Crytocurrency has been in use since 2009, when a developer (or multiple developers) with the pseudonym
Satoshi Nakamoto launched
Bitcoin. The surprising rise of bitcoin's popularity over the decade after it was created has paved the way for thousands of other cryptocurrencies to be brought into existence.
As of 2023, there are around nearly 30,000 different types of cryptocurrencies in existence. Each of these cryptocurrencies is used primarily as a medium of value exchange, in many ways similar to how the US dollar and other forms of paper money are used. However, the digital only nature of cryptocurrencies gives them much more flexibility than paper currency issued by central governing authorities.