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A cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units and to verify the transfer of assets. Cryptocurrencies are classified as digital currencies and are also classified as alternative currencies and virtual currencies.
Bitcoin (2009) was the first decentralized cryptocurrency. Since then, numerous other cryptocurrencies have been created, frequently called altcoins. Bitcoin and its derivatives use decentralized control as opposed to centralized banking systems. The decentralized control is related to the use of bitcoin's blockchain transaction database. Cryptocurrency, being technically untraceable, is known to be used in many illegal transactions and money laundering, therefore some countries are already heavily working regulating and even banning Bitcoin and cryptocurrency, e.g. Japan and China. The underlying technology upon which any decentralized cryptocurrency is based was created by a group known as Satoshi Nakamoto. Cryptocurrency networks have opened a loophole of regulation that attracts many users who seek decentralized exchange and use of money.