Cryptocurrency market,the first digital currency Bitcoin was introduced in 2009, however Bitcoin was noticed by mainstream media only in 2012. Bitcoin and the other digital currencies are decentralized systems, which means they have no central authority.
Cryptocurrency Market Set to Boom in 2023
Cryptocurrency Market is defined as a medium of exchange that is created and managed through cryptography to secure the transactions, regulate the formation of new units, increase the supply, and prevent fraud. Unlike cash, these currencies are purely digital and used in online transitions.The cryptocurrency market has grown about four times in market capitalization over the last 2 years.
The global cryptocurrency market is segmented based on mining types, mining hardware, application, and geography. Based on mining type, it is classified into solo mining and pool mining.
Based on mining hardware, it is categorized into CPU mining, GPU mining, FPGA mining, and ASIC mining. Based on application, it is divided into banking, real estate, stock market, and virtual currency.Geographically, it is analyzed across North America (U.S., Mexico, and Canada), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
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Key Benefits for Stakeholders
- Comprehensive analysis of the current trends and future estimations in the global cryptocurrency market is provided.
- The report offers a competitive scenario of the market with growth trends, structure, driving factors, scope, opportunities, and challenges.
- It includes a detailed analysis of the key segments to provide insights on market dynamics.
- Porters Five Forces analysis highlights the potential of buyers and suppliers and the competitive structure of the market to devise effective growth strategies and facilitate better decision-making.
- Major companies profiled in the report includes Bitcoin Project, Ethereum Foundation, Ripple, Litecoin Project, The Monero Project, Tether, Dash, Zerocoin Electric Coin Company, Factom, and Steemit Inc.
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The factor that drive the market growth are negligible fees for transaction in cryptocurrency exchange, elimination of third parties in business deals, and less chances of fraud & identity theft. However, unawareness about the cryptocurrency among people is a restraint for the market growth.
The introduction of blockchain technology in order to implement more secure and flexible financial services in cryptocurrency market is expected to witness lucrative opportunity for the market.
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