-currencies-today-crypto-currency-daily-roundup-june-25/2018/06/">Archived</a> from the original on 13 April 2020. 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Fortune. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180420081336/http://fortune.com/2018/02/13/iceland-bitcoin-mining-electricity/">Archived</a> from the original on 20 April 2018. 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Retrieved 24 January 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Moneycontrol&rft.atitle=SC+Verdict+On+Cryptocurrencies%3A+What+It+Means+For+Investors&rft.date=2020-03-25&rft_id=https%3A%2F%2Fwww.moneycontrol.com%2Fnews%2Fbusiness%2Fpersonal-finance%2Fsc-verdict-on-cryptocurrencies-what-it-means-for-investors-5070381.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-152"><a href="#cite_ref-152">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.dw.com/en/why-is-the-indian-government-cracking-down-on-cryptocurrency/a-60148889">"Why is the Indian government cracking down on cryptocurrency?"</a>. 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Retrieved 3 November 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=CNBC&rft.atitle=Sam+Bankman-Fried+found+guilty+on+all+seven+criminal+fraud+counts&rft.date=2023-11-02&rft.aulast=Sigalos&rft.aufirst=MacKenzie&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2023%2F11%2F02%2Fsam-bankman-fried-found-guilty-on-all-seven-criminal-fraud-counts.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-Livni-215"><a href="#cite_ref-Livni_215-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLivniWarner2023" class="citation news cs1">Livni, Ephrat; Warner, Bernhard (11 November 2023). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2023/11/11/business/dealbook/sam-bankman-fried-sentencing.html">"Sam Bankman-Fried Could Get 100 Years in Prison. What Is Fair?"</a>. The New York Times. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0362-4331">0362-4331</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20240229233927/https://www.nytimes.com/2023/11/11/business/dealbook/sam-bankman-fried-sentencing.html">Archived</a> from the original on 29 February 2024. Retrieved 16 November 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Sam+Bankman-Fried+Could+Get+100+Years+in+Prison.+What+Is+Fair%3F&rft.date=2023-11-11&rft.issn=0362-4331&rft.aulast=Livni&rft.aufirst=Ephrat&rft.au=Warner%2C+Bernhard&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2023%2F11%2F11%2Fbusiness%2Fdealbook%2Fsam-bankman-fried-sentencing.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-Clifford-216"><a href="#cite_ref-Clifford_216-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFClifford2023" class="citation news cs1">Clifford, Stephanie (8 November 2023). <a rel="nofollow" class="external text" href="https://www.fastcompany.com/90977987/sam-bankman-fried-trial-fallout-has-just-begun">"Sam Bankman-Fried's trial has ended, but the fallout has just begun"</a>. Fast Company. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20231115084301/https://www.fastcompany.com/90977987/sam-bankman-fried-trial-fallout-has-just-begun">Archived</a> from the original on 15 November 2023. Retrieved 15 November 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Fast+Company&rft.atitle=Sam+Bankman-Fried%27s+trial+has+ended%2C+but+the+fallout+has+just+begun&rft.date=2023-11-08&rft.aulast=Clifford&rft.aufirst=Stephanie&rft_id=https%3A%2F%2Fwww.fastcompany.com%2F90977987%2Fsam-bankman-fried-trial-fallout-has-just-begun&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-217"><a href="#cite_ref-217">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBultman2023" class="citation web cs1">Bultman, Matthew (2 November 2023). <a rel="nofollow" class="external text" href="https://news.bloomberglaw.com/securities-law/bankman-frieds-pre-trial-antics-haunt-him-before-sentencing-1">"Bankman-Fried's Pre-Trial Antics Haunt Him Before Sentencing (1)"</a>. <a href="/wiki/Bloomberg_Law" title="Bloomberg Law">Bloomberg Law</a>. <a rel="nofollow" class="external text" href="https://archive.today/20231105015427/https://news.bloomberglaw.com/securities-law/bankman-frieds-pre-trial-antics-haunt-him-before-sentencing-1">Archived</a> from the original on 5 November 2023. Retrieved 20 February 2024. <q>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.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Bloomberg+Law&rft.atitle=Bankman-Fried%27s+Pre-Trial+Antics+Haunt+Him+Before+Sentencing+%281%29&rft.date=2023-11-02&rft.aulast=Bultman&rft.aufirst=Matthew&rft_id=https%3A%2F%2Fnews.bloomberglaw.com%2Fsecurities-law%2Fbankman-frieds-pre-trial-antics-haunt-him-before-sentencing-1&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-218"><a href="#cite_ref-218">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRamey" class="citation news cs1">Ramey, James Fanelli and Corinne. <a rel="nofollow" class="external text" href="https://www.wsj.com/finance/currencies/sam-bankman-fried-sentencing-ftx-fraud-2d92fce9">"FTX Founder Sam Bankman-Fried Sentenced to 25 Years"</a>. <a href="/wiki/Wall_Street_Journal" class="mw-redirect" title="Wall Street Journal">Wall Street Journal</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20240424005115/https://www.wsj.com/finance/currencies/sam-bankman-fried-sentencing-ftx-fraud-2d92fce9">Archived</a> from the original on 24 April 2024. Retrieved 28 March 2024.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Wall+Street+Journal&rft.atitle=FTX+Founder+Sam+Bankman-Fried+Sentenced+to+25+Years&rft.aulast=Ramey&rft.aufirst=James+Fanelli+and+Corinne&rft_id=https%3A%2F%2Fwww.wsj.com%2Ffinance%2Fcurrencies%2Fsam-bankman-fried-sentencing-ftx-fraud-2d92fce9&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-219"><a href="#cite_ref-219">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bbc.com/news/technology-60072195">"Crypto money laundering rises 30%, report finds"</a>. BBC News. 26 January 2022. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220301112734/https://www.bbc.com/news/technology-60072195">Archived</a> from the original on 1 March 2022. Retrieved 2 March 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=BBC+News&rft.atitle=Crypto+money+laundering+rises+30%25%2C+report+finds&rft.date=2022-01-26&rft_id=https%3A%2F%2Fwww.bbc.com%2Fnews%2Ftechnology-60072195&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-220"><a href="#cite_ref-220">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSackeyShah2022" class="citation web cs1">Sackey, Andrew; Shah, Hinesh (4 February 2022). <a rel="nofollow" class="external text" href="https://www.pinsentmasons.com/out-law/analysis/cryptocurrency-money-laundering-on-defi-skyrockets">"Cryptocurrency money laundering on DeFi skyrockets"</a>. 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Retrieved 2 March 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Pinsent+Masons&rft.atitle=Cryptocurrency+money+laundering+on+DeFi+skyrockets&rft.date=2022-02-04&rft.aulast=Sackey&rft.aufirst=Andrew&rft.au=Shah%2C+Hinesh&rft_id=https%3A%2F%2Fwww.pinsentmasons.com%2Fout-law%2Fanalysis%2Fcryptocurrency-money-laundering-on-defi-skyrockets&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-:0-221">^ <a href="#cite_ref-:0_221-0">a</a> <a href="#cite_ref-:0_221-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-russia-ransomware-money-laundering/">"Russian Cybercriminals Drive Significant Ransomware and Cryptocurrency-based Money Laundering Activity"</a>. 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Wall Street Journal. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20231024213701/https://www.wsj.com/finance/currencies/garantex-russian-crypto-hamas-crime-sanctions-a3648357">Archived</a> from the original on 24 October 2023. Retrieved 24 October 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+Crypto+Exchange+Moving+Money+for+Criminal+Gangs%2C+Rich+Russians+and+a+Hamas-Linked+Terror+Group&rft.pub=Wall+Street+Journal&rft.date=2023-10-13&rft.aulast=Bergwick&rft.aufirst=Angus&rft_id=https%3A%2F%2Fwww.wsj.com%2Ffinance%2Fcurrencies%2Fgarantex-russian-crypto-hamas-crime-sanctions-a3648357&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-223"><a href="#cite_ref-223">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.justice.gov/usao-edny/pr/founder-and-majority-owner-bitzlato-cryptocurrency-exchange-charged-unlicensed-money">"Founder and Majority Owner of Bitzlato, a Cryptocurrency Exchange, Charged with Unlicensed Money Transmitting"</a>. www.justice.gov. 18 January 2023. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20230118172451/https://www.justice.gov/usao-edny/pr/founder-and-majority-owner-bitzlato-cryptocurrency-exchange-charged-unlicensed-money">Archived</a> from the original on 18 January 2023. Retrieved 18 January 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.justice.gov&rft.atitle=Founder+and+Majority+Owner+of+Bitzlato%2C+a+Cryptocurrency+Exchange%2C+Charged+with+Unlicensed+Money+Transmitting&rft.date=2023-01-18&rft_id=https%3A%2F%2Fwww.justice.gov%2Fusao-edny%2Fpr%2Ffounder-and-majority-owner-bitzlato-cryptocurrency-exchange-charged-unlicensed-money&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-224"><a href="#cite_ref-224">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFlitterYaffe-Bellany2022" class="citation news cs1">Flitter, Emily; Yaffe-Bellany, David (23 February 2022). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2022/02/23/business/russia-sanctions-cryptocurrency.html">"Russia Could Use Cryptocurrency to Blunt the Force of U.S. Sanctions"</a>. The New York Times. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0362-4331">0362-4331</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220301145413/https://www.nytimes.com/2022/02/23/business/russia-sanctions-cryptocurrency.html">Archived</a> from the original on 1 March 2022. 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Newsweek. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220302173856/https://www.newsweek.com/russia-finally-embracing-virtual-currencies-666794">Archived</a> from the original on 2 March 2022. Retrieved 2 March 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Newsweek&rft.atitle=Why+Russia+is+finally+embracing+virtual+currencies.+Hint%3A+It+rhymes+with+honey+wandering&rft.date=2017-09-18&rft.aulast=Matthews&rft.aufirst=Owen&rft_id=https%3A%2F%2Fwww.newsweek.com%2Frussia-finally-embracing-virtual-currencies-666794&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-226"><a href="#cite_ref-226">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://hub.elliptic.co/analysis/cross-chain-crime-more-than-half-a-billion-dollars-has-been-laundered-through-a-cross-chain-bridge/">"Cross-chain Crime: More Than Half a Billion Dollars has Been Laundered Through a Cross-chain Bridge"</a>. Elliptic Connect. 8 October 2022. <a rel="nofollow" class="external text" href="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/">Archived</a> from the original on 2 April 2023. Retrieved 2 April 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Elliptic+Connect&rft.atitle=Cross-chain+Crime%3A+More+Than+Half+a+Billion+Dollars+has+Been+Laundered+Through+a+Cross-chain+Bridge&rft.date=2022-10-08&rft_id=https%3A%2F%2Fhub.elliptic.co%2Fanalysis%2Fcross-chain-crime-more-than-half-a-billion-dollars-has-been-laundered-through-a-cross-chain-bridge%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-:2-227"><a href="#cite_ref-:2_227-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRaeesi2015" class="citation journal cs1">Raeesi, Reza (23 April 2015). <a rel="nofollow" class="external text" href="http://gjis.journals.yorku.ca/index.php/gjis/article/view/38935">"The Silk Road, Bitcoins and the Global Prohibition Regime on the International Trade in Illicit Drugs: Can this Storm Be Weathered?"</a>. 