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. Most vendors and consumers are adopting cryptocurrency owing to the ease of transaction, which is one of the prime drivers for the cryptocurrency market.
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.
Covered in this report
The report covers the present scenario and the growth prospects of the global cryptocurrency market in terms of volume for 2016-2020. To calculate the total market capitalization, the report considers market capitalization of all cryptocurrencies present in the market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Cryptocurrency Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Cryptocurrency Market: Bitcoin, Litecoin, Namecoin, Novacoin, Peercoin and Ripple.
Other Prominent Vendors in the market are: Bitshares, Bytecoin, Dogecoin, Feathercoin, Primecoin, Megacoin, Nxt, and Steller.
Commenting on the report, an analyst from Technavio’s team said: “Banks have the potential to obstruct the trade between cryptocurrency and the national currency, but cannot completely inhibit its growth. Charlie Shrem, a Bitcoin advocate and a member of the Bitcoin Foundation, was prohibited from dealing with any leading banks. The banks stated that Charlie Shrem is a competitor for them and a threat to their business. The rivalry between banks and cryptocurrency is anticipated to grow during the forecast period.”
According to the report, cryptocurrency can be transferred from one device to another in the form of a digitally encrypted code. This secures the transactions to a great extent and checks for multiple transactions. The transactions are simpler and safe because smartphones and other prevalent electronic devices can be used for them.
Further, the report states that cryptocurrency has attributes that can aid illegal businesses online.
Bitcoin, Litecoin, Namecoin, Novacoin, Peercoin, Ripple, Bitshares, Bytecoin, Dogecoin, Feathercoin, Primecoin, Megacoin, Nxt, and Steller.
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