Introduction - Cryptocurrency A cryptocurrency is a means of currency exchange designed to securely transfer information, through the process of cryptography. Cryptography is a way of encoding messages or information so that only specific or authorized parties can interpret it. Basically, cryptocurrencies are an alternative to centrally governed currencies, this virtual currency seeks to incorporate the principles of cryptography to implement a secure, distributed and decentralized information system 1. There are various types of cryptocurrency used in the virtual market today which will be discussed during this relationship. Cryptocurrency comes from cryptography, which is a secret or hidden means by which to communicate or share information without third-party supervision. This was the primary way we were able to transmit data securely, and it was applied to the use of ATMs, e-commerce, and passwords. The basis of cryptocurrency is essentially a code that allows for the private exchange of commerce. History Cryptocurrencies are filling a niche at a time in history when people are increasingly baffled by the actions of the financial industry. The jurisdiction of the cryptocurrency is outside of any central bank which classifies it as a decentralized currency. Historically, the first record of any form of cryptocurrency dates back to the mid-1990s, when cryptocurrency was used for several types of online games, such as World of Warcraft 3. The first "modern" cryptocurrency was introduced in 2008 by an individual named Satoshi Nakamoto, who created Bitcoin. Nakamoto's true identity remains unknown to the public. It was also suspected that Nakamoto could be a group of people or an actual code… medium of paper… sophisticated users and decentralized exchanges with little to no oversight from law enforcement. One of the main advertised advantages of cryptocurrencies, especially bitcoin, is that the purchase of bitcoins and their subsequent use in transactions is completely anonymous. This has led to the use of bitcoin for criminal activities such as drug trafficking and money laundering for other illegal activities. However, recent academic research is beginning to show that perhaps this key component may not be as absolute as originally advertised. 111 A group of European researchers determined that up to 40 percent of bitcoin users on a university computer system may be able to determine their personal identity. 112 Researchers have also shown that the fact that users rely on fewer and fewer bitcoin wallets and exchanges makes determining their identity an easier task. 113