Cryptocurrencies are software-based payment systems which can be used to conduct online transactions. Unlike traditional currencies, these are not issued by any kind government official like a central bank. Cryptocurrencies are also referred to as virtual currencies or digital currencies, and they’re growing in popularity because they offer low fees and commissions. In spite of their decentralized nature, cryptocurrencies are here to stay. Here are 7 of the most popular digital currencies being used around the world.

#1 Bitcoin

Bitcoin is an open-source software-based system which was first released to the public in 2009. It is a distributed system, because payments are handled by a peer-to-peer system, and there is no central repository. All payments are recorded in a public ledger. Users of the software offer their computing power for transactions. This is called mining, and they receive newly created bitcoins in exchange. Bitcoins can be used to buy products or services, and users can send bitcoins to each other.