Cryptocurrency Market Highly Lucrative for Existing Players as Well as New Entrants; Bitcoin Mining May Turn Into an Oligopolistic Market in Future
Cryptocurrency is the new face of the global financial ecosystem, with cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Litecoin fast becoming the standard transactional forms across enterprises. Cryptocurrency is underpinned by the highly evolved blockchain technology of distributed and secure ledger entries that guarantee error-free transactions. However, bitcoin's fundamental design incorporates a complex data mining process requiring additional mathematical models and algorithms to validate transactions within the bitcoin blockchain, thereby leading to heavy consumption of computational power. This could very...
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