cryptocurrency


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cryptocurrency:

see virtual currencyvirtual currency,
a means of payment that is electronically created and stored, more specifically an unregulated electronic medium of exchange that operates like a currency but is created and controlled by computer software; also called digital currency.
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cryptocurrency

(CRYPTOgraphic CURRENCY) A digital currency that resides in a decentralized public ledger known as the "blockchain." Cryptocurrencies are not maintained or governed by any bank, financial institution or nation. They are a global entity, and in 2009, Bitcoin was the first. Since then, hundreds of others have been introduced with names such as Litecoin, Namecoin, Peercoin, Mastercoin, BlackCoin and Dodgecoin. See Bitcoin and blockchain.

What's Cryptic About It?
The transaction of sending money from one party to another is encrypted via public key cryptography. Thus, the identity of the sender is kept secret much like paying for merchandise with cash in the physical world. See public key cryptography.

Based on Demand
Except for Sharia-conforming OneGram, which is backed by physical gold, the value of a coin of cryptocurrency is based on the market like a share of stock, and its value fluctuates wildly. For example, once worth a few cents, a single Bitcoin has jumped to thousands of dollars. Cryptocurrency traders hope to make fortunes with this phenomenon, which has gathered immense steam in the 2010s.
References in periodicals archive ?
It is important to note that privately issued cryptocurrency is not legal tender.
Emirates NBD does not accept cryptocurrencies or support cryptocurrency remittances but it does not prohibit customers from undertaking transactions involving blockchain-based trading platforms and cryptocurrencies," it said in a statement to Khaleej Times.
SMEs in the UK are confident, as per a recent survey, that cryptocurrency payments will hit the high street in two years or less.
Cryptobontix is the owner/operator of five digital cryptocurrencies that will be backed by gold, other bullion, other cryptocurrencies and cryptocurrency mining.
Cryptocurrency exists in a legal 'grey area', according to several entrepreneurs pursuing crypto projects in the Kingdom, with the government rejecting the currencies themselves while embracing their underlying technology.
Everyone has heard of Bitcoin, and as the original cryptocurrency it's rare that it's going to be surpassed any time soon.
Two men in their 30s committed suicide in connection with their cryptocurrency investments earlier this month.
A cryptocurrency is a speculative instrument, and a collapse in its market value would be just a ripple across the financial services industry, too small to disturb stability or affect the creditworthiness of banks, said S&P Global Ratings.
A popular cryptocurrency exchange in Japan experienced a temporary glitch that allowed investors to purchase cryptocurrency including Bitcoin for free-though no users were able to profit off of the issue.
Summary: In the virtual Wild West of the digital economy created by the internet revolution, the emergance realm of cryptocurrency represents an important legal frontier.
Spanos also rebuked criticisms that cryptocurrencies have gained from seasoned global investors, stating that cryptocurrency is the people's currency of monetary independence, it is much more than a financial currency.