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Rising awareness regarding benefits of cryptocurrencies over fiat currencies is a significant factor driving global cryptocurrency market revenue growth

VANCOUVER, BC, CANADA, February 2, 2023 /EINPresswire.com/ -- A cryptocurrency, also known as a crypto-currency or crypto, is a type of digital currency that operates as a means of exchange over a computer network and is not supported or maintained by any one central organisation, such as a bank or government. It is a decentralised method of confirming that the parties to a transaction actually have the monies they claim to have, doing away with the necessity for conventional middlemen like banks when money is being moved between two businesses.

The global cryptocurrency market size is expected to reach USD 2411.0 Million at a steady revenue CAGR of 11.1% in 2030, according to latest analysis by Emergen Research. Rising awareness regarding benefits of cryptocurrencies over fiat currencies is a primary factor driving market revenue growth. There are various advantages for using top cryptocurrencies over traditional fiat currencies such as decentralized system, user security and privacy, and fast payments. Despite perception, cryptocurrencies are highly efficient and convenient to utilize, especially for regular financial transactions. Digital wallets are wherein cryptocurrencies are kept, monitored, refilled, and used. In addition, cryptocurrency wallet can be downloaded directly on smartphones and personal computers, allowing easy access and usability.

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Report Scope:

Forecast Period : 2022-2030

CAGR: 11.1%

Base Year: 2021

Number of Pages: 250

The research report offers in-depth insights into company profiles along with their production values, production capacity, product portfolio, strategic plans such as mergers and acquisitions, joint ventures, collaborations, product launches and brand promotions, government and corporate deals, among others. The report, additionally, offers a comprehensive SWOT analysis and Porter’s Five Forces analysis to offer a better understanding of the competitive landscape of the industry.

Leading Players Profiled in the Report:

Microsoft Corporation, Xilinx, Inc., Intel Corporation, Advanced Micro Devices, Inc., Ripple, Bitfury Group Limited, Alphapoint, NVIDIA Corporation, BitGo, and Amazon.com.

Some Key Highlights From the Report

On 2 June 2022, Bitstamp launched its Earn product to U.S. customers, allowing customers to earn interest on staking Ethereum and Algorand. This product is meant to be a turn-key Ethereum (ETH) and Algorand (ALGO) staking solution. Investors fund their Bistamp accounts and then collect staking rewards. For its part, Bitstamp takes a fee on the yield customers earn.

The hardware segment is expected to account for largest revenue share over the forecast period. This is attributed to its high performance and high hash rate while mining a specific coin. A high hashrate is crucial since it is a key metric for identifying strength and, more importantly, security of a blockchain network. Higher the hashrate more difficult it is for malicious agents to disrupt network and more machines dedicated by honest miners for finding next block.

The mining segment is expected to account for largest revenue share over the forecast period. By resolving difficult cryptographic equations, new cryptocurrency currencies are created through mining. The person or individual that mines cryptocurrencies is referred to as a miner. Validating cryptocurrency transactions on a block chain network and keeping them in a distribution ledger are both tasks involved in mining. When someone makes a bitcoin investment, the transaction information is recorded in a digital ledger. Therefore, mining involves both creating new crypto currencies and verifying them for inclusion in a block chain. Double spending of digital currency on a distributed network is prevented via crypto mining. Only reputable crypto miners are allowed to update digital ledgers as cryptocurrencies can be readily manipulated. In addition, miners are responsible for protecting network against double spending.

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Emergen Research has segmented the global cryptocurrency market based on offering, process, type, end-use, and region:

Offering Outlook (Revenue, USD Million; 2019–2030)

Hardware

Application-Specific Integrated Circuit (ASIC)

Graphics Processing Unit (GPU)

Field=Programmable Gate Array (FPGA)

Wallet

Software

Mining Platform

Coin Wallet

Exchange

Process Outlook (Revenue, USD Million; 2019–2030)

Mining

Solo Mining

Pool Mining

Cloud Mining

Transaction

Exchange

Wallet

Type Outlook (Revenue, USD Million; 2019–2030)

Bitcoin

Ethereum

Bitcoin Cash

Ripple

Dashcoin

Litecoin

Others

End-Use Outlook (Revenue, USD Million; 2019–2030)

Trading

E-Commerce & Retail

Peer-to-Peer Payment

Remittance

Others

In conclusion, the report is designed to provide an in-depth analysis of all the key change calculation factors that replicate the decisions that trigger the change, which pushes the player’s winning position profitable on the growth curve despite massive competition in the target Cryptocurrency market.

Key Questions Answered in the Report:

What is the growth rate of the Cryptocurrency market? What is the anticipated market valuation of Cryptocurrency industry by 2030?

What are the key growth driving and restraining factors of the Cryptocurrency market?

Who are the prominent players operating in the market? What are the key strategies adopted by these companies?

What are the key opportunities and growth prospects of the Cryptocurrency industry over the forecast period?

Which region is expected to show significant growth in the coming years?

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About Us:

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

Eric Lee
Emergen Research
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