The global cryptocurrency market is estimated to grow at a CAGR of over 7% during the forecast period. The global cryptocurrency market is boosting due to several factors including distributed ledger technology (DLT), an increase in money orders in developing countries, high cost of cross-border remittance, fluctuations in monetary regulations, and growth in venture capital investments. Transparency of DLT is a database that can be transferred among the available networks in various geographical regions. This technology controls all its information and transactions to the users and promotes transparency that assists in minimizing transaction time into minutes and also helps the organization by saving billions.
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The technology also provides an increase in the efficiency of back-office and automation. However, this technology is decentralized to eliminate the need for a central authority or intermediary to process, validate or authentic transactions or other types of data exchanges. Commonly, these records are only created and stored in the ledger when unity has been created by the parties who are involved in the operation. Restraints factors such as uncertain regulatory status, lack of awareness and technical understanding cryptocurrency are influencing the growth and market. Few opportunities like acceptance of cryptocurrency across various industries and significant growth in emerging and developed markets.
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Global Cryptocurrency Market Segmentation
• North America
o United States
o Rest of Europe
o Rest of Asia-Pacific
• Rest of the World
• Advanced Micro Devices, Inc.
• Algorand, LLC
• AlphaPoint Corp.
• BitFury Group
• BitGo, Inc.
• BitMainTechnologies Ltd.
• Bitstamp, Ltd.
• Brave Software (Basic Attention Token)
• Coinbase UK, Ltd.
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