Cryptocurrency Market (Component - Hardware (FPGA, GPU, ASIC, and Wallet), Software (Mining Platform, Blockchain, Coin Wallet, Exchange); Type - Bitcoin, Ethereum, Ripple (XRP), Litecoin, and Dashcoin) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025

Albany, NY -- (SBWire) -- 08/08/2018 --Akin to credit cards, the concept of cryptocurrency was not easily digested by its targeted audiences but in the past couple of years, its usage and value has multiplied exponentially. With an assurance of tracking down all monetary transactions at its backbone, cryptocurrencies with Blockchain Technology such as Bitcoin and Ether are primed to revolutionize a number of industries.

The prosperity of the cryptocurrency market has been reassured by a recent business intelligence publication by Transparency Market Research (TMR), which has projected the global demand to increment at an exceptional compound annual growth rate (CAGR) of 31.3% during the forecast period of 2017 to 2025. In terms of revenue, the TMR report has estimated the opportunities in the global cryptocurrency market to attain a value of US$6.7 billion by 2025. Here are some of the key drivers or benefits of cryptocurrency that are primed to stroke the demand for the same:

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Protection against frauds: The primary benefit with cryptocurrency is that it functions as a digital platform that is immune to counterfeiting or reversal arbitrarily by the sender or receiver. This attribute is turning cryptocurrency a major boost to the banking, financial services, and insurance (BFSI) sector, although a number of other sectors can also leverage it.

Property settlements made easy: Invariably, purchasing or selling real estate properties requires the involvement of quite a few third parties such as notary, lawyers, and brokers, for which tracking down of the fee payments is paramount as well as tiresome job. Cryptocurrency has the potential to eliminate the requirement of approval from third parties.

Reduced costs: As of now, the cryptocurrency miners are paid by the network, which means there are no transaction fees, as changed exuberantly by the banking sector. Acting similar to how Paypal serves its credit card and cash users, a log of each transaction is available anytime for trackback.

Accessible to everyone: More than two billion people across the world are now connected via the Internet, and the number is surging consistently on the back of growing ubiquity of smartphones. Individuals are now opting for mobile payment options for the ease they offer against carrying cash or card. Cryptocurrency is the technology that is expected to be adopted strongly by the mobile payment service providers in the near future.

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Universal recognition: Cryptocurrency promises to overcome the bonds of exchange rates, transaction charges, interest rates, and other charges when money is wired across countries. This not only curtails the overall cost, it can also aid in saving lots of time in between.

According to the TMR report, Bitcoin is the leading component of the cryptocurrency market that is currently dominating, although some of the others such as Litecoin, Ripple, Ethereum, and Namecoin are also gaining popularity slowly but surely. Intel Corporation, Microsoft Corporation, Advanced Micro Devices, Inc., BTL Group Ltd., Xilinx Inc., BitGo, Alphapoint Corporation, NVIDIA Corporation, and BitFury Group Limited are some of the notable companies currently holding a prominent position in this market. Geographically, North America is expected to retain its dominance throughout the aforementioned forecast period.