The global cryptocurrency market is anticipated to grow at a spectacular rate due to the rising demand for digital payments. Bitcoin leads the global market as it was first company to introduce digital currencies in the year 2009. Although Litecoin is expected to catch more attention during the forecast period due to the increased usage of cryptocurrency in users over the past few years. Other currencies such as Ripple, Namecoin, and Ethereum are also prominent in the market. Global investors are deciding on which currency will gain momentum in the cryptocurrency market globally. Increased use of blockchain technologies in finance are being implemented to create innovative products, enabling end-users to adopt cryptocurrencies. This will eventually lead to the growth of financial industry globally. Some of the leading key players in cryptocurrency global market include BitGo, Xilinx Inc., BTL Group Ltd., Alphapoint Corp., Advanced Micro Devices, Inc., NVIDIA Corp., Intel Corp., BitFury Group Ltd., and Microsoft Corp.
Cryptocurrencies to drive Safer and Secure Digital Payments in the Forecast Period
The crypgtocurrency market is gaining importance owing to the revolution in digital payment systems derived from blockchain technologies. The increasing need for secured and decentralized digital payments are responsible for rising demand of digital currencies. Some of the factors that drive the global market for cryptocurrencies include no third party involvement, minimal chances of fraud and theft, and zero transaction fees for digital currency exchange. In addition to this, there are other factors that promote the growth of cryptocurrency market which include transparency and persistence of the low ownership cost and the technology in distributed ledger. Also, with the high security offered by cryptography for digital currency transactions, makes these transactions inaccessible and thus builds trust among the parties involved in digital transactions.
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