15 February
2019 -
The global Cryptocurrency
Market is estimated to grow over the forecast
period. Cryptocurrency or digital currency is a decentralized system operating
on the blockchain technology. Blockchain is a database or distributed ledger
shared across public or private computer network. Information stored in the
ledger is encrypted and added as fresh block to the chain of historical records.
Ease of transferring funds among two parties without any regulatory authorities
like bank or financial service company is likely to fuel the demand for
cryptocurrency in the coming years. Rising need for secure payment methods due
to increasing cases of security breaches and fraudulent transactions is also
anticipated to boost the usage of cryptocurrencies as new payment mode, thereby
propelling the market growth. In cryptocurrency systems, a transaction is
considered valid and complete only when the user verifies it using a private
key available with them. This ensures that there are no duplicate transactions
while using cryptocurrencies.
This factor
is projected to stimulate the market expansion in the next few years. On the
other hand, technical limitations and lack of awareness may have a negative
impact on the market development. In addition, fluctuations in prices can also
hamper market growth. Bitcoin, Peercoin, Litecoin, Ethereum, Namecoin, EOS, and
Cardano are some of the popular cryptocurrencies. Bitcoin was introduced by an
individual or a group of individuals under pseudonym, Santoshi Nakamoto in 2009
and was announced as new electronic cash system based on peer-to-peer network.
The price of this currency is expected to increase in the coming years due to
rising demand among corporates for trading purposes. Considering the rising
demand for currency, most companies are likely to enter the market and offer
trading of Bitcoin. For instance, LedgerX is the first regulated platform,
where investors can buy and sell Bitcoins. Institutional investors like hedge
funds, banks, and companies dealing in Bitcoins can easily invest in the
currency through this platform.
All these
factors are likely to boost the demand for this currency, thereby supporting
global market growth. Ethereum is another popular cryptocurrency designed
specifically to store and run smart contracts. The value of this cryptocurrency
is also expected to increase in the coming years. Considering the popularity of
Ethereum among investors, most companies have started using the currency. For
instance, Coinbase, a leading platform for buying and trading of bitcoin, added
Ethereum to its official website. Geographically, North America is likely to be
among the major regional markets for cryptocurrency. This growth can be
attributed to the presence of one of the largest cryptocurrency mines in the
region, which produces 50 to 70 bitcoins a day. In addition, presence of major
market players like Ripple and Coinbase is projected further boost the regional
market growth. Asia Pacific region is also projected to expand over the
forecast period due to penetration of top companies in the region.
Growing
number of cryptocurrency transactions and adoption of digital wallets is
expected to be one of the key factors driving the APAC market. Furthermore, the
region is expected to be early innovator in developing ecosystem for digital
payments. This, in turn, can augment regional market expansion in the
forthcoming years. Moreover, integration of Bitcoin payments by multiple
companies in Japan, such as Capsule Hotels, Bic Camera, and Peach Airlines, is
expected to augment the market growth. Some of the leading companies in the
cryptocurrency market are Square, Inc.; LedgerX LLC; Coinbase; CME Group, Inc.;
and AngelList.
Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/technology-industry
About Us:
Hexa Research is a market research and
consulting organization, offering industry reports, custom research and
consulting services to a host of key industries across the globe. We offer
comprehensive business intelligence in the form of industry reports which help
our clients obtain clarity about their business environment and enable them to
undertake strategic growth initiatives.
Contact Us:
Ryan Shaw
Hexa Research
Felton Office Plaza
6265 Highway 9
Felton, California 95018
United States
Phone: +1-800-489-3075
Website - https://www.hexaresearch.com
No comments:
Post a Comment