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Retrieved 3 March 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+and+Business+News+%7C+Finance+Magnates&rft.atitle=Six+Months+After+Bitwise%2C+Wash+Trading+Lives+on+in+Crypto+%7C+Finance+Magnates&rft.date=2019-09-25&rft_id=https%3A%2F%2Fwww.financemagnates.com%2Fcryptocurrency%2Fnews%2Fthings-are-better-but-wash-trading-persists-in-crypto-heres-why%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-229"><a href="#cite_ref-229">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBovaird" class="citation web cs1">Bovaird, Charles. <a rel="nofollow" class="external text" href="https://www.forbes.com/sites/cbovaird/2019/03/22/95-of-reported-bitcoin-trading-volume-is-fake-says-bitwise/">"95% Of Reported Bitcoin Trading Volume Is Fake, Says Bitwise"</a>. Forbes. <a rel="nofollow" class="external text" href="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/">Archived</a> from the original on 3 March 2022. Retrieved 3 March 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Forbes&rft.atitle=95%25+Of+Reported+Bitcoin+Trading+Volume+Is+Fake%2C+Says+Bitwise&rft.aulast=Bovaird&rft.aufirst=Charles&rft_id=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fcbovaird%2F2019%2F03%2F22%2F95-of-reported-bitcoin-trading-volume-is-fake-says-bitwise%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-230"><a href="#cite_ref-230">^</a> <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/u-s-warns-banks-crypto-firms-against-potential-efforts-to-evade-russian-sanctions-11646696802">U.S. Warns Banks, Crypto Firms Against Potential Efforts to Evade Russian Sanctions</a> <a rel="nofollow" class="external text" href="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">Archived</a> 10 March 2022 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> (9 March 2022) www.wsj.com. Retrieved 9 March 2022. </li> <li id="cite_note-231"><a href="#cite_ref-231">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.bbc.com/news/business-61090064">"US cryptocurrency expert jailed for helping North Korea evade sanctions"</a>. BBC News. 13 April 2022. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220514131633/https://www.bbc.com/news/business-61090064">Archived</a> from the original on 14 May 2022. Retrieved 14 May 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=BBC+News&rft.atitle=US+cryptocurrency+expert+jailed+for+helping+North+Korea+evade+sanctions&rft.date=2022-04-13&rft_id=https%3A%2F%2Fwww.bbc.com%2Fnews%2Fbusiness-61090064&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-bis_report-232">^ <a href="#cite_ref-bis_report_232-0">a</a> <a href="#cite_ref-bis_report_232-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJanda2018" class="citation news cs1">Janda, Michael (18 June 2018). <a rel="nofollow" class="external text" href="http://www.abc.net.au/news/2018-06-18/cryptocurrencies-cannot-replace-money-bis/9879448">"Cryptocurrencies like bitcoin cannot replace money, says Bank for International Settlements"</a>. ABC (Australia). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180618072225/http://www.abc.net.au/news/2018-06-18/cryptocurrencies-cannot-replace-money-bis/9879448">Archived</a> from the original on 18 June 2018. Retrieved 18 June 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Cryptocurrencies+like+bitcoin+cannot+replace+money%2C+says+Bank+for+International+Settlements&rft.date=2018-06-18&rft.aulast=Janda&rft.aufirst=Michael&rft_id=http%3A%2F%2Fwww.abc.net.au%2Fnews%2F2018-06-18%2Fcryptocurrencies-cannot-replace-money-bis%2F9879448&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-chapterV-233"><a href="#cite_ref-chapterV_233-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHyun_Song_Shin2018" class="citation web cs1">Hyun Song Shin (June 2018). <a rel="nofollow" class="external text" href="https://www.bis.org/publ/arpdf/ar2018e5.pdf">"Chapter V. Cryptocurrencies: looking beyond the hype"</a> (PDF). BIS 2018 Annual Economic Report. Bank for International Settlements. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180618080358/https://www.bis.org/publ/arpdf/ar2018e5.pdf">Archived</a> (PDF) from the original on 18 June 2018. Retrieved 19 June 2018. <q>Put in the simplest terms, the quest for decentralised trust has quickly become an environmental disaster.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=BIS+2018+Annual+Economic+Report&rft.atitle=Chapter+V.+Cryptocurrencies%3A+looking+beyond+the+hype&rft.date=2018-06&rft.au=Hyun+Song+Shin&rft_id=https%3A%2F%2Fwww.bis.org%2Fpubl%2Farpdf%2Far2018e5.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-LATHiltzik-234"><a href="#cite_ref-LATHiltzik_234-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHiltzik2018" class="citation news cs1">Hiltzik, Michael (18 June 2018). <a rel="nofollow" class="external text" href="https://www.latimes.com/business/hiltzik/la-fi-hiltzik-bitcoin-bank-20180618-story.html">"Is this scathing report the death knell for bitcoin?"</a>. Los Angeles Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180618233532/http://www.latimes.com/business/hiltzik/la-fi-hiltzik-bitcoin-bank-20180618-story.html">Archived</a> from the original on 18 June 2018. Retrieved 19 June 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Los+Angeles+Times&rft.atitle=Is+this+scathing+report+the+death+knell+for+bitcoin%3F&rft.date=2018-06-18&rft.aulast=Hiltzik&rft.aufirst=Michael&rft_id=https%3A%2F%2Fwww.latimes.com%2Fbusiness%2Fhiltzik%2Fla-fi-hiltzik-bitcoin-bank-20180618-story.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-235"><a href="#cite_ref-235">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPolgar2018" class="citation web cs1">Polgar, David (28 February 2018). <a rel="nofollow" class="external text" href="https://qz.com/1217460/cryptocurrency-is-a-giant-multi-level-marketing-scheme/">"Cryptocurrency is a giant multi-level marketing scheme"</a>. Quartz. Quartz Media LLC. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180301150230/https://qz.com/1217460/cryptocurrency-is-a-giant-multi-level-marketing-scheme/">Archived</a> from the original on 1 March 2018. Retrieved 2 March 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Quartz&rft.atitle=Cryptocurrency+is+a+giant+multi-level+marketing+scheme&rft.date=2018-02-28&rft.aulast=Polgar&rft.aufirst=David&rft_id=https%3A%2F%2Fqz.com%2F1217460%2Fcryptocurrency-is-a-giant-multi-level-marketing-scheme%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-236"><a href="#cite_ref-236">^</a> <a rel="nofollow" class="external text" href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3090405">Analysis of Cryptocurrency Bubbles</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180124144431/https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3090405">Archived</a> 24 January 2018 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. Bitcoins and Bank Runs: Analysis of Market Imperfections and Investor Hysterics. Social Science Research Network (SSRN). Retrieved 24 December 2017. </li> <li id="cite_note-237"><a href="#cite_ref-237">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMcCrum2015" class="citation cs2">McCrum, Dan (10 November 2015), <a rel="nofollow" class="external text" href="https://www.ft.com/content/1877c388-8797-11e5-90de-f44762bf9896">"Bitcoin's place in the long history of pyramid schemes"</a>, Financial Times, <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170323054631/https://www.ft.com/content/1877c388-8797-11e5-90de-f44762bf9896">archived</a> from the original on 23 March 2017</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Times&rft.atitle=Bitcoin%27s+place+in+the+long+history+of+pyramid+schemes&rft.date=2015-11-10&rft.aulast=McCrum&rft.aufirst=Dan&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F1877c388-8797-11e5-90de-f44762bf9896&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-238"><a href="#cite_ref-238">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKim2017" class="citation cs2">Kim, Tae (27 July 2017), <a rel="nofollow" class="external text" href="https://www.cnbc.com/2017/07/26/billionaire-investor-marks-who-called-the-dotcom-bubble-says-bitcoin-is-a-pyramid-scheme.html">Billionaire investor Marks, who called the dotcom bubble, says bitcoin is a 'pyramid scheme'</a>, CNBC, <a rel="nofollow" class="external text" href="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">archived</a> from the original on 5 September 2017</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Billionaire+investor+Marks%2C+who+called+the+dotcom+bubble%2C+says+bitcoin+is+a+%27pyramid+scheme%27&rft.pub=CNBC&rft.date=2017-07-27&rft.aulast=Kim&rft.aufirst=Tae&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2017%2F07%2F26%2Fbillionaire-investor-marks-who-called-the-dotcom-bubble-says-bitcoin-is-a-pyramid-scheme.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-239"><a href="#cite_ref-239">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSchwartzkopff2013" class="citation web cs1">Schwartzkopff, Frances (17 December 2013). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/2013-12-17/bitcoin-rules-drafted-in-denmark-as-regulator-warns-against-use.html">"Bitcoins Spark Regulatory Crackdown as Denmark Drafts Rules"</a>. Bloomberg. <a rel="nofollow" class="external text" href="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">Archived</a> from the original on 29 December 2013. Retrieved 29 December 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Bitcoins+Spark+Regulatory+Crackdown+as+Denmark+Drafts+Rules&rft.pub=Bloomberg&rft.date=2013-12-17&rft.aulast=Schwartzkopff&rft.aufirst=Frances&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2013-12-17%2Fbitcoin-rules-drafted-in-denmark-as-regulator-warns-against-use.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-240"><a href="#cite_ref-240">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFedorova2021" class="citation web cs1">Fedorova, Anna (17 June 2021). <a rel="nofollow" class="external text" href="https://www.investmentweek.co.uk/news/4033010/fca-warns-uk-crypto-increase-despite-gaps-understanding">"FCA warns on UK crypto use increase despite gaps in understanding"</a>. Investment Week. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220528071437/https://www.investmentweek.co.uk/news/4033010/fca-warns-uk-crypto-increase-despite-gaps-understanding">Archived</a> from the original on 28 May 2022. Retrieved 9 May 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Investment+Week&rft.atitle=FCA+warns+on+UK+crypto+use+increase+despite+gaps+in+understanding&rft.date=2021-06-17&rft.aulast=Fedorova&rft.aufirst=Anna&rft_id=https%3A%2F%2Fwww.investmentweek.co.uk%2Fnews%2F4033010%2Ffca-warns-uk-crypto-increase-despite-gaps-understanding&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-241"><a href="#cite_ref-241">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFOliver2021" class="citation web cs1">Oliver, Joshua (17 June 2021). <a rel="nofollow" class="external text" href="https://www.ft.com/content/39718cda-5cd1-4f0d-b7e3-0151e45bf25b">"Most would-be crypto investors unaware of UK regulator's warnings"</a>. Financial Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210624204500/https://www.ft.com/content/39718cda-5cd1-4f0d-b7e3-0151e45bf25b">Archived</a> from the original on 24 June 2021. Retrieved 23 June 2021.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=Most+would-be+crypto+investors+unaware+of+UK+regulator%27s+warnings&rft.date=2021-06-17&rft.aulast=Oliver&rft.aufirst=Joshua&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F39718cda-5cd1-4f0d-b7e3-0151e45bf25b&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-242"><a href="#cite_ref-242">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrowne2021" class="citation web cs1">Browne, Ryan (19 October 2021). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2021/10/19/young-traders-treat-crypto-investing-like-a-competition-fca-says.html">"Most young crypto traders don't realize it's not regulated, UK markets watchdog says"</a>. CNBC. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220301121820/https://www.cnbc.com/2021/10/19/young-traders-treat-crypto-investing-like-a-competition-fca-says.html">Archived</a> from the original on 1 March 2022. Retrieved 1 March 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=CNBC&rft.atitle=Most+young+crypto+traders+don%27t+realize+it%27s+not+regulated%2C+UK+markets+watchdog+says&rft.date=2021-10-19&rft.aulast=Browne&rft.aufirst=Ryan&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2021%2F10%2F19%2Fyoung-traders-treat-crypto-investing-like-a-competition-fca-says.