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Cryptocurrencies like bitcoin, on the other hand, are "non-fiat," non-governmental forms of "digital cash" to be used for electronic payments. The idea of ". Cryptocurrency (or �crypto�) is a digital currency, such as Bitcoin, that is used as an alternative payment method or speculative investment. A cryptocurrency is a digital or virtual currency secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.

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The use of blockchains addressed a problem faced by previous efforts to create purely digital currencies: preventing people from making copies of their holdings and attempting to spend it twice [0] National Institute of Standards and Technology. Archived from the original on 21 January Such decentralized transfers are secured by the use of public keys and private keys and different forms of incentive systems, such as proof of work or proof of stake. Central to the appeal and functionality of Bitcoin and other cryptocurrencies is blockchain technology.

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