In October , it announced its entry into the cryptocurrency market, announcing that consumers would be able to purchase and trade Bitcoin and other digital currencies utilizing existing PayPal accounts. As a result, number of these advancements among businesses is expected to drive market revenue growth. Misuse of virtual currency and security attacks is a key factor expected to restrain market revenue growth. Several regulations are concerned about rising use of digital currencies by cybercriminals for illegal practices since cryptocurrencies are an unregulated, decentralized, and uncontrolled trading platform.
Numerous illegal activities, such as evading taxes, money laundering, and terrorist funding, are done by criminals utilizing virtual currency. In addition, rising security concerns, as well as cyber-attacks, have resulted in loss of investments, limiting cryptocurrency usage. In February , denial of service attacks affected digital currency trading systems of Okex. Com and Bitfinex. These security issues and digital currency misuse are expected to restrain market revenue growth.
Cybercriminals prefer to trade in currency and keep cash as security rather than utilize intermediaries, such as banks and circumvent anti-money laundering reporting and compliance rules, by dealing in currency. Moreover, governments and businesses are concerned that decentralized and pseudonymous nature of virtual currency transactions could allow criminals to hide their financial activity from regulators.
Use of cryptocurrencies for unlawful reasons does not necessarily indicate that cryptocurrency is a negative factor for society, as its benefits could surpass societal cost of increasing crime facilitated by cryptocurrency. Furthermore, to avoid legal enforcement, law enforcement authorities have the potential to reduce use of cryptocurrency.
A recent trend in the market is increasing adoption of digital currencies in developing countries. In addition, adoption of cryptocurrency in developing countries is increasing as capital and financial services are more accessible. Bitcoin, the most well-known of such cryptocurrencies, already has enabled many individuals and businesses to grow as a source of revenue. Meanwhile, the Philippines' central bank has authorized 16 bitcoin exchanges. As a result, the country has become one of world's major cryptocurrency adopters.
Moreover, as smartphone penetration rises in Latin America and Africa, mobile payment service providers can continue providing more sophisticated services on smartphones. For example, Brazilian crypto companies signed a code of self-regulation in intending to legitimize and increase usage of crypto assets in the country.
This agreement was made under the supervision of Abcripto, country's cryptocurrency trade group. This agreement's goal is to set operating methods and ensure compliance, which must be followed by all members. Offering Insights: The hardware segment revenue is expected to account for largest revenue share during the forecast period Based on component, the cryptocurrency market has been segmented into hardware and software.
The hardware segment is expected to account for largest revenue share over the forecast period. Cryptocurrency hardware refers to variety of hardware used for various purposes such as in mining of digital currency, digital rendering of a computer system, or storing and management of digital currency in hardware wallets.
Hardware offers physical platform of managing cryptocurrency and also enables user offline management of funds. Using hardware in crypto mining helps in keeping payment network trustworthy and secure. Moreover, using hardware wallets to store cryptocurrency has various benefits, such as, highly secured pin encryption process, verification of authenticity of device used, safe keeping of recovery words, and private keys and others.
Cryptocurrency trading has been legalized in various developing countries and has become the latest trend of digital investment. Furthermore, demand for crypto hardware is rising high all over the world due to safety and security benefits, which is expected to drive segment revenue growth during the forecast period. The software segment is expected to register a rapid revenue growth during the forecast period.
Cryptocurrencies are a software-based application itself. All the transactions and other related task are very much dependent on software. Cryptocurrency trading software develops reliable platform for investors and other crypto traders to gain higher return in crypto landscape. Software has a wide range of applicability in the field of cryptocurrency trading process. For example, there are exchange application software, block-chain application software, mining software and others.
Cryptocurrency software has become trending and more adaptable owing to its high reliability, flexibility of customization, and budget-friendliness. In addition, cryptocurrency software is an emerging market, which is expected to achieve a significantly large revenue growth during the forecast period, owing to broad scope of technological advancement and continuous product development in the field of service offering. The software segment has been further segmented into three sub-segments, mining platform, coin wallet, and exchange.
Process Insights: The mining segment revenue is expected to account for largest revenue share during the forecast period Based on process, the cryptocurrency market has been segmented into mining and transaction. The mining segment is expected to account for largest revenue share over the forecast period.