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-243"><a href="#cite_ref-243">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.fca.org.uk/consumers/unauthorised-firms-individuals">"Unauthorised firms and individuals"</a>. <a href="/wiki/Financial_Conduct_Authority" title="Financial Conduct Authority">Financial Conduct Authority</a> (FCA). 19 August 2021. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220303180513/https://www.fca.org.uk/consumers/unauthorised-firms-individuals">Archived</a> from the original on 3 March 2022. Retrieved 3 March 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Unauthorised+firms+and+individuals&rft.pub=Financial+Conduct+Authority+%28FCA%29&rft.date=2021-08-19&rft_id=https%3A%2F%2Fwww.fca.org.uk%2Fconsumers%2Funauthorised-firms-individuals&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-244"><a href="#cite_ref-244">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSidel2013" class="citation web cs1">Sidel, Robin (22 December 2013). <a rel="nofollow" class="external text" href="https://www.wsj.com/news/articles/SB10001424052702304202204579252850121034702">"Banks Mostly Avoid Providing Bitcoin Services. Lenders Don't Share Investors' Enthusiasm for the Virtual-Currency Craze"</a>. The Wall Street Journal. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20151119021729/http://www.wsj.com/news/articles/SB10001424052702304202204579252850121034702">Archived</a> from the original on 19 November 2015. Retrieved 29 December 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Wall+Street+Journal&rft.atitle=Banks+Mostly+Avoid+Providing+Bitcoin+Services.+Lenders+Don%27t+Share+Investors%27+Enthusiasm+for+the+Virtual-Currency+Craze&rft.date=2013-12-22&rft.aulast=Sidel&rft.aufirst=Robin&rft_id=https%3A%2F%2Fwww.wsj.com%2Fnews%2Farticles%2FSB10001424052702304202204579252850121034702&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-245"><a href="#cite_ref-245">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.rte.ie/news/business/2014/0703/628309-bitfin-conference/">"Central Bank official warns on Bitcoin impact"</a>. RTE. 3 July 2014. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150209064737/http://www.rte.ie/news/business/2014/0703/628309-bitfin-conference/">Archived</a> from the original on 9 February 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=RTE&rft.atitle=Central+Bank+official+warns+on+Bitcoin+impact&rft.date=2014-07-03&rft_id=https%3A%2F%2Fwww.rte.ie%2Fnews%2Fbusiness%2F2014%2F0703%2F628309-bitfin-conference%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-246"><a href="#cite_ref-246">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.amf-france.org/en/warnings/warnings-and-blacklists">"Warnings and blacklists of unauthorized companies and websites: Forex, binary options, miscellaneous goods, crypto-assets derivatives, usurpations"</a>. AMF. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220302135153/https://www.amf-france.org/en/warnings/warnings-and-blacklists">Archived</a> from the original on 2 March 2022. Retrieved 2 March 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=AMF&rft.atitle=Warnings+and+blacklists+of+unauthorized+companies+and+websites%3A+Forex%2C+binary+options%2C+miscellaneous+goods%2C+crypto-assets+derivatives%2C+usurpations&rft_id=https%3A%2F%2Fwww.amf-france.org%2Fen%2Fwarnings%2Fwarnings-and-blacklists&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-247"><a href="#cite_ref-247">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation magazine cs1"><a rel="nofollow" class="external text" href="https://time.com/6110392/bitcoin-ownership/">"Bitcoin Is Still Concentrated in a Few Hands, Study Finds"</a>. Time. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20240618032614/https://time.com/6110392/bitcoin-ownership/">Archived</a> from the original on 18 June 2024. 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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.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Business+%26+Information+Systems+Engineering&rft.atitle=Not+All+Doom+and+Gloom%3A+How+Energy-Intensive+and+Temporally+Flexible+Data+Center+Applications+May+Actually+Promote+Renewable+Energy+Sources&rft.volume=63&rft.issue=3&rft.pages=%3Cspan+class%3D%22nowrap%22%3E243-%3C%2Fspan%3E256&rft.date=2021-03-09&rft_id=info%3Ahdl%2F10419%2F287421&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A233664180%23id-name%3DS2CID&rft.issn=2363-7005&rft_id=info%3Adoi%2F10.1007%2Fs12599-021-00686-z&rft.aulast=Fridgen&rft.aufirst=Gilbert&rft.au=K%C3%B6rner%2C+Marc-Fabian&rft.au=Walters%2C+Steffen&rft.au=Weibelzahl%2C+Martin&rft_id=https%3A%2F%2Fdoi.org%2F10.1007%252Fs12599-021-00686-z&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-274"><a href="#cite_ref-274">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDajani2021" class="citation web cs1">Dajani, Mona E. (26 April 2021). <a rel="nofollow" class="external text" href="https://news.bloomberglaw.com/environment-and-energy/green-bitcoin-does-not-have-to-be-an-oxymoron">"Green Bitcoin Does Not Have to Be an Oxymoron"</a>. news.bloomberglaw.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220116122337/https://news.bloomberglaw.com/environment-and-energy/green-bitcoin-does-not-have-to-be-an-oxymoron">Archived</a> from the original on 16 January 2022. Retrieved 16 January 2022. <q>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.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=news.bloomberglaw.com&rft.atitle=Green+Bitcoin+Does+Not+Have+to+Be+an+Oxymoron&rft.date=2021-04-26&rft.aulast=Dajani&rft.aufirst=Mona+E.&rft_id=https%3A%2F%2Fnews.bloomberglaw.com%2Fenvironment-and-energy%2Fgreen-bitcoin-does-not-have-to-be-an-oxymoron&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-275"><a href="#cite_ref-275">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEidIslamShahNahid2021" class="citation journal cs1">Eid, Bilal; Islam, Md Rabiul; Shah, Rakibuzzaman; Nahid, Abdullah-Al; Kouzani, Abbas Z.; Mahmud, M. A. Parvez (1 November 2021). <a rel="nofollow" class="external text" href="https://ieeexplore.ieee.org/document/9483629">"Enhanced Profitability of Photovoltaic Plants By Utilizing Cryptocurrency-Based Mining Load"</a>. IEEE Transactions on Applied Superconductivity. 31 (8): 1–5. <a href="/wiki/Bibcode_(identifier)" class="mw-redirect" title="Bibcode (identifier)">Bibcode</a>:<a rel="nofollow" class="external text" href="https://ui.adsabs.harvard.edu/abs/2021ITAS...3196503E">2021ITAS...3196503E</a>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1109%2FTASC.2021.3096503">10.1109/TASC.2021.3096503</a>. <a href="/wiki/Hdl_(identifier)" class="mw-redirect" title="Hdl (identifier)">hdl</a>:<a rel="nofollow" class="external text" href="https://hdl.handle.net/20.500.11782%2F2513">20.500.11782/2513</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1558-2515">1558-2515</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:237245955">237245955</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220128213818/https://ieeexplore.ieee.org/document/9483629">Archived</a> from the original on 28 January 2022. Retrieved 25 January 2022. <q>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.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=IEEE+Transactions+on+Applied+Superconductivity&rft.atitle=Enhanced+Profitability+of+Photovoltaic+Plants+By+Utilizing+Cryptocurrency-Based+Mining+Load&rft.volume=31&rft.issue=8&rft.pages=%3Cspan+class%3D%22nowrap%22%3E1-%3C%2Fspan%3E5&rft.date=2021-11-01&rft_id=info%3Ahdl%2F20.500.11782%2F2513&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A237245955%23id-name%3DS2CID&rft_id=info%3Abibcode%2F2021ITAS...3196503E&rft.issn=1558-2515&rft_id=info%3Adoi%2F10.1109%2FTASC.2021.3096503&rft.aulast=Eid&rft.aufirst=Bilal&rft.au=Islam%2C+Md+Rabiul&rft.au=Shah%2C+Rakibuzzaman&rft.au=Nahid%2C+Abdullah-Al&rft.au=Kouzani%2C+Abbas+Z.&rft.au=Mahmud%2C+M.+A.+Parvez&rft_id=https%3A%2F%2Fieeexplore.ieee.org%2Fdocument%2F9483629&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-276"><a href="#cite_ref-276">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBastian-PintoAraujoBrandãoGomes2021" class="citation journal cs1">Bastian-Pinto, Carlos L.; Araujo, Felipe V. de S.; Brandão, Luiz E.; Gomes, Leonardo L. (1 March 2021). <a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/pii/S1364032120308054">"Hedging renewable energy investments with Bitcoin mining"</a>. Renewable and Sustainable Energy Reviews. 138: 110520. <a href="/wiki/Bibcode_(identifier)" class="mw-redirect" title="Bibcode (identifier)">Bibcode</a>:<a rel="nofollow" class="external text" href="https://ui.adsabs.harvard.edu/abs/2021RSERv.13810520B">2021RSERv.13810520B</a>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2Fj.rser.2020.110520">10.1016/j.rser.2020.110520</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1364-0321">1364-0321</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:228861639">228861639</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20240628094527/https://www.sciencedirect.com/science/article/abs/pii/S1364032120308054">Archived</a> from the original on 28 June 2024. Retrieved 16 January 2022. <q>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.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Renewable+and+Sustainable+Energy+Reviews&rft.atitle=Hedging+renewable+energy+investments+with+Bitcoin+mining&rft.volume=138&rft.pages=110520&rft.date=2021-03-01&rft_id=info%3Adoi%2F10.1016%2Fj.rser.2020.110520&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A228861639%23id-name%3DS2CID&rft.issn=1364-0321&rft_id=info%3Abibcode%2F2021RSERv.13810520B&rft.aulast=Bastian-Pinto&rft.aufirst=Carlos+L.&rft.au=Araujo%2C+Felipe+V.+de+S.&rft.au=Brand%C3%A3o%2C+Luiz+E.&rft.au=Gomes%2C+Leonardo+L.&rft_id=https%3A%2F%2Fwww.sciencedirect.com%2Fscience%2Farticle%2Fpii%2FS1364032120308054&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-277"><a href="#cite_ref-277">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRennie2021" class="citation journal cs1">Rennie, Ellie (2021). <a rel="nofollow" class="external text" href="https://www.ssrn.com/abstract=3961105">"Climate change and the legitimacy of Bitcoin"</a>. SSRN Electronic Journal. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2139%2Fssrn.3961105">10.2139/ssrn.3961105</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1556-5068">1556-5068</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:244155800">244155800</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20240628094523/https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3961105">Archived</a> from the original on 28 June 2024. Retrieved 8 December 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=SSRN+Electronic+Journal&rft.atitle=Climate+change+and+the+legitimacy+of+Bitcoin&rft.date=2021&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A244155800%23id-name%3DS2CID&rft.issn=1556-5068&rft_id=info%3Adoi%2F10.2139%2Fssrn.3961105&rft.aulast=Rennie&rft.aufirst=Ellie&rft_id=https%3A%2F%2Fwww.ssrn.com%2Fabstract%3D3961105&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-278"><a href="#cite_ref-278">^</a> <a rel="nofollow" class="external text" href="https://theweek.com/article/index/242753/want-to-make-money-off-bitcoin-mining-hint-dont-mine">Want to make money off Bitcoin mining? Hint: Don't mine</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140505181855/http://theweek.com/article/index/242753/want-to-make-money-off-bitcoin-mining-hint-dont-mine">Archived</a> 5 May 2014 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, The Week, 15 April 2013 </li> <li id="cite_note-279"><a href="#cite_ref-279">^</a> <a rel="nofollow" class="external text" href="http://c4ss.org/content/25638">Keeping Your Cryptocurrency Safe</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140712235229/http://c4ss.org/content/25638">Archived</a> 12 July 2014 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, Center for a Stateless Society, 1 April 2014 </li> <li id="cite_note-280"><a href="#cite_ref-280">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHertig2015" class="citation web cs1">Hertig, Alyssa (15 September 2015). <a rel="nofollow" class="external text" href="http://motherboard.vice.com/read/introducing-ledger-the-first-bitcoin-only-academic-journal">"Introducing Ledger, the First Bitcoin-Only Academic Journal"</a>. Motherboard. