cryptocurrency

IPA/ˈkrɪptəʊkʌrənsi/
IPA/ˈkrɪptəʊkɜːrənsi/

cryptocurrency — noun

  • cryptocurrencysingular
  • cryptocurrenciesplural

1. a type of electronic money that exists only on computer networks, using cryptogr

1.nounB1
Definition

a type of electronic money that exists only on computer networks, using cryptography to confirm transactions and prevent fraud, without a central bank or government running the system

Example

Liang bought his first cryptocurrency with money he saved from his summer job.

countable use: 'a cryptocurrency' as one type

The coffee shop on Elm Street now lets customers pay with cryptocurrency.

uncountable use: 'pay with cryptocurrency' as the medium

Common collocations
  • buy cryptocurrency
  • sell cryptocurrency
  • trade cryptocurrency
  • invest in cryptocurrency
  • cryptocurrency market
  • cryptocurrency wallet
  • cryptocurrency exchange
  • cryptocurrency mining
  • cryptocurrency transaction
Synonyms
  • digital currency

    broader term that includes any electronic money; cryptocurrency is a specific type that uses cryptography

  • virtual currency

    also broader; often used for in-game or platform-specific money, while cryptocurrency implies blockchain technology

  • crypto

    informal short form; suitable for casual conversation but not formal writing

Antonyms
  • fiat currency

    government-issued money that is not backed by a physical commodity, such as the US dollar or the New Taiwan dollar

Usage Note

Can be used as a countable noun (different types of cryptocurrency, e.g. 'Bitcoin is one cryptocurrency') or an uncountable noun (the system in general, e.g. 'She invests in cryptocurrency'). Frequently appears before another noun as a modifier: cryptocurrency market, cryptocurrency wallet.

Common Mistakes

I paid with cryptocurrency coin.
I paid with cryptocurrency.
'Cryptocurrency' already means a digital coin; adding 'coin' is redundant.
He invested in a cryptocurrency of Bitcoin.
He invested in Bitcoin, a type of cryptocurrency.
Bitcoin is one specific cryptocurrency; do not say 'a cryptocurrency of'.

Word family

  • crypto
    nounB2
  • cryptography
    nounC1
  • cryptographic
    adjectiveC1
  • cryptographer
    nounC1
  • encrypt
    verbB2
  • encryption
    nounB2
  • decrypt
    verbC1

Synonym discussion

Sense: noun/1

All three terms relate to non-physical money, but they differ in scope and specificity. 'Digital currency' is the broadest term — it includes any money that exists electronically, from online bank balances to in-game credits. 'Virtual currency' is narrower, typically referring to money used within a specific online community or game (e.g., Second Life dollars). 'Cryptocurrency' is a subset of digital currency that relies on cryptography and blockchain technology to operate without a central authority. 'Bitcoin', in turn, is one specific cryptocurrency — the first and best-known example. Common usage: 'I prefer digital currency for online shopping' (generic), 'He lost all his cryptocurrency when the exchange collapsed' (tech-specific), and 'Bitcoin's price rose sharply this week' (talking about one coin).

digital currencyvirtual currencyBitcoin ↗

Common collocations

Nouns

  • cryptocurrency market
  • cryptocurrency wallet
  • cryptocurrency exchange
  • cryptocurrency mining
  • cryptocurrency transaction
  • cryptocurrency investment

Adverbs

  • entirely in cryptocurrency
  • partly in cryptocurrency

Phrases

  • a form of cryptocurrency
  • a type of cryptocurrency

Prepositions

  • in cryptocurrency
  • into cryptocurrency

Etymology

GreekLatinEnglish

A blended word formed from 'cryptography' (from Greek kryptós, meaning 'hidden' or 'secret') and 'currency' (from Latin currere, meaning 'to run', by way of medieval Latin 'currentia' for 'flow of money'). The term was first used around 2009–2010 with the creation of Bitcoin, the first decentralized cryptocurrency. The prefix 'crypto-' highlights the central role of cryptographic techniques in securing transactions and controlling the creation of new units.

First known use

2009

2009, in the meaning defined above