Mining is a process of creating new crypto coins by solving complex cryptographic equations. The person or an individual mining cryptocurrency is called miners. Mining involves validating crypto transactions on a block chain network and maintaining it into a distribution ledger. When a person invests in cryptocurrency, details of investment are entered in a digital ledger. So, mining is not only the process of generating new crypto coins but also validating them into block chain, which stops double spending of digital currency on a distributed network.
Digital ledgers can only be updated by verified crypto miners as cryptocurrencies can be easily manipulated. In addition, mining process is important for validating crypto transactions as crypto digital ledger lack centralized authority, which process offers security to network users and ensures integrity.
This is expected to drive revenue growth of this segment during the forecast period. However, mining cryptocurrency is very costly and requires high functioning computers and a massive computing system, which consumes lot of electric energy.
Computers needed for mining crypto need huge processing power and speed, hence miners can lose out to other miners if the computer is slow. To increase computer speed and mining power, miners incorporate their resources and distributes rewards between themselves. The transaction segment is expected to register a rapid revenue growth during the forecast period.
A transaction is a transfer of value of cryptocurrencies that are included in a digital ledger. Miners earn crypto for each block they validate and add blocks to cryptocurrency block chain ledger, which relies on different mathematical puzzles and are tough to decode. It is important to maintain transaction records of cryptocurrencies in a distribution ledger; as crypto owners do not have an account because crypto is not a physical currency.
Cryptocurrency transactions-like mails are digitally signed by using cryptograph and sent to cryptocurrency network for verification. Every crypto transaction is triple-verified, by sender, receiver, and cryptocurrency network and made public. Every transaction can be found on a digital ledger known as block chain. The history of each and every crypto transaction leads back to point where crypto is first mined. In addition, crypto transaction needs access of public and private keys.
Public key is an address where cryptocurrency is previously sent and private key is a password of authorization of crypto that is previously sent to public key. However, with the help of cryptocurrency, transfer fee paid by a user is reduced to a negligible amount by eliminating need of third party. Type Insights: The bitcoin segment is expected to account for largest revenue share in the global cryptocurrency market during the forecast period Based on type, the global cryptocurrency market is segmented into bitcoin, Ethereum, bitcoin cash, ripple, dashcoin, Litecoin, and others.
The bitcoin segment is expected to lead in terms of revenue share in the global market over the forecast period owing to its increased adoption. Bitcoin is a digital currency used to buy, sell, and exchange directly without involving a bank. Bitcoin has been on rise due to number of public companies converting their cash treasuries into cryptocurrency and is considered a safe- asset against inflation and market volatility.
Bitcoin payments are easier to make than debit or credit card payments and can be received without a merchant account. In addition, bitcoin offers more accessibility and liquidity due to its instant transferable to another user. Users of bitcoin are identified by numerical codes and have multiple public keys with independency from central authority making it the fastest growing cryptocurrency.
However, lack of regulatory oversight of bitcoin and concerns regarding risk of loss, economy, and consumer protection are some major drawbacks that can hamper market growth. That growth and the integration of blockchain the financial sector is expected to continue. Investor Appetite One of the major drivers of the growth seen in the crypto market has simply been a large increase in investor appetite.
Over the course , cryptocurrencies received a large amount of attention from investment and government institutions which legitimized them as investment assets. In February and April, Japan issued laws requiring cryptocurrencies to register with the financial services agency — a step towards the legalization of cryptocurrencies.
In June, Goldman Sachs announced that due to popular demand, their markets division would begin covering Bitcoin. Attractive Investment Features Decentralized: Monetary policy dictated by central banks can cause devaluation of centralized currencies. Whereas cryptocurrencies are not controlled by any government and therefore are not subject to the will of central banks and are only controlled by market dynamics.
Secure: Cryptocurrencies are, by definition, secure. The decentralized nature of blockchain technology allows for unforgeable, verifiable transactions to take place across several geographic locations. This calms many of the fears critics have raised for the past decade about cryptocurrencies.
Completely Digital: Because cryptocurrencies are completely virtual, there are practically no transportation costs whatsoever, nor transaction costs. Whereas even online banks may charge for transaction fees, the digital nature of cryptocurrencies significantly decreases the cost of digital transactions.
Growth in Value: With the rise of technology capable of using cryptocurrencies, the market has shown that there is a large desire for digital currencies. As a result, cryptocurrencies have a become a valuable method for holding and appreciating wealth. Untapped Uses: Investors are seeing that this is only the beginning of the upturn for cryptocurrencies. There are several applications that are either beginning to be or that have yet to be explored.