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170110172807/http://motherboard.vice.com/read/introducing-ledger-the-first-bitcoin-only-academic-journal">Archived</a> from the original on 10 January 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Motherboard&rft.atitle=Introducing+Ledger%2C+the+First+Bitcoin-Only+Academic+Journal&rft.date=2015-09-15&rft.aulast=Hertig&rft.aufirst=Alyssa&rft_id=http%3A%2F%2Fmotherboard.vice.com%2Fread%2Fintroducing-ledger-the-first-bitcoin-only-academic-journal&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-281"><a href="#cite_ref-281">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20161223135741/http://www.ledgerjournal.org/ojs/index.php/ledger/about/editorialPolicies#custom-0">"Editorial Policies"</a>. ledgerjournal.org. Archived from <a rel="nofollow" class="external text" href="http://ledgerjournal.org/ojs/index.php/ledger/about/editorialPolicies#custom-0">the original</a> on 23 December 2016. Retrieved 24 September 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=ledgerjournal.org&rft.atitle=Editorial+Policies&rft_id=http%3A%2F%2Fledgerjournal.org%2Fojs%2Findex.php%2Fledger%2Fabout%2FeditorialPolicies%23custom-0&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-282"><a href="#cite_ref-282">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRizunWilmerBurleyMiller2015" class="citation journal cs1">Rizun, Peter R.; Wilmer, Christopher E.; Burley, Richard Ford; Miller, Andrew (2015). <a rel="nofollow" class="external text" href="http://ledger.pitt.edu/ojs/public/journals/1/AuthorGuide.pdf">"How to Write and Format an Article for Ledger"</a> (PDF). <a href="/wiki/Ledger_(journal)" title="Ledger (journal)">Ledger</a>. 1 (1): 1–12. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150922190603/http://ledger.pitt.edu/ojs/public/journals/1/AuthorGuide.pdf">Archived</a> (PDF) from the original on 22 September 2015.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Ledger&rft.atitle=How+to+Write+and+Format+an+Article+for+Ledger&rft.volume=1&rft.issue=1&rft.pages=%3Cspan+class%3D%22nowrap%22%3E1-%3C%2Fspan%3E12&rft.date=2015&rft.aulast=Rizun&rft.aufirst=Peter+R.&rft.au=Wilmer%2C+Christopher+E.&rft.au=Burley%2C+Richard+Ford&rft.au=Miller%2C+Andrew&rft_id=http%3A%2F%2Fledger.pitt.edu%2Fojs%2Fpublic%2Fjournals%2F1%2FAuthorGuide.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-ibtimesunicef-283"><a href="#cite_ref-ibtimesunicef_283-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMendoza2019" class="citation news cs1">Mendoza, Ron (14 October 2019). <a rel="nofollow" class="external text" href="https://www.ibtimes.com/unicef-blockchain-fund-first-un-organization-accept-cryptocurrency-donations-2845332">"UNICEF Blockchain Fund: First UN organization To Accept Cryptocurrency Donations"</a>. IB Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20191014071136/https://www.ibtimes.com/unicef-blockchain-fund-first-un-organization-accept-cryptocurrency-donations-2845332">Archived</a> from the original on 14 October 2019. Retrieved 14 October 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=IB+Times&rft.atitle=UNICEF+Blockchain+Fund%3A+First+UN+organization+To+Accept+Cryptocurrency+Donations&rft.date=2019-10-14&rft.aulast=Mendoza&rft.aufirst=Ron&rft_id=https%3A%2F%2Fwww.ibtimes.com%2Funicef-blockchain-fund-first-un-organization-accept-cryptocurrency-donations-2845332&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-284"><a href="#cite_ref-284">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.unicef.org/press-releases/unicef-launches-cryptocurrency-fund">"UNICEF launches Cryptocurrency Fund"</a>. www.unicef.org. 9 October 2019. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20191102011325/https://www.unicef.org/press-releases/unicef-launches-cryptocurrency-fund">Archived</a> from the original on 2 November 2019. Retrieved 1 November 2019.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.unicef.org&rft.atitle=UNICEF+launches+Cryptocurrency+Fund&rft.date=2019-10-09&rft_id=https%3A%2F%2Fwww.unicef.org%2Fpress-releases%2Funicef-launches-cryptocurrency-fund&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-285"><a href="#cite_ref-285">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDoshi2019" class="citation news cs1">Doshi, Vidhi (9 October 2019). <a rel="nofollow" class="external text" href="https://www.theguardian.com/global-development/2019/oct/09/unicef-now-accepting-donations-through-bitcoin-and-ether">"Unicef now accepting donations through bitcoin and ether"</a>. The Guardian. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20201028034637/https://www.theguardian.com/global-development/2019/oct/09/unicef-now-accepting-donations-through-bitcoin-and-ether">Archived</a> from the original on 28 October 2020. Retrieved 22 October 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Guardian&rft.atitle=Unicef+now+accepting+donations+through+bitcoin+and+ether&rft.date=2019-10-09&rft.aulast=Doshi&rft.aufirst=Vidhi&rft_id=http%3A%2F%2Fwww.theguardian.com%2Fglobal-development%2F2019%2Foct%2F09%2Funicef-now-accepting-donations-through-bitcoin-and-ether&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-286"><a href="#cite_ref-286">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMurray2022" class="citation web cs1">Murray, Allison (2 March 2022). <a rel="nofollow" class="external text" href="https://www.zdnet.com/finance/blockchain/charities-are-turning-to-cryptocurrencies-and-nfts-not-everyone-thinks-its-a-great-idea/">"Charities are turning to bitcoin and NFTs to raise money. Not everyone thinks it's a great idea"</a>. ZDNet. <a rel="nofollow" class="external text" href="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/">Archived</a> from the original on 12 May 2022. Retrieved 9 May 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=ZDNet&rft.atitle=Charities+are+turning+to+bitcoin+and+NFTs+to+raise+money.+Not+everyone+thinks+it%27s+a+great+idea&rft.date=2022-03-02&rft.aulast=Murray&rft.aufirst=Allison&rft_id=https%3A%2F%2Fwww.zdnet.com%2Ffinance%2Fblockchain%2Fcharities-are-turning-to-cryptocurrencies-and-nfts-not-everyone-thinks-its-a-great-idea%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-287"><a href="#cite_ref-287">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMartinNauman2021" class="citation web cs1">Martin, Katie; Nauman, Billy (20 May 2021). <a rel="nofollow" class="external text" href="https://www.ft.com/content/1aecb2db-8f61-427c-a413-3b929291c8ac">"Bitcoin's growing energy problem: 'It's a dirty currency'"</a>. Financial Times. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220209142620/https://www.ft.com/content/1aecb2db-8f61-427c-a413-3b929291c8ac">Archived</a> from the original on 9 February 2022. Retrieved 8 February 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Financial+Times&rft.atitle=Bitcoin%27s+growing+energy+problem%3A+%27It%27s+a+dirty+currency%27&rft.date=2021-05-20&rft.aulast=Martin&rft.aufirst=Katie&rft.au=Nauman%2C+Billy&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F1aecb2db-8f61-427c-a413-3b929291c8ac&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-288"><a href="#cite_ref-288">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrowne2022" class="citation news cs1">Browne, Ryan (27 February 2022). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2022/02/27/ukraine-government-raises-over-10-million-in-cryptocurrency-donations.html">"Ukraine government raises over $10 million in cryptocurrency donations"</a>. CNBC. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220325115433/https://www.cnbc.com/2022/02/27/ukraine-government-raises-over-10-million-in-cryptocurrency-donations.html">Archived</a> from the original on 25 March 2022. Retrieved 27 February 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=CNBC&rft.atitle=Ukraine+government+raises+over+%2410+million+in+cryptocurrency+donations&rft.date=2022-02-27&rft.aulast=Browne&rft.aufirst=Ryan&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2022%2F02%2F27%2Fukraine-government-raises-over-10-million-in-cryptocurrency-donations.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-289"><a href="#cite_ref-289">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFrankChinCiolli2017" class="citation web cs1">Frank, Jacqui; Chin, Kara; Ciolli, Joe (15 December 2017). <a rel="nofollow" class="external text" href="https://www.businessinsider.com/paul-krugman-says-bitcoin-is-a-bubble-2017-12">"Paul Krugman says bitcoin is a bubble"</a>. Business Insider. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220301153645/https://www.businessinsider.com/paul-krugman-says-bitcoin-is-a-bubble-2017-12">Archived</a> from the original on 1 March 2022. Retrieved 1 March 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Business+Insider&rft.atitle=Paul+Krugman+says+bitcoin+is+a+bubble&rft.date=2017-12-15&rft.aulast=Frank&rft.aufirst=Jacqui&rft.au=Chin%2C+Kara&rft.au=Ciolli%2C+Joe&rft_id=https%3A%2F%2Fwww.businessinsider.com%2Fpaul-krugman-says-bitcoin-is-a-bubble-2017-12&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-Shiller_2014-290"><a href="#cite_ref-Shiller_2014_290-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFShiller2014" class="citation news cs1">Shiller, Robert (1 March 2014). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2014/03/02/business/in-search-of-a-stable-electronic-currency.html?_r=0">"In Search of a Stable Electronic Currency"</a>. <a href="/wiki/The_New_York_Times" title="The New York Times">The New York Times</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20141024120222/http://www.nytimes.com/2014/03/02/business/in-search-of-a-stable-electronic-currency.html?_r=0">Archived</a> from the original on 24 October 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=In+Search+of+a+Stable+Electronic+Currency&rft.date=2014-03-01&rft.aulast=Shiller&rft.aufirst=Robert&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2014%2F03%2F02%2Fbusiness%2Fin-search-of-a-stable-electronic-currency.html%3F_r%3D0&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-Stiglitz-291"><a href="#cite_ref-Stiglitz_291-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCostelloe2017" class="citation news cs1">Costelloe, Kevin (29 November 2017). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/articles/2017-11-29/bitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd">"Bitcoin 'Ought to Be Outlawed,' Nobel Prize Winner Stiglitz Says"</a>. Bloomberg. <a rel="nofollow" class="external text" href="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">Archived</a> from the original on 12 June 2018. <q>It doesn't serve any socially useful function.</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Bitcoin+%27Ought+to+Be+Outlawed%2C%27+Nobel+Prize+Winner+Stiglitz+Says&rft.date=2017-11-29&rft.aulast=Costelloe&rft.aufirst=Kevin&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2017-11-29%2Fbitcoin-ought-to-be-outlawed-nobel-prize-winner-stiglitz-says-jal10hxd&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-Thaler-292"><a href="#cite_ref-Thaler_292-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="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/">"Economics Nobel prize winner, Richard Thaler: 'The market that looks most like a bubble to me is Bitcoin and its brethren'"</a>. ECO Portuguese Economy. 22 January 2018. <a rel="nofollow" class="external text" href="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/">Archived</a> from the original on 12 June 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Economics+Nobel+prize+winner%2C+Richard+Thaler%3A+%27The+market+that+looks+most+like+a+bubble+to+me+is+Bitcoin+and+its+brethren%27&rft.date=2018-01-22&rft_id=https%3A%2F%2Feconews.pt%2F2018%2F01%2F22%2Feconomics-nobel-prize-winner-richard-thaler-the-market-that-looks-most-like-a-bubble-to-me-is-bitcoin-and-its-brethren%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-4Nobels-293">^ <a href="#cite_ref-4Nobels_293-0">a</a> <a href="#cite_ref-4Nobels_293-1">b</a> <a href="#cite_ref-4Nobels_293-2">c</a> <a href="#cite_ref-4Nobels_293-3">d</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWolff-Mann2018" class="citation news cs1">Wolff-Mann, Ethan (27 April 2018). <a rel="nofollow" class="external text" href="https://finance.yahoo.com/news/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html">"'Only good for drug dealers': More Nobel prize winners snub bitcoin"</a>. Yahoo Finance. