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Rising awareness regarding benefits of cryptocurrencies over fiat currencies is a significant factor driving global cryptocurrency market revenue growth
— Emergen Research
VANCOUVER, BC, CANADA, November 17, 2022 /EINPresswire.com/ — The global cryptocurrency market size is expected to reach USD 2411.0 Million at a steady revenue CAGR of 11.1% in 2030, according to latest analysis by Emergen Research. Rising awareness regarding benefits of cryptocurrencies over fiat currencies is a primary factor driving market revenue growth. There are various advantages for using top cryptocurrencies over traditional fiat currencies such as decentralized system, user security and privacy, and fast payments. Despite perception, cryptocurrencies are highly efficient and convenient to utilize, especially for regular financial transactions. Digital wallets are wherein cryptocurrencies are kept, monitored, refilled, and used. In addition, cryptocurrency wallet can be downloaded directly on smartphones and personal computers, allowing easy access and usability.
In contrast to fee for transferring money from a digital wallet to a bank account, transaction cost with cryptocurrencies is very minimal and transactions can be completed at any time and there are no limitations on purchasing and withdrawals. Moreover, unlike opening a bank account, which needs verification and other procedures, anyone can use cryptocurrencies. International cryptocurrency transactions are also very efficient than wire transfers, through which money is sent from one location to another in roughly half a day and transactions using cryptocurrency are completed in minutes or even seconds. Furthermore, awareness about benefits of cryptocurrencies over fiat currencies among populations and enterprises is increasing, which is expected to drive revenue growth of the market during the forecast period.
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Some Key Highlights from the Report
On 2 June 2022, Bitstamp launched its Earn product to U.S. customers, allowing customers to earn interest on staking Ethereum and Algorand. This product is meant to be a turn-key Ethereum (ETH) and Algorand (ALGO) staking solution. Investors fund their Bistamp accounts and then collect staking rewards. For its part, Bitstamp takes a fee on the yield customers earn.
The hardware segment is expected to account for largest revenue share over the forecast period. This is attributed to its high performance and high hash rate while mining a specific coin. A high hashrate is crucial since it is a key metric for identifying strength and, more importantly, security of a blockchain network. Higher the hashrate more difficult it is for malicious agents to disrupt network and more machines dedicated by honest miners for finding next block.
The mining segment is expected to account for largest revenue share over the forecast period. By resolving difficult cryptographic equations, new cryptocurrency currencies are created through mining. The person or individual that mines cryptocurrencies is referred to as a miner. Validating cryptocurrency transactions on a block chain network and keeping them in a distribution ledger are both tasks involved in mining. When someone makes a bitcoin investment, the transaction information is recorded in a digital ledger. Therefore, mining involves both creating new crypto currencies and verifying them for inclusion in a block chain. Double spending of digital currency on a distributed network is prevented via crypto mining. Only reputable crypto miners are allowed to update digital ledgers as cryptocurrencies can be readily manipulated. In addition, miners are responsible for protecting network against double spending.
The report, additionally, offers a comprehensive SWOT analysis and Porter’s Five Forces analysis to offer a better understanding of the competitive landscape of the industry. It also covers strategies adopted by prominent players such as mergers and acquisitions, collaborations, joint ventures, product launches, and brand promotions, among others. The report aims to offer the readers a holistic understanding of the relevant features of the industry.
Key Players Profiled in the Report are:
Microsoft Corporation, Xilinx, Inc., Intel Corporation, Advanced Micro Devices, Inc., Ripple, Bitfury Group Limited, Alphapoint, NVIDIA Corporation, BitGo, and Amazon.com.
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Market Dynamics:
The report offers insightful information about the market dynamics of the Cryptocurrency market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Cryptocurrency market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Cryptocurrency market.
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Emergen Research has segmented the global cryptocurrency market based on offering, process, type, end-use, and region:
Offering Outlook (Revenue, USD Million; 2019–2030)
Hardware
Application-Specific Integrated Circuit (ASIC)
Graphics Processing Unit (GPU)
Field=Programmable Gate Array (FPGA)
Wallet
Software
Mining Platform
Coin Wallet
Exchange
Process Outlook (Revenue, USD Million; 2019–2030)
Mining
Solo Mining
Pool Mining
Cloud Mining
Transaction
Exchange
Wallet
Type Outlook (Revenue, USD Million; 2019–2030)
Bitcoin
Ethereum
Bitcoin Cash
Ripple
Dashcoin
Litecoin
Others
End-Use Outlook (Revenue, USD Million; 2019–2030)
Trading
E-Commerce & Retail
Peer-to-Peer Payment
Remittance
Others
Analysis of the segments and their growth projection is carried out by extensive historical and current analysis of the market scenario. Further, the report offers details about the factors and features of the Cryptocurrency market expected to boost the growth of the industry in the coming years.
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Radical Highlights of the Cryptocurrency Market Report:
Comprehensive overview of the Cryptocurrency market along with analysis of the changing dynamics of the market
Growth Assessment of various market segments throughout the forecast period
Regional and global analysis of the market players, including their market share and global position
Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market
Impact of the technological developments and R&D advancements on the Cryptocurrency market
Information about profit-making strategies and developmental strategies of major companies and manufacturers
Insightful information for the new entrants willing to enter the market
Details and insights about business expansion strategies, product launches, and other collaborations
The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis
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