Cryptocurrencies create a lot of potential for global transactions and innovative solutions for capital markets. Though volatility and some security concerns make digital currencies risky, many people around the world have taken the plunge to invest. CGTN's Michal Bardavid has more from Istanbul.

Over the past few years, global large institutions and corporations have begun cooperating with blockchain projects. Some experts in the field of cryptocurrency such as Cal Evans say decentralization is critical for the survival of such companies.

CAL EVANS, MANAGING CONSULTANT GRESHAM INTERNATIONAL "We're starting to see this trickle of modern companies starting to get up to date with the new technology and if they fail to do it, the larger institutions really will fall a death to decentralization. Because ultimately, things are always done at the cheapest possible price, and decentralization enables things to be done very cheaply and very effectively, and so that's why these organizations will need to catch up."

But there are risks and challenges in cryptocurrencies. The market is extremely volatile. Bitcoin, the first major cryptocurrency soared to peak at around 20 thousand U.S. dollars per coin in December 2017 and has stumbled to around four thousand dollars in the first few months of 2019. Evans points out that one of the challenges cryptocurrencies face is related to perception.

CAL EVANS, MANAGING CONSULTANT GRESHAM INTERNATIONAL "The perception in some countries is that cryptocurrencies are bad, because people trust their money either being run or maintained or monitored by some kind of centralized power, however, if we take a step back, we realize that the introduction of banks and financial institutions is relatively new thing, people used to deal with each other directly for the longest of times."

Despite the risks involved, millions of citizens around the world have invested in cryptocurrencies. According to a report published by ING Bank, Turks are among the most interested, with over 18 percent of adults stating they own some cryptocurrency.

BtcTurk is Turkey's first and the world's fourth Crypto buying platform. The company's CEO Ozgur Guneri says the platform has over one hundred thousand active members, most of whom are men aged between 25 to 40.

OZGUR GUNERI, CEO BtcTURK "According to a research we conducted with Istanbul University, Turkish investors like to use traditional value saving tools such as gold and foreign currencies and Bitcoin is similar in characteristics with gold and currency which is why they prefer it."

Turks are also highly active on social media platforms such as Facebook, and the country's household internet access rose over 80 percent in 2018 according to the state-media Anadolu Agency. Michal Bardavid, CGTN, Istanbul.