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180612141128/https://finance.yahoo.com/news/good-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html">Archived</a> from the original on 12 June 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=%27Only+good+for+drug+dealers%27%3A+More+Nobel+prize+winners+snub+bitcoin&rft.date=2018-04-27&rft.aulast=Wolff-Mann&rft.aufirst=Ethan&rft_id=https%3A%2F%2Ffinance.yahoo.com%2Fnews%2Fgood-drug-dealers-nobel-prize-winners-snub-bitcoin-184903784.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-Kearns-294"><a href="#cite_ref-Kearns_294-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKearns,_Jeff2013" class="citation news cs1">Kearns, Jeff (4 December 2013). <a rel="nofollow" class="external text" href="https://www.bloomberg.com/news/2013-12-04/greenspan-says-bitcoin-a-bubble-without-intrinsic-currency-value.html">"Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value"</a>. bloomberg.com. Bloomberg LP. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20131229054844/http://www.bloomberg.com/news/2013-12-04/greenspan-says-bitcoin-a-bubble-without-intrinsic-currency-value.html">Archived</a> from the original on 29 December 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=bloomberg.com&rft.atitle=Greenspan+Says+Bitcoin+a+Bubble+Without+Intrinsic+Currency+Value&rft.date=2013-12-04&rft.au=Kearns%2C+Jeff&rft_id=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2F2013-12-04%2Fgreenspan-says-bitcoin-a-bubble-without-intrinsic-currency-value.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-Carstens-295"><a href="#cite_ref-Carstens_295-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://phys.org/news/2018-02-central-banker-stab-bitcoin.html">"Central banker takes stab at bitcoin 'bubble'"</a>. Phys.org. AFP. 6 February 2018. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180612143028/https://phys.org/news/2018-02-central-banker-stab-bitcoin.html">Archived</a> from the original on 12 June 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Central+banker+takes+stab+at+bitcoin+%27bubble%27&rft.date=2018-02-06&rft_id=https%3A%2F%2Fphys.org%2Fnews%2F2018-02-central-banker-stab-bitcoin.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-Constancio-296"><a href="#cite_ref-Constancio_296-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ft.com/content/18507a26-9fb4-11e7-8cd4-932067fbf946">"Bitcoin is like Tulipmania, says ECB vice-president"</a>. The Financial Times. 22 September 2017. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170930234500/https://www.ft.com/content/18507a26-9fb4-11e7-8cd4-932067fbf946">Archived</a> from the original on 30 September 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Bitcoin+is+like+Tulipmania%2C+says+ECB+vice-president&rft.pub=The+Financial+Times&rft.date=2017-09-22&rft_id=https%3A%2F%2Fwww.ft.com%2Fcontent%2F18507a26-9fb4-11e7-8cd4-932067fbf946&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-tulip_mania-297"><a href="#cite_ref-tulip_mania_297-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHern2013" class="citation web cs1">Hern, Alex (4 December 2013). <a rel="nofollow" class="external text" href="https://www.theguardian.com/technology/2013/dec/04/bitcoin-bubble-tulip-dutch-banker">"Bitcoin hype worse than 'tulip mania', says Dutch central banker"</a>. The Guardian. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170320051840/https://www.theguardian.com/technology/2013/dec/04/bitcoin-bubble-tulip-dutch-banker">Archived</a> from the original on 20 March 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Guardian&rft.atitle=Bitcoin+hype+worse+than+%27tulip+mania%27%2C+says+Dutch+central+banker&rft.date=2013-12-04&rft.aulast=Hern&rft.aufirst=Alex&rft_id=https%3A%2F%2Fwww.theguardian.com%2Ftechnology%2F2013%2Fdec%2F04%2Fbitcoin-bubble-tulip-dutch-banker&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-298"><a href="#cite_ref-298">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCrippen2014" class="citation web cs1">Crippen, Alex (14 March 2014). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2014/03/14/buffett-blasts-bitcoin-as-mirage-stay-away.html">"Bitcoin? Here's what Warren Buffett is saying"</a>. CNBC. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170113070447/http://www.cnbc.com/2014/03/14/buffett-blasts-bitcoin-as-mirage-stay-away.html">Archived</a> from the original on 13 January 2017. Retrieved 11 January 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=CNBC&rft.atitle=Bitcoin%3F+Here%27s+what+Warren+Buffett+is+saying&rft.date=2014-03-14&rft.aulast=Crippen&rft.aufirst=Alex&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2014%2F03%2F14%2Fbuffett-blasts-bitcoin-as-mirage-stay-away.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-GnMSoros-299"><a href="#cite_ref-GnMSoros_299-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPorzecanski2018" class="citation news cs1">Porzecanski, Katia (25 January 2018). <a rel="nofollow" class="external text" href="https://www.theglobeandmail.com/globe-investor/investment-ideas/george-soros-says-bitcoin-bubble-wont-have-sharp-break-like-others/article37739168/">"George Soros: Bitcoin is a bubble, Trump is a 'danger to the world'"</a>. Globe and Mail. Bloomberg News. <a rel="nofollow" class="external text" href="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/">Archived</a> from the original on 9 June 2018. Retrieved 7 June 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=George+Soros%3A+Bitcoin+is+a+bubble%2C+Trump+is+a+%27danger+to+the+world%27&rft.date=2018-01-25&rft.aulast=Porzecanski&rft.aufirst=Katia&rft_id=https%3A%2F%2Fwww.theglobeandmail.com%2Fglobe-investor%2Finvestment-ideas%2Fgeorge-soros-says-bitcoin-bubble-wont-have-sharp-break-like-others%2Farticle37739168%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-Yang_Ma-300"><a href="#cite_ref-Yang_Ma_300-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFYang2018" class="citation news cs1">Yang, Yingzhi (18 May 2018). <a rel="nofollow" class="external text" href="http://www.scmp.com/tech/enterprises/article/2146648/theres-bitcoin-bubble-says-alibaba-executive-chairman-jack-ma">"There's a bitcoin bubble, says Alibaba executive chairman Jack Ma"</a>. South China Morning Post. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180610214759/http://www.scmp.com/tech/enterprises/article/2146648/theres-bitcoin-bubble-says-alibaba-executive-chairman-jack-ma">Archived</a> from the original on 10 June 2018. Retrieved 10 June 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=There%27s+a+bitcoin+bubble%2C+says+Alibaba+executive+chairman+Jack+Ma&rft.date=2018-05-18&rft.aulast=Yang&rft.aufirst=Yingzhi&rft_id=http%3A%2F%2Fwww.scmp.com%2Ftech%2Fenterprises%2Farticle%2F2146648%2Ftheres-bitcoin-bubble-says-alibaba-executive-chairman-jack-ma&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-Buffet_and_Dimon-301"><a href="#cite_ref-Buffet_and_Dimon_301-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCheng2018" class="citation news cs1">Cheng, Evelyn (7 June 2018). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2018/06/07/warren-buffett-and-jamie-dimon-on-bitcoin-beware.html">"Warren Buffett and Jamie Dimon on bitcoin: Beware"</a>. CNBC. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180609122312/https://www.cnbc.com/2018/06/07/warren-buffett-and-jamie-dimon-on-bitcoin-beware.html">Archived</a> from the original on 9 June 2018. Retrieved 7 June 2018.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Warren+Buffett+and+Jamie+Dimon+on+bitcoin%3A+Beware&rft.date=2018-06-07&rft.aulast=Cheng&rft.aufirst=Evelyn&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2018%2F06%2F07%2Fwarren-buffett-and-jamie-dimon-on-bitcoin-beware.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-302"><a href="#cite_ref-302">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKim2018" class="citation web cs1">Kim, Tae (9 January 2018). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2018/01/09/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html">"Jamie Dimon says he regrets calling bitcoin a fraud and believes in the technology behind it"</a>. CNBC. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180113085325/https://www.cnbc.com/2018/01/09/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html">Archived</a> from the original on 13 January 2018. Retrieved 31 December 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=CNBC&rft.atitle=Jamie+Dimon+says+he+regrets+calling+bitcoin+a+fraud+and+believes+in+the+technology+behind+it&rft.date=2018-01-09&rft.aulast=Kim&rft.aufirst=Tae&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2018%2F01%2F09%2Fjamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-303"><a href="#cite_ref-303">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFImbert2017" class="citation web cs1">Imbert, Fred (13 October 2017). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2017/10/13/blackrock-ceo-larry-fink-calls-bitcoin-an-index-of-money-laundering.html">"BlackRock CEO Larry Fink calls bitcoin an 'index of money laundering'"</a>. <a href="/wiki/CNBC" title="CNBC">CNBC</a>. <a rel="nofollow" class="external text" href="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">Archived</a> from the original on 30 October 2017. Retrieved 19 November 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=CNBC&rft.atitle=BlackRock+CEO+Larry+Fink+calls+bitcoin+an+%27index+of+money+laundering%27&rft.date=2017-10-13&rft.aulast=Imbert&rft.aufirst=Fred&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2017%2F10%2F13%2Fblackrock-ceo-larry-fink-calls-bitcoin-an-index-of-money-laundering.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-304"><a href="#cite_ref-304">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrowne2022" class="citation web cs1">Browne, Ryan (15 June 2022). <a rel="nofollow" class="external text" href="https://www.cnbc.com/2022/06/15/bill-gates-says-crypto-and-nfts-are-based-on-greater-fool-theory.html">"Bill Gates says crypto and NFTs are '100% based on greater fool theory'"</a>. <a href="/wiki/CNBC" title="CNBC">CNBC</a>. <a rel="nofollow" class="external text" href="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">Archived</a> from the original on 15 June 2022. Retrieved 15 June 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=CNBC&rft.atitle=Bill+Gates+says+crypto+and+NFTs+are+%27100%25+based+on+greater+fool+theory%27&rft.date=2022-06-15&rft.aulast=Browne&rft.aufirst=Ryan&rft_id=https%3A%2F%2Fwww.cnbc.com%2F2022%2F06%2F15%2Fbill-gates-says-crypto-and-nfts-are-based-on-greater-fool-theory.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-305"><a href="#cite_ref-305">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMüllerOng2020" class="citation journal cs1 cs1-prop-foreign-lang-source">Müller, Lukas; Ong, Malik (17 February 2020). <a rel="nofollow" class="external text" href="https://www.alexandria.unisg.ch/259362/1/MUELLER_ONG_AJP_02_2020_198-212.pdf">"Aktuelles zum Recht der Kryptowährungen"</a> [Current state of the law of crypto currencies] (PDF). Aktuelle Juristische Praxis / Pratique Juridique Actuelle (in German) (2). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220210174829/https://www.alexandria.unisg.ch/259362/1/MUELLER_ONG_AJP_02_2020_198-212.pdf">Archived</a> (PDF) from the original on 10 February 2022. Retrieved 17 February 2023.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Aktuelle+Juristische+Praxis+%2F+Pratique+Juridique+Actuelle&rft.atitle=Aktuelles+zum+Recht+der+Kryptow%C3%A4hrungen&rft.issue=2&rft.date=2020-02-17&rft.aulast=M%C3%BCller&rft.aufirst=Lukas&rft.au=Ong%2C+Malik&rft_id=https%3A%2F%2Fwww.alexandria.unisg.ch%2F259362%2F1%2FMUELLER_ONG_AJP_02_2020_198-212.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-306"><a href="#cite_ref-306">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBaerDe_MooijHebousKeen2023" class="citation journal cs1">Baer, Katherine; De Mooij, Ruud; Hebous, Shafik; Keen, Michael (2023). <a rel="nofollow" class="external text" href="https://doi.org/10.1093%2Foxrep%2Fgrad035">"Taxing cryptocurrencies"</a>. <a href="/wiki/Oxford_Review_of_Economic_Policy" title="Oxford Review of Economic Policy">Oxford Review of Economic Policy</a>. 