Global Cryptocurrency and Blockchain Market Overview:
A cryptocurrency is a digital currency designed to work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of currency. Many cryptocurrencies are decentralized systems based on blockchain technology which is a distributed ledger enforced by a distinct network of computers. Further, this network creates the means for transacting, and enables transferring of value and information. Proper security, authentication, ease of transactions these are the factors boosting the market worldwide Some of the key players profiled in the study are BTL Group Ltd (Canada), BitFury Group Limited (United States), Bitfinex (Hong Kong), Bitstamp Ltd (Luxembourg), Coinbase (United States), DigitalX Limited (Australia), Global Arena Holding Inc (United States), IBM Corp (United States), Microsoft Corporation (United States) and Ripple (United States).
On the basis of geography, the market of Cryptocurrency and Blockchain has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Europe region held largest market share in the year 2018. Asia Pacific on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by End User, the sub-segment i.e. Banking will boost the Cryptocurrency and Blockchain market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Revolution in Digital Payment Systems Derived from Blockchain Technologies
- Increasing Need for Secured and Decentralized Digital Payments
- Protection from Fraud, Low Fees and Quick International Transfers
- Growing Demand for Safer International Transactions
- Lack of Awareness among People in Emerging Economies
- Lack of Supervisory Control on the Transactions
- Higher Adoption for Cryptocurrency from the Countries of Asia Pacific Region Such As China, India and Japan
- Threat of Internet Security and Price Instability
- Technical Challenges
Tax treatment of virtual currencies: and Following the request for a preliminary ruling made by the Swedish Supreme Administrative Court in 2015, regarding the proceedings between Mr. Hedqvist and the Swedish Tax authority, the European Court of Justice (ECJ) passed the following judgment: for tax purposes, bitcoin (read: virtual currencies) should be treated as a currency rather than as a commodity; consequently, bitcoin transactions are exempt from VAT according to the current EU laws and regulations.
On 23 April, 2018 - BTL Launches "Interbit" platform for testing and feedback, its proprietary next generation blockchain platform, is available for testing and feedback. and On 23 Oct, 2018 - The Bitfury Group today announced the release of version 1.6.0 of its Crystal Blockchain Analytics tool, which adds analytical support for Bitcoin Cash and improved user functionality.
Target Audience:Cryptocurrency Companies and Exchanges, Wallets Companies, Manufacturers of Semiconductor and Electronics, Software Solutions Providers Companies, Banking and Finance Organizations, E-commerce Companies, Research Organizations and Financial Consulting Companies and Market Research Companies
Major Objectives Focused through this Study To define, describe, and forecast the Global Cryptocurrency and Blockchain market on the basis of product [Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ripple, Peercoin, Dogecoin and Namecoin] , application [Transaction, Investment and Others], key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Cryptocurrency and Blockchain market with respect to major geographies, namely, South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico)
To strategically profile the key players and analyzing their market shares and core competencies in the Cryptocurrency and Blockchain industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization: Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are Poloniex Inc (United States), Unocoin Technoloiges Pvt Ltd (India) and ZEB IT Service Pvt. Ltd. (India).
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Cryptocurrency and Blockchain market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.