A state-of-art survey: Digitalization of money to cryptocurrency

Abstract

Within the last decade, Digital currency has attracted more and more attention in recent years. Its existence and application not only changes people's consumption patterns, but also brings in changes to the modern economy model as digital currency becomes an investment choice. Despite its popularity and advancement, an extensive review of recent research on digital currency in the financial market has not been available. Accordingly, this article conducts a comprehensive review of digital currency in the financial markets by reviewing the existing literature. We demonstrate the importance of digital currency through different perspectives and applications. In addition, this paper outlines the challenges and trends in digital currency.