39 (3): 478–497. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1093%2Foxrep%2Fgrad035">10.1093/oxrep/grad035</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Oxford+Review+of+Economic+Policy&rft.atitle=Taxing+cryptocurrencies&rft.volume=39&rft.issue=3&rft.pages=%3Cspan+class%3D%22nowrap%22%3E478-%3C%2Fspan%3E497&rft.date=2023&rft_id=info%3Adoi%2F10.1093%2Foxrep%2Fgrad035&rft.aulast=Baer&rft.aufirst=Katherine&rft.au=De+Mooij%2C+Ruud&rft.au=Hebous%2C+Shafik&rft.au=Keen%2C+Michael&rft_id=https%3A%2F%2Fdoi.org%2F10.1093%252Foxrep%252Fgrad035&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-307"><a href="#cite_ref-307">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEmem2019" class="citation web cs1">Emem, Mark (12 June 2019). <a rel="nofollow" class="external text" href="https://finance.yahoo.com/news/chinese-bitcoin-trader-commits-suicide-121816354.html">"Chinese Bitcoin Trader Commits Suicide after Losing 2,000 BTC on 100x Leverage Bet"</a>. finance.yahoo.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220502035724/https://finance.yahoo.com/news/chinese-bitcoin-trader-commits-suicide-121816354.html">Archived</a> from the original on 2 May 2022. Retrieved 2 May 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=finance.yahoo.com&rft.atitle=Chinese+Bitcoin+Trader+Commits+Suicide+after+Losing+2%2C000+BTC+on+100x+Leverage+Bet&rft.date=2019-06-12&rft.aulast=Emem&rft.aufirst=Mark&rft_id=https%3A%2F%2Ffinance.yahoo.com%2Fnews%2Fchinese-bitcoin-trader-commits-suicide-121816354.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-308"><a href="#cite_ref-308">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEvansSharman2022" class="citation web cs1">Evans, Holly; Sharman, Laura (17 February 2022). <a rel="nofollow" class="external text" href="https://www.mirror.co.uk/news/uk-news/heartbroken-man-took-life-after-26260173">"Bitcoin trader, 23, takes own life after break-up and losing all his money"</a>. Mirror. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220502035724/https://www.mirror.co.uk/news/uk-news/heartbroken-man-took-life-after-26260173">Archived</a> from the original on 2 May 2022. Retrieved 2 May 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Mirror&rft.atitle=Bitcoin+trader%2C+23%2C+takes+own+life+after+break-up+and+losing+all+his+money&rft.date=2022-02-17&rft.aulast=Evans&rft.aufirst=Holly&rft.au=Sharman%2C+Laura&rft_id=https%3A%2F%2Fwww.mirror.co.uk%2Fnews%2Fuk-news%2Fheartbroken-man-took-life-after-26260173&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> <li id="cite_note-309"><a href="#cite_ref-309">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSarlin2022" class="citation news cs1">Sarlin, Jon (17 May 2022). <a rel="nofollow" class="external text" href="https://www.cnn.com/2022/05/17/investing/luna-terra-losses-crypto-traders/index.html">"Stablecoins were supposed to be 'stable.' Then the crash came"</a>. CNN. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220529222016/https://www.cnn.com/2022/05/17/investing/luna-terra-losses-crypto-traders/index.html">Archived</a> from the original on 29 May 2022. Retrieved 30 May 2022.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Stablecoins+were+supposed+to+be+%27stable.%27+Then+the+crash+came&rft.date=2022-05-17&rft.aulast=Sarlin&rft.aufirst=Jon&rft_id=https%3A%2F%2Fwww.cnn.com%2F2022%2F05%2F17%2Finvesting%2Fluna-terra-losses-crypto-traders%2Findex.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2></div> <ul><li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChayka2013" class="citation news cs1">Chayka, Kyle (2 July 2013). <a rel="nofollow" class="external text" href="https://psmag.com/economics/what-comes-after-bitcoin-future-of-cryptocurrency-61660">"What Comes After Bitcoin?"</a>. Pacific Standard. Retrieved 18 January 2014.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Pacific+Standard&rft.atitle=What+Comes+After+Bitcoin%3F&rft.date=2013-07-02&rft.aulast=Chayka&rft.aufirst=Kyle&rft_id=https%3A%2F%2Fpsmag.com%2Feconomics%2Fwhat-comes-after-bitcoin-future-of-cryptocurrency-61660&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"></li> <li><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGuadamuzMarsden2015" class="citation journal cs1">Guadamuz, Andres; Marsden, Chris (2015). <a rel="nofollow" class="external text" href="http://sro.sussex.ac.uk/id/eprint/58872/1/bitcoin.pdf">"Blockchains and Bitcoin: Regulatory responses to cryptocurrencies"</a> (PDF). First Monday. 20 (12). <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.5210%2Ffm.v20i12.6198">10.5210/fm.v20i12.6198</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:811921">811921</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=First+Monday&rft.atitle=Blockchains+and+Bitcoin%3A+Regulatory+responses+to+cryptocurrencies&rft.volume=20&rft.issue=12&rft.date=2015&rft_id=info%3Adoi%2F10.5210%2Ffm.v20i12.6198&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A811921%23id-name%3DS2CID&rft.aulast=Guadamuz&rft.aufirst=Andres&rft.au=Marsden%2C+Chris&rft_id=http%3A%2F%2Fsro.sussex.ac.uk%2Fid%2Feprint%2F58872%2F1%2Fbitcoin.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3ACryptocurrency" class="Z3988"></li> <li>Haynie, Dana L.; Duxbury, Scott W. (2024). "<a rel="nofollow" class="external text" href="https://www.annualreviews.org/content/journals/10.1146/annurev-soc-090523-052916">Online Illegal Cryptomarkets</a>". Annual Review of Sociology.</li></ul> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2></div> <ul><li><a href="/wiki/File:Commons-logo.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/18px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/24px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></a> Media related to <a href="https://commons.wikimedia.org/wiki/Category:Cryptocurrency" class="extiw" title="commons:Category:Cryptocurrency">Cryptocurrency</a> at Wikimedia Commons</li> <li><a href="/wiki/File:Wikiquote-logo.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Wikiquote-logo.svg/13px-Wikiquote-logo.svg.png" 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a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Cryptocurrencies" title="Template:Cryptocurrencies"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Cryptocurrencies" title="Template talk:Cryptocurrencies"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Cryptocurrencies" title="Special:EditPage/Template:Cryptocurrencies"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Cryptocurrencies696" style="font-size:114%;margin:0 4em"><a class="mw-selflink selflink">Cryptocurrencies</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Technology</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Blockchain" title="Blockchain">Blockchain</a></li> <li><a href="/wiki/Cryptocurrency_tumbler" title="Cryptocurrency tumbler">Cryptocurrency tumbler</a></li> <li><a href="/wiki/Cryptocurrency_wallet" title="Cryptocurrency wallet">Cryptocurrency wallet</a></li> <li><a href="/wiki/Cryptographic_hash_function" title="Cryptographic hash function">Cryptographic hash function</a></li> <li><a href="/wiki/Decentralized_finance#Decentralized_exchanges" title="Decentralized finance">Decentralized exchange</a></li> <li><a href="/wiki/Decentralized_finance" title="Decentralized finance">Decentralized finance</a></li> <li><a href="/wiki/Distributed_ledger" title="Distributed ledger">Distributed ledger</a></li> <li><a href="/wiki/Fork_(blockchain)" title="Fork (blockchain)">Fork</a></li> <li><a href="/wiki/Lightning_Network" title="Lightning Network">Lightning Network</a></li> <li><a href="/wiki/MetaMask" title="MetaMask">MetaMask</a></li> <li><a href="/wiki/Non-fungible_token" title="Non-fungible token">Non-fungible token</a></li> <li><a href="/wiki/Smart_contract" title="Smart contract">Smart contract</a></li> <li><a href="/wiki/Web3" title="Web3">Web3</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Consensus_(computer_science)" title="Consensus (computer science)">Consensus</a> mechanisms</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Proof_of_authority" title="Proof of authority">Proof of authority</a></li> <li><a href="/wiki/Proof_of_space" title="Proof of space">Proof of space</a></li> <li><a href="/wiki/Proof_of_stake" title="Proof of stake">Proof of stake</a></li> <li><a href="/wiki/Proof_of_work" title="Proof of work">Proof of work</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Proof_of_work" title="Proof of work">Proof of work</a> currencies</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/SHA-2" title="SHA-2">SHA-256</a>-based</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bitcoin" title="Bitcoin">Bitcoin</a></li> <li><a href="/wiki/Bitcoin_Cash" title="Bitcoin Cash">Bitcoin Cash</a></li> <li><a href="/wiki/Counterparty_(platform)" title="Counterparty (platform)">Counterparty</a></li> <li><a href="/wiki/LBRY" title="LBRY">LBRY</a></li> <li><a href="/wiki/MazaCoin" title="MazaCoin">MazaCoin</a></li> <li><a href="/wiki/Namecoin" title="Namecoin">Namecoin</a></li> <li><a href="/wiki/Peercoin" title="Peercoin">Peercoin</a></li> <li><a href="/wiki/Titcoin" title="Titcoin">Titcoin</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Ethereum" title="Ethereum">Ethash</a>-based</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Ethereum" title="Ethereum">Ethereum</a> (1.0)</li> <li><a href="/wiki/Ethereum_Classic" title="Ethereum Classic">Ethereum Classic</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Scrypt" title="Scrypt">Scrypt</a>-based</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Auroracoin" title="Auroracoin">Auroracoin</a></li> <li><a href="/wiki/Bitconnect" title="Bitconnect">Bitconnect</a></li> <li><a href="/wiki/Coinye" title="Coinye">Coinye</a></li> <li><a href="/wiki/Dogecoin" title="Dogecoin">Dogecoin</a></li> <li><a href="/wiki/Litecoin" title="Litecoin">Litecoin</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Equihash" title="Equihash">Equihash</a>-based</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bitcoin_Gold" title="Bitcoin Gold">Bitcoin Gold</a></li> <li><a href="/wiki/Zcash" title="Zcash">Zcash</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">RandomX-based</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Monero" title="Monero">Monero</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Dash_(cryptocurrency)#X11" title="Dash (cryptocurrency)">X11</a>-based</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Dash_(cryptocurrency)" title="Dash (cryptocurrency)">Dash</a></li> <li><a href="/wiki/Petro_(token)" title="Petro (token)">Petro</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/AmbaCoin" title="AmbaCoin">AmbaCoin</a></li> <li><a href="/wiki/Firo_(cryptocurrency)" title="Firo (cryptocurrency)">Firo</a></li> <li><a href="/wiki/IOTA_(technology)" title="IOTA (technology)">IOTA</a></li> <li><a href="/wiki/Nervos_Network" title="Nervos Network">Nervos Network</a></li> <li><a href="/wiki/Primecoin" title="Primecoin">Primecoin</a></li> <li><a href="/wiki/Verge_(cryptocurrency)" title="Verge (cryptocurrency)">Verge</a></li> <li><a href="/wiki/Vertcoin" title="Vertcoin">Vertcoin</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Proof_of_stake" title="Proof of stake">Proof of stake</a> currencies</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Algorand" title="Algorand">Algorand</a></li> <li><a href="/wiki/Avalanche_(blockchain_platform)" title="Avalanche (blockchain platform)">Avalanche</a></li> <li><a href="/wiki/Cardano_(blockchain_platform)" title="Cardano (blockchain platform)">Cardano</a></li> <li><a href="/wiki/EOS.IO" title="EOS.IO">EOS.IO</a></li> <li><a href="/wiki/Ethereum" title="Ethereum">Ethereum</a> (2.0)</li> <li><a href="/wiki/Gridcoin" title="Gridcoin">Gridcoin</a></li> <li><a href="/wiki/ICON_(blockchain_platform)" title="ICON (blockchain platform)">ICON</a></li> <li><a href="/wiki/Injective_(blockchain)" title="Injective (blockchain)">Injective</a></li> <li><a href="/wiki/Kin_(cryptocurrency)" class="mw-redirect" title="Kin (cryptocurrency)">Kin</a></li> <li><a href="/wiki/Nxt" title="Nxt">Nxt</a></li> <li><a