# What is a Cryptocurrency? To paraphrase Abraham Lincoln, a cryptocurrency is the money “of the people, by the people and for the people.” Contrary to popular belief, you don’t really own your money. Traditional currencies – such as the U.S. Dollar, Euro or RMB – are ***owned and controlled*** by the government and ***leased*** to the public to use as payments for goods and services. While this model has its benefits, it also gives the State the power to seize your funds, restrict access to your accounts or impose limitations on usage any time they see fit. Cryptocurrencies, on the other hand, are created, distributed and, most importantly, ***owned directly by the people***. This removes the need for governments and banks and gives consumers full control over their funds – allowing them to store their own assets without fear of seizure, transact directly with other users without regulation, and freely move their funds anywhere in the world.
Proponents assert that cryptocurrencies are superior to traditional government-backed (or “fiat”) currencies because they retain all the benefits of conventional money with the added benefits of being cheaper, faster, less restrictive, more accessible and highly transparent. Critics argue that they represent an existential threat to the global financial system, a serious danger to the community and must be regulated at all costs. Whatever side of the argument one falls on, the popularity of cryptocurrencies is undeniable. The market has grown nearly 15x in the last three years to a total value of over $2 trillion. **The Total Market Cap of Cryptocurrencies is Over $2 Trillion**

Source: Coinmarketcap.com as of 3.30.22

What is driving this popularity? Let’s dig a little deeper… --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://www.digitalnations.xyz/web3-overview/the-web3-ecosystem/cryptocurrencies/what-is-a-cryptocurrency.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.