Cryptocurrency is a digital form of money that exists primarily online and can be used for payments or as an investment. People can buy cryptocurrency through exchanges, apps, websites, or cryptocurrency ATMs and store it in digital wallets. Unlike U.S. dollars, cryptocurrency is not backed or insured by the government. Its value can change dramatically in a short period of time, and lost or stolen funds are often impossible to recover.

While cryptocurrency offers fast transactions and a degree of privacy, it also comes with risks. Cryptocurrency payments are typically irreversible and lack the consumer protections associated with credit cards. In addition, many cryptocurrency transactions are recorded on public blockchains. Scammers frequently use cryptocurrency in investment, impersonation, romance, employment, and blackmail schemes by promising guaranteed profits, demanding cryptocurrency payments, or posing as trusted organizations. To stay safe, avoid unsolicited investment offers, never send cryptocurrency to someone you do not know or trust, and report suspected fraud to agencies such as the FTC, SEC, CFTC, or FBI.