Global Cryptocurrency Market to rise at Spectacular CAGR of 31.3% during 2018 – 2025 fueled by Popularity of Disruptive Digital Payment System
The global cryptocurrency market is ter incipient stage of development, finds Transparency Market Research (TMR). The global market share is led by Bitcoin, attributed to widespread acceptance of the cryptocurrency ter the payment system. Albeit, Litecoin spil a cryptocurrency will build up immense traction overheen the forecast period, driven by the surge te popularity among users ter latest years. Some of the other components rising ter prominence world overheen are Ethereum, Ripple, and Namecoin. Investors world overheen are divided spil to which digital currency will surge ahead and build up dominance ter the global market. On the other forearm, spil the broad potential of blockchain technology is leveraged to develop innovative financial products, more users will adopt thesis cryptocurrencies. This will indeed the raise the ante ter the global financial industry.
Vooraanstaand players operating ter the global cryptocurrency market include BTL Group Ltd., BitGo, Xilinx Inc., Advanced Micro Devices, Inc., Alphapoint Corporation, BitFury Group Limited, NVIDIA Corporation, Microsoft Corporation, and Intel Corporation.
The global cryptocurrency market stood at US$574.Three million and is projected to surge to a worth US$6,702.1 million by the end of 2025. The global market is projected to rise at a phenomenal CAGR of 31.3% te inbetween the assessment period of 2018 and 2025.
The major components of cryptocurrency comprise hardware and software. Of the two, the hardware segment accounts for the major market share ter 2018 and is expected to proceed to hold its sway via the assessment period. Regionally, Europe led by Germany contributed the higher share of revenue ter the global market ter 2018. North America is also expected to be a potentially lucrative market. The growth of thesis regional markets can be attributed primarily by the vastly rising adoption of cryptocurrencies among users and the presence of remarkable cryptocurrency mining pools.
Popularity of Cryptocurrencies to rail on Intensifying Need for Secure and Decentralized Payment System
World overheen, the popularity of different cryptocurrencies rails on the wave of transformations te payment systems underpinned by the disruptive potential of blockchain technology. The surge ter request for digital currencies is fueled by the need for decentralized and secure digital payment system. The market gathered steam after Bitcoin, a decentralized ledger powered by blockchain across a peer-to-peer network, began to emerge spil a disruptive force te value-exchange mechanisms.
The lack of control by any governing bod or organization and the absence of any third-party intermediary have served spil sturdy propositions for its immense popularity among users and investors alike. The features of anonymity of thesis digital payment systems and the amazingly high speed with which transactions can be carried out account for the staggering rise ter request for cryptocurrencies. Moreover, the potentially high security provided by cryptography for thesis virtual currency transactions make them tamper-proof, enlargening trust inbetween the entities involved te transactions.
Cybersecurity Breaches and Lack of Widespread Acceptability Glaring Constraints
However, the various characteristics of cryptocurrencies also make them vulnerable to misuse. The marked lack of regulatory control overheen transactions has hindered the widespread adoption. The extreme price volatility and the rising number of cybersecurity breaches, particularly with respect to initial coin suggesting (ICO), leading to potential loss of dollars are concerns expected to keep many investors at arm’s length.
Furthermore, the intricate underlying technology for cryptocurrencies and the lack of value for average users at large are notable factors impeding the growth of the market. However spiraling information spreading the awareness about the benefits of specific cryptocurrencies for common man will help expand the horizon of the market. Incessant advances te value-exchange mechanisms brought by players will help develop innovative digital assets built on the top of blockchain.
The probe introduced here is based on a report by Transparency Market Research (TMR) titled &ldquo,Cryptocurrency Market (Component – Hardware (FPGA, GPU, ASIC, and Wallet), Software (Mining Verhoging, Blockchain, Coin Wallet, Exchange), Type – Bitcoin, Ethereum, Ripple (XRP), Litecoin, and Dashcoin) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018&ndash,2025.&rdquo,
The global cryptocurrency market is segmented based on:
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