href="/wiki/Peercoin" title="Peercoin">Peercoin</a></li> <li><a href="/wiki/Polkadot_(blockchain_platform)" title="Polkadot (blockchain platform)">Polkadot</a></li> <li><a href="/wiki/Solana_(blockchain_platform)" title="Solana (blockchain platform)">Solana</a></li> <li><a href="/wiki/Steemit" title="Steemit">Steem</a></li> <li><a href="/wiki/Tezos" title="Tezos">Tezos</a></li> <li><a href="/wiki/The_Open_Network" class="mw-redirect" title="The Open Network">TON</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/ERC-20" class="mw-redirect" title="ERC-20">ERC-20</a> tokens</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Augur_(software)" title="Augur (software)">Augur</a></li> <li><a href="/wiki/Aventus_(protocol)" title="Aventus (protocol)">Aventus</a></li> <li><a href="/wiki/Brave_(web_browser)#Basic_Attention_Token" title="Brave (web browser)">Basic Attention Token</a></li> <li><a href="/wiki/Chainlink_(blockchain_oracle)" title="Chainlink (blockchain oracle)">Chainlink</a></li> <li><a href="/wiki/Kin_(cryptocurrency)" class="mw-redirect" title="Kin (cryptocurrency)">Kin</a></li> <li><a href="/wiki/KodakCoin" title="KodakCoin">KodakCoin</a></li> <li><a href="/wiki/Minds_(social_network)" title="Minds (social network)">Minds</a></li> <li><a href="/wiki/Polygon_(blockchain)" title="Polygon (blockchain)">Polygon</a></li> <li><a href="/wiki/Shiba_Inu_(cryptocurrency)" title="Shiba Inu (cryptocurrency)">Shiba Inu</a></li> <li><a href="/wiki/The_DAO" title="The DAO">The DAO</a></li> <li><a href="/wiki/Tron_(blockchain)" title="Tron (blockchain)">TRON</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stablecoin" title="Stablecoin">Stablecoins</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Dai_(cryptocurrency)" title="Dai (cryptocurrency)">Dai</a></li> <li><a href="/wiki/Diem_(digital_currency)" title="Diem (digital currency)">Diem</a></li> <li><a href="/wiki/Paxos_Trust_Company#Paxos_Standard" title="Paxos Trust Company">Pax</a></li> <li><a href="/wiki/Terra_(blockchain)" title="Terra (blockchain)">Terra</a></li> <li><a href="/wiki/Tether_(cryptocurrency)" title="Tether (cryptocurrency)">Tether</a></li> <li><a href="/wiki/USD_Coin" title="USD Coin">USD Coin</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other currencies</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/$Trump" title="$Trump">$Trump</a></li> <li><a href="/wiki/Chia_(cryptocurrency)" class="mw-redirect" title="Chia (cryptocurrency)">Chia</a></li> <li><a href="/wiki/Filecoin" title="Filecoin">Filecoin</a></li> <li><a href="/wiki/Hashgraph" class="mw-redirect" title="Hashgraph">HBAR (Hashgraph)</a></li> <li><a href="/wiki/Helium_Network" title="Helium Network">Helium</a></li> <li><a href="/wiki/Terra_(blockchain)" title="Terra (blockchain)">Luna</a></li> <li><a href="/wiki/MobileCoin" title="MobileCoin">MobileCoin</a></li> <li><a href="/wiki/Nano_(cryptocurrency)" title="Nano (cryptocurrency)">Nano</a></li> <li><a href="/wiki/NEO_(cryptocurrency)" class="mw-redirect" title="NEO (cryptocurrency)">NEO</a></li> <li><a href="/wiki/SafeMoon" title="SafeMoon">SafeMoon</a></li> <li><a href="/wiki/Stellar_(payment_network)" title="Stellar (payment network)">Stellar</a></li> <li><a href="/wiki/WhopperCoin" title="WhopperCoin">WhopperCoin</a></li> <li><a href="/wiki/XRP_Ledger" title="XRP Ledger">XRP Ledger</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/List_of_cryptocurrencies#Inactive_currencies" title="List of cryptocurrencies">Inactive currencies</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bitconnect" title="Bitconnect">BitConnect</a></li> <li><a href="/wiki/Coinye" title="Coinye">Coinye</a></li> <li><a href="/wiki/KodakCoin" title="KodakCoin">KodakCoin</a></li> <li><a href="/wiki/OneCoin" title="OneCoin">OneCoin</a></li> <li><a href="/wiki/Petro_(token)" title="Petro (token)">Petro</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Crypto service companies</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Hyperledger" title="Hyperledger">Hyperledger</a></li> <li><a href="/wiki/IQ.Wiki" class="mw-redirect" title="IQ.Wiki">IQ.Wiki</a></li> <li><a href="/wiki/Quahl" title="Quahl">Initiative Q</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related topics</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Airdrop_(cryptocurrency)" title="Airdrop (cryptocurrency)">Airdrop</a></li> <li><a href="/wiki/BitLicense" title="BitLicense">BitLicense</a></li> <li><a href="/wiki/Blockchain_game" title="Blockchain game">Blockchain game</a></li> <li><a href="/wiki/Complementary_currency" title="Complementary currency">Complementary currency</a></li> <li><a href="/wiki/Crypto-anarchy" title="Crypto-anarchy">Crypto-anarchy</a></li> <li><a href="/wiki/Cryptocurrency_bubble" title="Cryptocurrency bubble">Cryptocurrency bubble</a></li> <li><a href="/wiki/Cryptocurrency_in_Nigeria" title="Cryptocurrency in Nigeria">Cryptocurrency in Nigeria</a></li> <li><a href="/wiki/Category:Cryptocurrency_scams" title="Category:Cryptocurrency scams">Cryptocurrency scams</a></li> <li><a href="/wiki/Digital_currency" title="Digital currency">Digital currency</a></li> <li><a href="/wiki/Decentralized_autonomous_organization" title="Decentralized autonomous organization">Decentralized autonomous organization</a></li> <li><a href="/wiki/Decentralized_application" title="Decentralized application">Decentralized application</a></li> <li><a href="/wiki/Distributed_ledger_technology_law" title="Distributed ledger technology law">Distributed ledger technology law</a></li> <li><a href="/wiki/Double-spending" title="Double-spending">Double-spending</a></li> <li><a href="/wiki/Environmental_impact_of_bitcoin" title="Environmental impact of bitcoin">Environmental impact</a></li> <li><a href="/wiki/Initial_coin_offering" title="Initial coin offering">Initial coin offering</a></li> <li><a href="/wiki/Initial_exchange_offering" title="Initial exchange offering">Initial exchange offering</a></li> <li><a href="/wiki/List_of_cryptocurrencies" title="List of cryptocurrencies">List of cryptocurrencies</a></li> <li><a href="/wiki/Token_money" title="Token money">Token money</a></li> <li><a href="/wiki/Virtual_currency" title="Virtual currency">Virtual currency</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /> <a href="/wiki/Category:Cryptocurrencies" title="Category:Cryptocurrencies">Category</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/18px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/24px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /> <a href="https://commons.wikimedia.org/wiki/Category:Cryptocurrency" class="extiw" title="commons:Category:Cryptocurrency">Commons</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /> <a href="/wiki/List_of_cryptocurrencies" title="List of cryptocurrencies">List</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Bitcoin604" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Bitcoin" title="Template:Bitcoin"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Bitcoin" title="Template talk:Bitcoin"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Bitcoin" title="Special:EditPage/Template:Bitcoin"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Bitcoin604" style="font-size:114%;margin:0 4em"><a href="/wiki/Bitcoin" title="Bitcoin">Bitcoin</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/History_of_bitcoin" title="History of bitcoin">History</a></li> <li><a href="/wiki/Economics_of_bitcoin" title="Economics of bitcoin">Economics</a></li> <li><a href="/wiki/Bitcoin_and_politics" title="Bitcoin and politics">Politics</a></li> <li><a href="/wiki/Legality_of_bitcoin_by_country_or_territory" class="mw-redirect" title="Legality of bitcoin by country or territory">Legal status</a></li> <li><a href="/wiki/Environmental_effects_of_bitcoin" class="mw-redirect" title="Environmental effects of bitcoin">Environmental effects</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">People</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Gavin_Andresen" title="Gavin Andresen">Gavin Andresen</a></li> <li><a href="/wiki/Andreas_Antonopoulos" title="Andreas Antonopoulos">Andreas Antonopoulos</a></li> <li><a href="/wiki/Brian_Armstrong_(CEO)" class="mw-redirect" title="Brian Armstrong (CEO)">Brian Armstrong</a></li> <li><a href="/wiki/Adam_Back" title="Adam Back">Adam Back</a></li> <li><a href="/wiki/Wences_Casares" title="Wences Casares">Wences Casares</a></li> <li><a href="/wiki/Tim_Draper" title="Tim Draper">Tim Draper</a></li> <li><a href="/wiki/Hal_Finney_(computer_scientist)" title="Hal Finney (computer scientist)">Hal Finney</a></li> <li><a href="/wiki/Wei_Dai" title="Wei Dai">Wei Dai</a></li> <li><a href="/wiki/Mark_Karpel%C3%A8s" title="Mark Karpelès">Mark Karpelès</a></li> <li><a href="/wiki/Satoshi_Nakamoto" title="Satoshi Nakamoto">Satoshi Nakamoto</a></li> <li><a href="/wiki/Charlie_Shrem" title="Charlie Shrem">Charlie Shrem</a></li> <li><a href="/wiki/Nick_Szabo" title="Nick Szabo">Nick Szabo</a></li> <li><a href="/wiki/Vitalik_Buterin" title="Vitalik Buterin">Vitalik Buterin</a></li> <li><a href="/wiki/Ross_Ulbricht" title="Ross Ulbricht">Ross Ulbricht</a></li> <li><a href="/wiki/Roger_Ver" title="Roger Ver">Roger Ver</a></li> <li><a href="/wiki/Cody_Wilson" title="Cody Wilson">Cody Wilson</a></li> <li><a href="/wiki/Cameron_Winklevoss" title="Cameron Winklevoss">Cameron Winklevoss</a></li> <li><a href="/wiki/Tyler_Winklevoss" title="Tyler Winklevoss">Tyler Winklevoss</a></li> <li><a href="/wiki/Craig_Steven_Wright" title="Craig Steven Wright">Craig Wright</a></li> <li><a href="/wiki/Dave_Kleiman" title="Dave Kleiman">Dave Kleiman</a></li> <li><a href="/wiki/Jihan_Wu" title="Jihan Wu">Jihan Wu</a></li> <li><a href="/wiki/Erik_Voorhees" title="Erik Voorhees">Erik Voorhees</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Lists</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_bitcoin_companies" title="List of bitcoin companies">List of bitcoin companies</a></li> <li><a href="/wiki/List_of_bitcoin_forks" title="List of bitcoin forks">List of bitcoin forks</a></li> <li><a href="/wiki/List_of_bitcoin_organizations" title="List of bitcoin organizations">List of bitcoin organizations</a></li> <li><a href="/wiki/List_of_people_in_blockchain_technology" title="List of people in blockchain technology">List of people in blockchain technology</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Technologies</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bitcoin_network" class="mw-redirect" title="Bitcoin network">Bitcoin network</a></li> <li><a href="/wiki/Blockchain" title="Blockchain">Blockchain</a></li> <li><a class="mw-selflink selflink">Cryptocurrency</a></li> <li><a href="/wiki/Cryptocurrency_wallet" title="Cryptocurrency wallet">Cryptocurrency wallet</a></li> <li><a href="/wiki/Bitcoin_ATM" title="Bitcoin ATM">Bitcoin ATM</a></li> <li><a href="/wiki/Elliptic_Curve_Digital_Signature_Algorithm" title="Elliptic Curve Digital Signature Algorithm">ECDSA</a></li> <li><a href="/wiki/Lightning_Network" title="Lightning Network">Lightning Network</a></li> <li><a href="/wiki/Peer-to-peer" title="Peer-to-peer">P2P</a></li> <li><a href="/wiki/Proof_of_work" title="Proof of work">Proof of work</a></li> <li><a href="/wiki/SegWit" title="SegWit">SegWit</a></li> <li><a href="/wiki/SHA-2" title="SHA-2">SHA-2</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/List_of_bitcoin_forks" title="List of bitcoin forks">Forks</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Client</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bitcoin_Unlimited" class="mw-redirect" title="Bitcoin Unlimited">Bitcoin Unlimited</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Currency</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bitcoin_Cash" title="Bitcoin Cash">Bitcoin Cash</a></li> <li><a href="/wiki/Bitcoin_Gold" title="Bitcoin Gold">Bitcoin Gold</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">History</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bitcoin_scalability_problem" title="Bitcoin scalability problem">Bitcoin scalability problem</a></li> <li><a href="/wiki/History_of_bitcoin" title="History of bitcoin">History of bitcoin</a></li> <li><a href="/wiki/Bitcoin_buried_in_Newport_landfill" title="Bitcoin