Growth Restraints Regulation Regulator treatment of cryptocurrencies is not yet completely decided, however uncertainty over the future regulations to be placed on the investing and trading in the crypto market is a major limit on growth. In fact, a lack of regulatory oversight scares many would-be investors away and lends to the stereotype that cryptocurrencies are used only by gangs and criminals looking to launder money.
Many investors are nervous that governments are looking to completely ban the use of cryptocurrencies as has already taken place in some countries. This trend of sensitivity, combined with continued uncertainty, will curb growth as much of the developed world is still trying to understand and institutionalize cryptocurrencies. Volatility As previously noted, the crypto market has seen extreme levels of volatility over the course of its ascension.
Cryptocurrencies are so volatile for many reasons including: No Intrinsic Value Lack of Institutional Capital Thin Order Books Many of these are characteristic of immature markets and should be resolved over the course of the next decade as the market ages. But until these issues are solidified, volatility will continue to reign. Cybercrime Lastly, the growth of the cryptocurrency market is limited to the degree to which it can assure investors that their money will be safe.
This seems to be traditional investing logic, but with the novel nature of cryptocurrencies, investors are especially cautious about the safety of their capital.
CRYPTO WIDGET
Moreover, high implementation cost and lack of awareness of cryptocurrency among the people in developing nations hamper the cryptocurrency market growth. Furthermore, increase in demand for cryptocurrency among banks, and financial institutions and untapped potential on emerging economies are expected to provide lucrative opportunity for the market expansion during the forecast period.
The hardware segment acquired major cryptocurrency market share owing to rise in need for upgrading the performance of the software and to enhance the efficiency of financial payment tools. However, the software segment is expected to grow at the highest rate during the cryptocurrency market forecast period, as it facilitates to manage the massive volume of data being generated for meaningful insights and better-informed decisions. By region, the cryptocurrency market was dominated by Asia-Pacific in , and is expected to retain its position during the forecast period.
Owing to increase in number of Bitcoin exchange across Asia, which bring a certain healthy competition and maturity to the cryptocurrency industry. Chinese banks are hiring blockchain experts as the government pushes the use of the technology behind bitcoin to increase transparency and combat fraud in its financial sector. These factors drive growth of the cryptocurrency market in the region. The report focuses on the growth prospects, restraints, and trends of the global crtyptocurrency market analysis.
Cryptocurrency Market Your browser does not support the canvas element. Hardware segment accounted for the highest market share throughout the forecast period Get more information on this report : Request Sample Pages Segment Overview The cryptocurrency market is segmented on the basis of offering, process, type, end user and region.
By offering, it is fragmented into hardware, and software. Based on process, it is bifurcated into mining and transaction. What Is an ICO? ICO stands for initial coin offering. Many of the smaller projects in the crypto space — and a few of the largest ones — raised money from private investors around the world in the crypto equivalent of a crowdfunding campaign. Investors would send funds — usually in the form of Bitcoin — to the project and receive coin or tokens in return. In , the United States Securities and Exchange Commission SEC clarified their rules relating to fundraising for assets, which made it much harder for new cryptocurrency projects to issue their own tokens in this way.
What Is a Stablecoin? Price volatility has long been one of the features of the cryptocurrency market. When asset prices move quickly in either direction and the market itself is relatively thin, it can sometimes be difficult to conduct transactions as might be needed. To overcome this problem, a new type of cryptocurrency tied in value to existing currencies — ranging from the U. These new cryptocurrency are known as stablecoins, and they can be used for a multitude of purposes due to their stability.
What Are In-game Tokens? Play-to-earn P2E games, also known as GameFi , has emerged as an extremely popular category in the crypto space. It combines non-fungible tokens NFT , in-game crypto tokens, decentralized finance DeFi elements and sometimes even metaverse applications. Players have an opportunity to generate revenue by giving their time and sometimes capital and playing these games.
This game was extremely popular in developing countries like The Philippines, due to the decent income they can earn. Which Is the Best Cryptocurrency to Invest in? CoinMarketCap does not offer financial or investment advice about which cryptocurrency, token or asset does or does not make a good investment, nor do we offer advice about the timing of purchases or sales. We are strictly a data company.
Please remember that the prices, yields and values of financial assets change. This means that any capital you may invest is at risk. We recommend seeking the advice of a professional investment advisor for guidance related to your personal circumstances. We look forward to seeing you regularly!
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