Currently, the customers demand are changing and they are looking more towards less time consuming financial services to make their life easier and effortless. For this, they are moving more towards online businesses like online transactions such as Cryptocurrency. Cryptocurrency is a virtual currency that people use for various purchases. It is a medium of exchange using cryptography so as to secure the transactions and to control the creation of additional units of the currency.
Cryptocurrency is a future and new revenue stream in the digital finance world. Cryptocurrency address is established using public and private keys. It is politically neutral as it is not bound by any rules or regulations of any specific government or exchange rates, interest rates, and country to country transaction fee, which makes international transactions faster. Moreover, it has low transaction fees and provides faster operation.
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Cryptocurrency is said to be more secure than conventional financial instruments, eliminating the chances of identity theft and other issues that currently plague fiat based electronic payments infrastructure.
Cryptocurrency Market: Drivers and Challenges
Cryptocurrency provides proper security, authentication, and ease of transactions allowing the cryptocurrency holder to send exactly what he wants without any further information which is one of the major driver of the market. However, the increasing online transaction as mobile phone users prefer transactions over their phones, less transaction fees, easy and faster transaction, changing consumer and business landscape have led the demand for the market growth. Apart from these the rising online business market and use of mobile based wallet are also one of the drivers.
Major population of the world are still unaware of the benefits of digital currency. Lack of widespread adoption and capacity limits, which are currently being addressed by micro-payment channels are hindering the growth of the market.
Cryptocurrency Market: Segmentation
On the basis of end-user, Cryptocurrency market can be segmented into BFSI, retail, media & entertainment, gaming industry, healthcare, travel & tourism, transportation & logistics and education.
On the basis of region, Cryptocurrency market can be segmented into North America, Latin America, Western Europe, Middle East & Africa (MEA), Asia Pacific excluding Japan (APEJ) and Japan.
Cryptocurrency Market: Regional Outlook
North America and Europe market is in advanced stage of adoption of Cryptocurrency. However, the Asia Pacific and MEA are expected to the emerging regions. In the countries like India and Africa, the popularity and the usage of various cryptocurrencies are expected to increase in the coming years.
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Key Market Players:
Some of the leading players of Cryptocurrency market are: Coinbase, Bitstamp Ltd., Coinsecure, Litecoin, Poloniex Inc., Zeb IT Service Pvt Ltd, Bitfury Group Limited, Unocoin, Ripple, Bitfinex, Global Area Holding Inc., BTL Group Ltd., Digital Limited, IBM Corp. and Microsoft Corp.