About Cryptocurrency and Blockchain
A cryptocurrency is a digital currency designed to work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of currency. Many cryptocurrencies are decentralized systems based on blockchain technology which is a distributed ledger enforced by a distinct network of computers. Further, this network creates the means for transacting, and enables transferring of value and information. Proper security, authentication, ease of transactions these are the factors boosting the market worldwide
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
On 23 April, 2018 - BTL Launches "Interbit" platform for testing and feedback, its proprietary next generation blockchain platform, is available for testing and feedback. and On 23 Oct, 2018 - The Bitfury Group today announced the release of version 1.6.0 of its Crystal Blockchain Analytics tool, which adds analytical support for Bitcoin Cash and improved user functionality. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Cryptocurrency and Blockchain market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
BTL Group Ltd (Canada), BitFury Group Limited (United States), Bitfinex (Hong Kong), Bitstamp Ltd (Luxembourg), Coinbase (United States), DigitalX Limited (Australia), Global Arena Holding Inc (United States), IBM Corp (United States), Microsoft Corporation (United States) and Ripple (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Poloniex Inc (United States), Unocoin Technoloiges Pvt Ltd (India) and ZEB IT Service Pvt. Ltd. (India).
Segmentation Overview
AMA Research has segmented the market of Global Cryptocurrency and Blockchain market by Type (Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ripple, Peercoin, Dogecoin and Namecoin), Application (Transaction, Investment and Others) and Region.
On the basis of Type, Bitcoin are dominating the market in the year 2023 where as Litecoin stood as second largest market share.
On the basis of application, Transaction segment is dominating the market in the year 2023 where as Investment segment stood as second largest market .On the basis of geography, the market of Cryptocurrency and Blockchain has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Europe region held largest market share in the year 2023. Asia Pacific, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by End User, the sub-segment i.e. Banking will boost the Cryptocurrency and Blockchain market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Demand for Safer International Transactions
Market Growth Drivers:
Revolution in Digital Payment Systems Derived from Blockchain Technologies, Increasing Need for Secured and Decentralized Digital Payments and Protection from Fraud, Low Fees and Quick International Transfers
Challenges:
Threat of Internet Security and Price Instability and Technical Challenges
Restraints:
Lack of Awareness among People in Emerging Economies and Lack of Supervisory Control on the Transactions
Opportunities:
Higher Adoption for Cryptocurrency from the Countries of Asia Pacific Region Such As China, India and Japan
Market Leaders and their expansionary development strategies
In November 2021, Coinbase acquired Unbound Security, Coinbase has focused on protecting our customer’s assets with the strongest, most sophisticated security technology in the world.
In October 2022, The Crypto Council for Innovation (“CCI”) submits this letter in response to the FSB’s consultation on a set of recommendations and questions. regarding the international regulation of crypto-asset activities (“Request”)
Tax treatment of virtual currencies: and Following the request for a preliminary ruling made by the Swedish Supreme Administrative Court in 2015, regarding the proceedings between Mr. Hedqvist and the Swedish Tax authority, the European Court of Justice (ECJ) passed the following judgment: for tax purposes, bitcoin (read: virtual currencies) should be treated as a currency rather than as a commodity; consequently, bitcoin transactions are exempt from VAT according to the current EU laws and regulations.
Key Target Audience
Cryptocurrency Companies and Exchanges, Wallets Companies, Manufacturers of Semiconductor and Electronics, Software Solutions Providers Companies, Banking and Finance Organizations, E-commerce Companies, Research Organizations and Financial Consulting Companies and Market Research Companies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.