Popper, Nathaniel (27 March 2016). “Ethereum, a Virtual Currency, Enables Transactions That Rival Bitcoin’s”. Saad, Amena (8 July 2020). “TikTok Takes on Crypto With Dogecoin Soaring 40% in 24 Hours”. Princeton: Princeton University Press. The New York Times. Hajric, Vildana (28 August 2019). “Bitcoin’s Surge Means Smaller Rivals May Be Due for Rallies”. Narayanan, Arvind; Bonneau, Joseph; Felten, Edward; Miller, Andrew; Goldfeder, Steven (2016). Bitcoin and cryptocurrency technologies: a comprehensive introduction. Archived 27 September 2013 at the Wayback Machine, American Banker. Investopedia. Archived from the original on 23 March 2016. Retrieved 19 March 2016. Based on the Bitcoin protocol, the blockchain database is shared by all nodes participating in a system. Denton, Jack. “How a Digital Token Designed to be Stable Fueled a Crypto Crash”.

Cryptocurrencies typically use decentralized control as opposed to a central bank digital currency (CBDC). Throughout their existence, cryptocurrencies have been involved in criminal activities and multi-billion-dollar fraud schemes. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database. When a cryptocurrency is minted, created prior to issuance, or issued by a single issuer, it is generally considered centralized. The first cryptocurrency was Bitcoin, which was first released as open-source software in 2009. As of June 2023, there were more than 25,000 other cryptocurrencies in the marketplace, of which more than 40 had a market capitalization exceeding $1 billion.

Ali, S, T; Clarke, D; McCorry, P; Bitcoin: Perils of an Unregulated Global P2P Currency. Cimpanu, Catalin (4 September 2018). “Bitcoin Gold delisted from major cryptocurrency exchange after refusing to pay hack damages”. Russell, Jon. “Tether, a startup that works with bitcoin exchanges, claims a hacker stole $31M”. Iyengar, Rishi (7 December 2017). “More than $70 million stolen in bitcoin hack”. Haselton, Todd (19 December 2017). “A South Korean cryptocurrency exchange files for bankruptcy after hack, says users will get 75% of assets for now”.

One company is operating data centers for mining operations at Canadian oil and gas field sites, due to low gas prices. According to a February 2018 report from Fortune, Iceland has become a haven for cryptocurrency miners in part because of its cheap electricity. In June 2018, Hydro Quebec proposed to the provincial government to allocate 500 megawatts of power to crypto companies for mining. In March 2018, the city of Plattsburgh, New York put an 18-month moratorium on all cryptocurrency mining in an effort to preserve natural resources and the “character and direction” of the city.