Cryptocurrency it is the type of virtual currency that is used as a medium of exchange in numerous transactions. Transactions via cryptocurrency are very secure and control the creation of additional units. These transactions are observed and verify the transfer of assets. These currencies use decentralized control as they were facing opposition to becoming centralized digital currency and central banking systems.
Cryptocurrencies are gaining recognition as there are no additional fees, interest rates or exchange rates of any of the countries and they are accepted as an international transaction method. This transaction saves time and money. It also reduces the chances of fraud. The aforementioned factors are fueling the growth of the global cryptocurrency market. Furthermore, factors such as established technology policy with improved transparency in technology and low cost of ownership are fueling the growth of the global cryptocurrency market. Furthermore, owning Bitcoin is emerging as a global trend that supports the growth of the global cryptocurrency market.
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However, in the trending market, investments in these cryptocurrencies are always considered to be high risk due to the fluctuations of its prices. It also decentralizes the control and risks related to the cryptocurrency exchange of the jurisdictions that can be banned. These cryptocurrency risks are hindering the growth of the global cryptocurrency market.
According to TMR’s report, the global cryptocurrency market was valued at around $ 0.5 billion in 2016 and is expected to expand at a CAGR of around 31.3% from 2017 to 2025 to reach a value of 6. , $ 7 billion by the end of the forecast period.
Increased demand for safer international transactions to be beneficial for growth
Based on the components, the global cryptocurrency market is segmented into hardware and software. The hardware segment is sub-segmented into FPGA, GPU, ASIC, wallet and the software segment is further segmented into mining platform, blockchain, coin wallet and exchange. Of these, the hardware segment is dominating the global cryptocurrency market.
Based on type, the global cryptocurrency market is segmented into bitcoin, ethereum, ripple (XRP), litecoin, and dashcoin. Of these, Bitcoin is dominating the global cryptocurrency market. This growth is dominated by benefits such as proof of stake (PoS), e-money and smart contract technology. However, the Ethereum segment is gaining considerable attention; hence, the segment is witnessing faster growth in the global cryptocurrency market.
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High acceptance by European countries to support market growth
Based on the region, the global cryptocurrency market is segmented into North America, Europe, Asia Pacific, Latin America and the Rest of the world. Of these, Europe is dominating the global cryptocurrency market thanks to increased acceptance by countries such as Germany. Europe is expected to see increased adoption of cryptocurrency due to the presence of several mining pools. The growth in North America is attributable to increased adoption by the United States. Additionally, the market is benefiting from increased adoption by Asia Pacific countries such as Japan, Singapore and China.
Major players operating in the cryptocurrency market include NVIDIA Corporation, Microsoft Corporation, and Intel Corporation. Previously Bitcoin was the only cryptocurrency, the huge acceptance of Bitcoin has encouraged other providers to enter the cryptocurrency market. Litecoin was the first cryptocurrency to gain significant acceptance from people. These companies operating in the market collectively represent the major shares of the global market for cryptocurrency.
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