The “Global Cryptocurrency Market, By Industry Components (Exchanges, Wallets, Payments, Mining), By Verticals (BFSI, Retail, Media & Entertainment, Gaming industry, Healthcare, Travel & Tourism, Transportation & Logistics, Education), and By Geography (U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, China, India, Japan, Australia, South Korea, ASEAN countries, GCC, Israel, South Africa) – Global Forecast to 2025” is estimated to be valued at US$ 189.9 billion in 2017 and expected to witness a CAGR of 56.2% over the forecast period (2017–2025), as highlighted in a report published by Coherent Market Insights.
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Cryptocurrency refers to the digital currency or asset that utilizes the principles of cryptography to ensure the security, privacy, and anonymity (in most cases) of the user. Coupled with its ease of availability, increasing adoption and decentralized control (not coined or regulated by single central authority), these form of electronic currencies are expected to witness exponential growth over the forecast period.
Most common element of these hundreds of different digital currency systems is the public ledger that is shared among the network participants and the utilization of tokens to incentivize the participants that operate the network in the absence of centralized control. Majority of the digital currencies are clones of bitcoins that feature distinct parameters such as the block time, currency creation. Moreover, limited supply of these digital assets in conjunction with the enhanced security owing to utilization of blokchain technology is expected to be the major factor driving the growth of cryptocurrency market.
Owing to the capability of the digital transactions of providing transaction anonymity, in order to facilitate privacy, has led to increase in the utilization of these form of currencies for criminal activities. Moreover, an academic study conducted at the University of Florida, has referred the digital assets as a potential means to evade the regional taxations and support illegal transactions, as these transactions are out of the reach of the regulators and the government. Impact of these immoral activities on the prices of the digital currencies is not determined, however this may lead to substantial impact on the cryptocurrency market in the near future.
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Key Takeaways of the Cryptocurrency Market:
- The global cryptocurrency market is projected to witness a CAGR of 56.2% over the forecast period, primarily owing to its distributed control and high level of security offered by the digital assets.
- Ability of these to support smart contracts, with the significant potential to the evolution of economic decentralization, with the limited supply or creation of these over fixed time period will provide strong growth prospects during the forecast period
- Growing adoption of these currencies for transactions and development of regulations in countries such as Finland, France, Germany, Japan, South Korea, Jordan, Lebanon, Luxembourg, Spain, Sweden, Switzerland, Canada, and Mexico is expected to drive the payment and wallets segment over the forecast period
- Among vertical segment, retail industry is expected to be the most prominent segment to witness highest adoption. Growth of multi-retailing choices, specifically the large business chains and the e-commerce industry are some of the major factors expected to drive the cryptocurrency market growth
- In 2017, over 800 Bitcoin ATMs have been deployed in the U.S. alone, to improve the ease of access to the general population. Owing to considerable increase in the utilization of cryptocurrencies over the past few years, North America is expected to hold substantial industry share in the near future.
- Some of the major technology vendors operating in the cryptocurrency market include Bitfinex, BitFury Group Limited, Bitstamp Ltd., Coinbase, Coinsecure, Litecoin, OKEX Fintech Company Limited, Poloniex Inc., Ripple, Unocoin Technologies Private Limited, and ZEB IT Service Pvt. Ltd.