Wang, Xunhua Department of Computer Science, James Madison University, Harrisonburg, Virginia.
Tjaden, Brett Department of Computer Science, James Madison University, Harrisonburg, Virginia.
Mata-Toledo, Ramon A. Department of Computer Science, James Madison University, Harrisonburg, Virginia.
Last reviewed:July 2021
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- Nontraceability and easy counterfeit detection
- Requirements and challenges of digital currency
- Digital currency via cryptography
- Cryptocurrencies without a central issuing institution
- Related Primary Literature
- Additional Reading
A digital equivalent of paper banknotes. Just like paper banknotes, cryptocurrencies allow users to maintain privacy in digital commercial transactions while ensuring that value is transferred from one party to the other. Cryptocurrencies achieve these properties through various cryptographic techniques. There are two types of cryptocurrencies. The first type has a trusted central institution for issuing digital coins and for preventing double spending. The second type of cryptocurrency is based on peer-to-peer networks; for example Bitcoin (see illustration). See also: Cryptography; Electronic commerce
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