buried in Newport landfill">2013 Bitcoin buried in Newport landfill</a></li> <li><a href="/wiki/Cryptocurrency_bubble" title="Cryptocurrency bubble">2018 cryptocurrency crash</a></li> <li><a href="/wiki/2018_Bitcoin_bomb_threats" title="2018 Bitcoin bomb threats">2018 Bitcoin bomb threats</a></li> <li><a href="/wiki/2020_Twitter_account_hijacking" title="2020 Twitter account hijacking">2020 Twitter account hijacking</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Movies</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/The_Rise_and_Rise_of_Bitcoin" title="The Rise and Rise of Bitcoin">The Rise and Rise of Bitcoin</a> (2014 film)</li> <li><a href="/wiki/Deep_Web_(film)" title="Deep Web (film)">Deep Web</a> (2015 film)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Legal entities (not exchanges)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bitcoin_Foundation" title="Bitcoin Foundation">Bitcoin Foundation</a></li> <li><a href="/wiki/Bitcoin_Magazine" title="Bitcoin Magazine">Bitcoin Magazine</a></li> <li><a href="/wiki/BitGo" title="BitGo">BitGo</a></li> <li><a href="/wiki/Bitmain" title="Bitmain">Bitmain</a></li> <li><a href="/wiki/Canaan_Creative" title="Canaan Creative">Canaan Creative</a></li> <li><a href="/wiki/CoinDesk" title="CoinDesk">CoinDesk</a></li> <li><a href="/wiki/GHash.io" title="GHash.io">GHash.io</a></li> <li><a href="/wiki/Nuri_(company)" title="Nuri (company)">Nuri</a></li> <li><a href="/wiki/MicroStrategy" title="MicroStrategy">Strategy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Bitcoin_in_El_Salvador" title="Bitcoin in El Salvador">Bitcoin in El Salvador</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bitcoin_Law" title="Bitcoin Law">Bitcoin Law</a></li> <li><a href="/wiki/Playa_El_Zonte" title="Playa El Zonte">Bitcoin Beach</a></li> <li><a href="/wiki/Bitcoin_City" title="Bitcoin City">Bitcoin City</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow hlist" colspan="2"><div> <ul><li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /> <a href="/wiki/Category:Bitcoin" title="Category:Bitcoin">Category</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/12px-Commons-logo.svg.png" decoding="async" width="12" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/18px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/24px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /> <a href="https://commons.wikimedia.org/wiki/Category:Bitcoin" class="extiw" title="commons:Category:Bitcoin">Commons</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"></div><div role="navigation" class="navbox" aria-label="Navbox0" style="padding:3px"><table class="nowraplinks hlist navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks mw-collapsible mw-collapsed navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Cryptography_navbox" title="Template:Cryptography navbox"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Cryptography_navbox" title="Template talk:Cryptography navbox"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Cryptography_navbox" title="Special:EditPage/Template:Cryptography navbox"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Cryptography149" style="font-size:114%;margin:0 4em"><a href="/wiki/Cryptography" title="Cryptography">Cryptography</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">General</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/History_of_cryptography" title="History of cryptography">History of cryptography</a></li> <li><a href="/wiki/Outline_of_cryptography" title="Outline of cryptography">Outline of cryptography</a></li> <li><a href="/wiki/Classical_cipher" title="Classical cipher">Classical cipher</a></li> <li><a href="/wiki/Cryptographic_protocol" title="Cryptographic protocol">Cryptographic protocol</a> <ul><li><a href="/wiki/Authentication_protocol" title="Authentication protocol">Authentication protocol</a></li></ul></li> <li><a href="/wiki/Cryptographic_primitive" title="Cryptographic primitive">Cryptographic primitive</a></li> <li><a href="/wiki/Cryptanalysis" title="Cryptanalysis">Cryptanalysis</a></li> <li><a class="mw-selflink selflink">Cryptocurrency</a></li> <li><a href="/wiki/Cryptosystem" title="Cryptosystem">Cryptosystem</a></li> <li><a href="/wiki/Cryptographic_nonce" title="Cryptographic nonce">Cryptographic nonce</a></li> <li><a href="/wiki/Cryptovirology" title="Cryptovirology">Cryptovirology</a></li> <li><a href="/wiki/Hash_function" title="Hash function">Hash function</a> <ul><li><a href="/wiki/Cryptographic_hash_function" title="Cryptographic hash function">Cryptographic hash function</a></li> <li><a href="/wiki/Key_derivation_function" title="Key derivation function">Key derivation function</a></li> <li><a href="/wiki/Secure_Hash_Algorithms" title="Secure Hash Algorithms">Secure Hash Algorithms</a></li></ul></li> <li><a href="/wiki/Digital_signature" title="Digital signature">Digital signature</a></li> <li><a href="/wiki/Kleptography" title="Kleptography">Kleptography</a></li> <li><a href="/wiki/Key_(cryptography)" title="Key (cryptography)">Key (cryptography)</a></li> <li><a href="/wiki/Key_exchange" title="Key exchange">Key exchange</a></li> <li><a href="/wiki/Key_generator" title="Key generator">Key generator</a></li> <li><a href="/wiki/Key_schedule" title="Key schedule">Key schedule</a></li> <li><a href="/wiki/Key_stretching" title="Key stretching">Key stretching</a></li> <li><a href="/wiki/Keygen" title="Keygen">Keygen</a></li> <li><a href="/wiki/Template:Cryptography_machines" title="Template:Cryptography machines">Machines</a></li> <li><a href="/wiki/Cryptojacking_malware" class="mw-redirect" title="Cryptojacking malware">Cryptojacking malware</a></li> <li><a href="/wiki/Ransomware" title="Ransomware">Ransomware</a></li> <li><a href="/wiki/Random_number_generation" title="Random number generation">Random number generation</a> <ul><li><a href="/wiki/Cryptographically_secure_pseudorandom_number_generator" title="Cryptographically secure pseudorandom number generator">Cryptographically secure pseudorandom number generator</a> (CSPRNG)</li></ul></li> <li><a href="/wiki/Pseudorandom_noise" title="Pseudorandom noise">Pseudorandom noise</a> (PRN)</li> <li><a href="/wiki/Secure_channel" title="Secure channel">Secure channel</a></li> <li><a href="/wiki/Insecure_channel" class="mw-redirect" title="Insecure channel">Insecure channel</a></li> <li><a href="/wiki/Subliminal_channel" title="Subliminal channel">Subliminal channel</a></li> <li><a href="/wiki/Encryption" title="Encryption">Encryption</a></li> <li><a href="/wiki/Decryption" class="mw-redirect" title="Decryption">Decryption</a></li> <li><a href="/wiki/End-to-end_encryption" title="End-to-end encryption">End-to-end encryption</a></li> <li><a href="/wiki/Harvest_now,_decrypt_later" title="Harvest now, decrypt later">Harvest now, decrypt later</a></li> <li><a href="/wiki/Information-theoretic_security" title="Information-theoretic security">Information-theoretic security</a></li> <li><a href="/wiki/Plaintext" title="Plaintext">Plaintext</a></li> <li><a href="/wiki/Codetext" class="mw-redirect" title="Codetext">Codetext</a></li> <li><a href="/wiki/Ciphertext" title="Ciphertext">Ciphertext</a></li> <li><a href="/wiki/Shared_secret" title="Shared secret">Shared secret</a></li> <li><a href="/wiki/Trapdoor_function" title="Trapdoor function">Trapdoor function</a></li> <li><a href="/wiki/Trusted_timestamping" title="Trusted timestamping">Trusted timestamping</a></li> <li><a href="/wiki/Key-based_routing" title="Key-based routing">Key-based routing</a></li> <li><a href="/wiki/Onion_routing" title="Onion routing">Onion routing</a></li> <li><a href="/wiki/Garlic_routing" title="Garlic routing">Garlic routing</a></li> <li><a href="/wiki/Kademlia" title="Kademlia">Kademlia</a></li> <li><a href="/wiki/Mix_network" title="Mix network">Mix network</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Mathematics</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Cryptographic_hash_function" title="Cryptographic hash function">Cryptographic hash function</a></li> <li><a href="/wiki/Block_cipher" title="Block cipher">Block cipher</a></li> <li><a href="/wiki/Stream_cipher" title="Stream cipher">Stream cipher</a></li> <li><a href="/wiki/Symmetric-key_algorithm" title="Symmetric-key algorithm">Symmetric-key algorithm</a></li> <li><a href="/wiki/Authenticated_encryption" title="Authenticated encryption">Authenticated encryption</a></li> <li><a href="/wiki/Public-key_cryptography" title="Public-key cryptography">Public-key cryptography</a></li> <li><a href="/wiki/Quantum_key_distribution" title="Quantum key distribution">Quantum key distribution</a></li> <li><a href="/wiki/Quantum_cryptography" title="Quantum cryptography">Quantum cryptography</a></li> <li><a href="/wiki/Post-quantum_cryptography" title="Post-quantum cryptography">Post-quantum cryptography</a></li> <li><a href="/wiki/Message_authentication_code" title="Message authentication code">Message authentication code</a></li> <li><a href="/wiki/Cryptographically_secure_pseudorandom_number_generator" title="Cryptographically secure pseudorandom number generator">Random numbers</a></li> <li><a href="/wiki/Steganography" title="Steganography">Steganography</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /> <a href="/wiki/Category:Cryptography" title="Category:Cryptography">Category</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1266661725">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style></div><div role="navigation" class="navbox" aria-labelledby="Medium_of_exchange124" style="padding:3px"><table class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="3"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Means_of_exchange" title="Template:Means of exchange"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Means_of_exchange" title="Template talk:Means of exchange"><abbr title="Discuss 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Mesoamerica & N. Andes)</li> <li><a href="/wiki/Cocoa_bean" title="Cocoa bean">Cocoa bean</a> (Mesoamerica)</li> <li><a href="/wiki/Koku" title="Koku">Koku</a> (rice)</li> <li><a href="/wiki/Manilla_(money)" title="Manilla (money)">Manilla</a> (W. Africa)</li> <li><a href="/wiki/Precious_metal" title="Precious metal">Precious metals</a></li> <li><a href="/wiki/Quachtli" title="Quachtli">Quachtli</a> (cotton cloth)</li> <li><a href="/wiki/Salt" title="Salt">Salt</a> (Roman world)</li> <li><a href="/wiki/Shekel" title="Shekel">Shekel</a> (barley)</li> <li><a href="/wiki/Shell_money" title="Shell money">Shells</a></li> <li><a href="/wiki/Trade_beads" title="Trade beads">Trade bead</a></li></ul> </div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%">Domestic animals</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Water_buffalo" title="Water buffalo">Water buffalo</a> (SE Asia)</li> <li><a href="/wiki/Cattle" title="Cattle">Cow</a> (Hindu)</li> <li><a href="/wiki/Camel" title="Camel">Camel</a> (Arabia)</li> <li><a href="/wiki/Yak" title="Yak">Yak</a> (Tibet, China)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Representative_money" title="Representative money">Representative money</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bimetallism" title="Bimetallism">Bimetallism</a></li> <li><a href="/wiki/Gold_certificate_(United_States)" title="Gold certificate (United States)">Gold certificates</a></li></ul> </div></td></tr></tbody></table><div> </div></td><td class="noviewer navbox-image" rowspan="3" style="width:1px;padding:0 0 0 2px"><div><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png" decoding="async" width="32" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/48px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/64px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Money" title="Money">Money</a> (<a href="/wiki/Fiat_money" title="Fiat money">Fiat</a>/<a href="/wiki/Token_money" title="Token money">Token</a>)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bailment" title="Bailment">Bailment</a></li> <li><a href="/wiki/Banknote" title="Banknote">Banknote</a></li> <li><a href="/wiki/Central_bank_digital_currency" title="Central bank digital currency">Central bank digital currency</a></li> <li><a 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