4 February 2019: Crypto-Currency
and Cyber-Currency Market size is expected to value at USD 84
billion by 2024. The market is subject to witness a substantial growth due to
the minimum fees for transaction in cryptocurrency exchange, exclusion of third
parties for financial deals, and limited occurrence of fraud & identity theft.
However, lack of awareness about the cryptocurrency among general population is
expected to restrain market growth to large extent.
Although, addition of block-chain technology that provides
more security and flexibility for financial services in cryptocurrency market,
thus offering numerous growth opportunities for business, in the recent years.
Globally, the market is predicted to grow at high CAGR over the forecast
period, providing numerous opportunities for market players to invest in
research and development in the crypto-currency and cyber-currency market.
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Crypto-currency is commonly termed as a form of money
exchange, which is performed with the help of cryptography to complete the
transactions. The crypto-currency majorly involves monitoring & formation
of new units, enhanced security, and minimizing risks such as money fraud.
Crypto-currency is purely digital form of money that can only be used for
online transitions. Growing popularity of crypto-currencies such as Bitcoin is
attributed to its widespread use in the mainstream media since last decade.
Bitcoin and the other crypto-currencies are considered as a decentralized
system due to absence of any central authority. The crypto-currency and
cyber-currency market has witnessed up to four times of overall market
capitalization over the last couple of years.
A cyber-currency or crypto-currency is commonly understood
as a digital asset that is derived to work as a medium of exchange with secure
financial transactions, measurement of additional units, and monitoring the
transfer of assets. Increasing demand for cyber-currency and cryptocurrency as
an alternative to centralized electronic money and central banking systems is
expected to drive the growth of crypto-currency and cyber-currency market over
the forecast period. Latest technological advancement coupled with development
of innovative technology such as ledger technology, and a block chain, that
acts as a communal financial transaction database are anticipated to foster
demand for crypto-currency and cyber-currency market in the upcoming years.
Countries such as Malaysia, China and Singapore are leading
the Asia-Pacific market with shifting trends towards adoption of digital
currency over traditional form of financial exchange and significant investment
by leading industry players considering potential growth opportunities in the
region. The key players in the crypto-currency and cyber-currency market are
Nvidia Inc., XILINX, Inc, Intel Co., Advanced Micro Devices, Inc., Ripple Labs,
Inc., Microsoft Co., AlphaPoint Co., BitGo Co., Coinbase Inc., and The Bitfury
Group Inc.
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