Not so long ago the thought of reaching into your pocket for a digital currency might have seemed too far-fetched . But cryptocurrencies are digital money -- and they 're on the rise . This method of payment , which cuts out the banks , is peer to peer and it 's all done digitally . While the most well-known is Bitcoin -- being the first of its kind in 2009 -- there are many others now , such as Litecoin and Feathercoin . There 's no denying that digital money is part of the future of finance . Most recent figures show there is more than $ 1.5 billion worth of Bitcoin in circulation . Watch the explainer video to learn a few more facts about the world of cryptocurrencies .
Over $ 1 million dollars are being traded in Bitcoin every day . Transaction history is encrypted into a chain of letters and numbers for each coin 's identity . Fans of cryptocurrencies like the fact that no single person or institution has control .