Published Date : Feb 06, 2018
Albany, New York, February 6, 2018: The global market for cryptocurrency has gained prominence in recent years largely due to the popularity of bitcoin transactions across the world. Cryptocurrency is a form of digital currency that does not affiliate to any commercialized banks, and solely depends on digital codes embedded in the crypto-network. It requires huge-scale computerization to process mathematical algorithms and effectuate the transactions across a mammoth-sized network. In recent times, the viability of cryptocurrency is being speculated by world leaders and financial analysts in order to ascertain a growth track for the digital currency. A report by Market Research Reports titled ‘Global Crypto Currency Market 2016-2020’ gives a comprehensive outlook on the growth prospects of the market over the given timeframe. The projections made in the report are in sync with the historic, contemporary, and tentative future that could surface in the market. Since the market for cryptocurrency is still in the process of maturing, the report has encapsulated several extrinsic and intrinsic factors that could affect market growth.
A major plus-point of cryptocurrency is its transference through smart devices such as smart phones. This is expected to play a pivotal role in driving demand within the market. Moreover, the transactions made through the cryptocurrency network are secure and do not require authentication like the traditional cards. This also becomes a key standpoint that propels demand for transactions through cryptocurrency. A major drawback of transactions made via cards is the service charge levied by banks or financial institutions. Cryptocurrency overcomes this limitation by ensuring that the currency is directly transferred from the digital wallet of the consumer to the digital wallet of the seller or storekeeper. Apart from these important market drivers, the report also analyses the external forces that contribute to the growth of the market. There are a number of researchers and analysts who are engaged in ascertaining the lucrativeness of cryptocurrency in the coming years. The report has considered several viewpoints to forecast the progress of the market and has also enunciated the trends that could surface over the forecast period.
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Although the pros of cryptocurrency are expected to benefit the global scenario, a number of factors daunt the progress of the market. Transactions made via cryptocurrency consume exorbitant amounts of electric energy to process complex arithmetic algorithms. The energy levels are so high that a single transaction consumes energy that could sufficiently power several households. This deteriorated the growth prospects of the market and a number of analysts believe that this mode of transaction could soon die out. However, efforts to power the cryptocurrency transactions via renewable energy sources are underway. This could sustain the market and offer huge opportunities for the market to grow. Moreover, cryptocurrencies are seen as an investment resort through which huge sums of money could be made. This is also expected to proliferate demand within the market.
A regional reports of the market reveals that the major geographical segments are Asia Pacific, Americas, and Europe and Middle East and Africa (EMEA). The report sheds light on the region-specific factors that contribute to the growth of the market. Each region’s political, social, and economic setup is analyzed to measure the potential of the market.
The market players are in strict competition with each other due to the uncertainties that prevail across the market. The leading vendors are Namecoin, Novacoin, Peercoin, Bitcoin, Litecoin, and Ripple.
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