This market research report presents the current scenario of the global cryptocurrency market. It outlines the market shares of key regions such as the Americas, APAC, and EMEA. The key vendors analyzed in this report are Bitcoin, Ripple, Litecoin, Peercoin, Namecoin, and Novacoin.
Cryptocurrency is a form of digital currency that is independent of any centralized bank. It is an encrypted code that can be transferred digitally using devices such as smartphones. Transactions using this currency are secure and easy unlike traditional card and cash purchases and do not require repetitive authentication. Several vendors and consumers are adopting cryptocurrency owing to the ease of transaction, which is one of the prime drivers for the cryptocurrency market.
“Cryptocurrency ATMs are the new trend gaining prominence in the cryptocurrency market. Bitcoin, Ripple, and Peercoin have started their ATMs, where the users can self-operate like banks. Bitcoin ATMs support other major cryptocurrencies such as Litecoin and Dogecoin, totaling 92.5% of the total cryptocurrency market capitalization. Bitcoins are also being exchanged for cash by vendors,” says Soumya Mutsuddi, Lead Analyst, Media & Entertainment, Technavio Research.
The growing popularity of cryptocurrency is driving the demand for advanced ewallets. The encrypted code assigned for the stores can be scanned through smartphones and cryptocurrency can be transferred from the digital wallet of a purchaser to the digital wallet of the storekeeper. Unlike card transactions, these transactions do not incur service charges from the bank and are instant.
The leading vendors in the global cryptocurrency market include Bitcoin, Ripple, Litecoin, Peercoin, Namecoin, and Novacoin. The potential for growth and the increasing acceptance of Bitcoin attracted many vendors to the cryptocurrency market. Litecoin was one of the first cryptocurrency to gain prominence apart from Bitcoin in this market. These cryptocurrencies were introduced with an intention to eliminate the shortcomings of Bitcoins and have successfully captured sizable market shares.
A more detailed analysis is available in the Technavio report, Global Cryptocurrency Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports;
- Global Trade Financing Market 2015-2019
- Global Micro, Small and Medium Enterprise Financing Market 2015-2019
- Global Mobile Wallet Market 2015-2019
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