26 March 2019
The global cryptocurrency market is estimated to grow over the forecast period. Cryptocurrency or digital currency is a decentralized system operating on the blockchain technology. Blockchain is a database or distributed ledger shared across public or private computer network. Information stored in the ledger is encrypted and added as fresh block to the chain of historical records. Ease of transferring funds among two parties without any regulatory authorities like bank or financial service company is likely to fuel the demand for cryptocurrency in the coming years. Rising need for secure payment methods due to increasing cases of security breaches and fraudulent transactions is also anticipated to boost the usage of cryptocurrencies as new payment mode, thereby propelling the market growth. In cryptocurrency systems, a transaction is considered valid and complete only when the user verifies it using a private key available with them. This ensures that there are no duplicate transactions while using cryptocurrencies.
This factor is projected to stimulate the market expansion in the next few years. On the other hand, technical limitations and lack of awareness may have a negative impact on the market development. In addition, fluctuations in prices can also hamper market growth. Bitcoin, Peercoin, Litecoin, Ethereum, Namecoin, EOS, and Cardano are some of the popular cryptocurrencies. Bitcoin was introduced by an individual or a group of individuals under pseudonym, Santoshi Nakamoto in 2009 and was announced as new electronic cash system based on peer-to-peer network. The price of this currency is expected to increase in the coming years due to rising demand among corporates for trading purposes. Considering the rising demand for currency, most companies are likely to enter the market and offer trading of Bitcoin. For instance, LedgerX is the first regulated platform, where investors can buy and sell Bitcoins. Institutional investors like hedge funds, banks, and companies dealing in Bitcoins can easily invest in the currency through this platform.
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All these factors are likely to boost the demand for this currency, thereby supporting global market growth. Ethereum is another popular cryptocurrency designed specifically to store and run smart contracts. The value of this cryptocurrency is also expected to increase in the coming years. Considering the popularity of Ethereum among investors, most companies have started using the currency. For instance, Coinbase, a leading platform for buying and trading of bitcoin, added Ethereum to its official website. Geographically, North America is likely to be among the major regional markets for cryptocurrency. This growth can be attributed to the presence of one of the largest cryptocurrency mines in the region, which produces 50 to 70 bitcoins a day. In addition, presence of major market players like Ripple and Coinbase is projected further boost the regional market growth. Asia Pacific region is also projected to expand over the forecast period due to penetration of top companies in the region.
Growing number of cryptocurrency transactions and adoption of digital wallets is expected to be one of the key factors driving the APAC market. Furthermore, the region is expected to be early innovator in developing ecosystem for digital payments. This, in turn, can augment regional market expansion in the forthcoming years.
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