The
global Crypto-Currency
and Cyber-Currency market size is expected to value at USD 84 billion
by 2024. The market is subject to witness a substantial growth due to the
minimum fees for transaction in cryptocurrency exchange, exclusion of third
parties for financial deals, and limited occurrence of fraud & identity
theft. However, lack of awareness about the cryptocurrency among general
population is expected to restrain market growth to large extent.
Although,
addition of block-chain technology that provides more security and flexibility
for financial services in cryptocurrency market, thus offering numerous growth
opportunities for business, in the recent years. Globally, the market is
predicted to grow at high CAGR over the forecast period, providing numerous
opportunities for market players to invest in research and development in the
crypto-currency and cyber-currency market.
Crypto-currency
is commonly termed as a form of money exchange, which is performed with the
help of cryptography to complete the transactions. The crypto-currency majorly
involves monitoring & formation of new units, enhanced security, and
minimizing risks such as money fraud. Crypto-currency is purely digital form of
money that can only be used for online transitions. Growing popularity of
crypto-currencies such as Bitcoin is attributed to its widespread use in the
mainstream media since last decade. Bitcoin and the other crypto-currencies are
considered as a decentralized system due to absence of any central authority.
The crypto-currency and cyber-currency market has witnessed up to four times of
overall market capitalization over the last couple of years.
A
cyber-currency or crypto-currency is commonly understood as a digital asset
that is derived to work as a medium of exchange with secure financial
transactions, measurement of additional units, and monitoring the transfer of
assets. Increasing demand for cyber-currency and cryptocurrency as an
alternative to centralized electronic money and central banking systems is
expected to drive the growth of crypto-currency and cyber-currency market over
the forecast period. Latest technological advancement coupled with development
of innovative technology such as ledger technology, and a block chain, that
acts as a communal financial transaction database are anticipated to foster
demand for crypto-currency and cyber-currency market in the upcoming years
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Crypto-currency
majorly involves a mix of experts in the tech and business spheres along with
ICOs, for application related issues. The successful implementation of
cyber-currency or crypto-currency require an international team with advanced
decentralized system. The authenticity of every cryptocurrency's coins is
provided with the help of a block chain. A block chain is a constantly growing
list of records, which are also termed as a block; these blocks are connected
and managed with the help of cryptography.
Every
block broadly consists of a hash pointer that is linked with the previous
block, along with a timestamp and transaction data. Block chains does not
allows any modification to the existing data, thereby providing necessary
security. These factors are expected to fuel growth of the crypto-currency and
cyber-currency market during the forecast period. Bitcoin, one of the most
popular crypto-currency majorly uses peer-to-peer technology in order to
operate with no central authority or banks. Ethereum is also a decentralized
system and a type of a crypto-currency, which runs smart contracts.
The
market is divided by region as North America, Europe, Asia-Pacific, Latin
America and Africa. North America has shown major growth in recent years owing
to the rise in the implementation of latest technologies in banking &
finance sector and existence of well-established online infrastructure.
Asia-Pacific region is predicted to hold major market share with massive growth
in forecast period.
Countries such as Malaysia, China and Singapore are leading the Asia-Pacific market with shifting trends towards adoption of digital currency over traditional form of financial exchange and significant investment by leading industry players considering potential growth opportunities in the region. The key players in the crypto-currency and cyber-currency market are Nvidia Inc., XILINX, Inc, Intel Co., Advanced Micro Devices, Inc., Ripple Labs, Inc., Microsoft Co., AlphaPoint Co., BitGo Co., Coinbase Inc., and The Bitfury Group Inc.
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Market Segment:
Market
Leaders
• Bitcoin
• Ethereum
• Ripple
• Bitcoin Cash
• Litecoin
• EOS
• Cardano
• Stellar
• NEO
• Monero
• IOTA
• Dash
• Tether
Key
Topics
• Crypto-Currency
• Dark Web
• Dark Net
• Consumer Digital Currency
• Enterprise Digital Currency
• Cyber-Currency
• Bitcoin
• Ethereum
• Ripple
• Bitcoin Cash
• Litecoin
• EOS
• Cardano
• Stellar
• NEO
• Monero
• IOTA
• Dash
• Tether
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