What are digital currencies and how large is the global market for cryptocurrencies?

By howtobuytokens | Digital Currencies

Aug 24

Digital currencies are the future of money.  There are now many hundreds of different cryptocurrencies, first and foremost of which is Bitcoin.

A digital currency (or cryptocurrency) is a digital asset designed to function as a medium of value exchange, generally using cryptography to secure the transactions and a blockchain to record the transactions, along with a code base that allows for Proof of Work (Mining) or Proof of Stake (Staking) to control the creation of additional units of the currency.  We call these cryptocurrencies coins for short.  Cryptocurrencies are called such because they are cryptographically generated and encoded by computer algorithms that are designed to ensure they cannot be copied, counterfeited or corrupted in the normal course of events.

Digital currencies and digital assets have now been with us in one form or another for over twenty years. From the pioneering work of David Chaum and associates and the founding of DigiCash in 1990, eGold in 1996, through to the launch of the Ethereum network in 2015, which has led to an avalanche of ICO launches in 2016 and 2017, it’s been an amazing journey undertaken by many thousands of mathematical and cryptographic geniuses, coding prodigies, visionaries, hucksters and even some incredibly audacious scam artists.

Bitcoin, the first true blockchain based digital currency, is now in its ninth year.  In that time it has grown from a nascent electronic currency concept launched with almost no fanfare, to a global virtual network of financial exchange used by millions of people around the world for everything from domain name registrations, pizzas, trading digital art and paying for software services, through to hiring hitmen and drug dealing on the dark web.

The current market capitalisation of Bitcoin is now around $70 billion USD, with the next closest cryptocurrency Ethereum currently clocking in at $30 billion USD. The overall cryptocurrency marketplace has a combined market capitalisation of around $150 billion USD at the time of writing.

It’s generally anticipated that the crypto currency market will top $200 billion USD in value before the end of 2017 and some experts have projected a trillion dollar market size by the end of 2020.

Hundreds of millions of dollars worth of digital assets are being created, mined, minted, issued, staked and traded every day.

What claim are you staking in the cryptocurrency space?  Are you part of the future of money already, or are you looking for HELP to get started?


About the Author

How To Buy Tokens educates and trains digital entrepreneurs in how to buy tokens, cryptocurrencies and digital assets for investment, portfolio management and future growth potential. How To Buy Tokens grants a prime advantage to those who decisively act in new realities.

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