What are cryptocurrencies and how many people are actively using cryptocurrency today?

More than 3 million people (three times previous estimates) are estimated to be actively using cryptocurrencies like bitcoin, finds the first global cryptocurrency benchmarking study by the Cambridge Centre for Alternative Finance.

Image credit: Vitalij Fleganov (Source: Flickr)

Image credit: Vitalij Fleganov (Source: Flickr)

So what are cryptocurrencies?

Cryptocurrencies – broadly defined as digital assets using cryptography to secure transactions between peers without the need for a central bank or other authority performing that role – are increasingly being used, stored, transacted and mined around the globe.

How much is the combined market value of all cryptocurrencies?

According to Dr. Garrick Hileman “Currently, the combined market value of all cryptocurrencies is nearly $40 billion, which represents a level of value creation on the order of Silicon Valley success stories like Airbnb. The advent of cryptocurrency has also sparked many new business platforms with sizable valuations of their own, along with new forms of peer-to-peer economic activity.”

Sources: Study highlights growing significance of cryptocurrencies

Global Cryptocurrency Benchmarking Study

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