Virtual currency or money is unregulated digital money which is printed on a paper or engraved on metal. This virtual currency is allotted and organized by the developers and used by specific virtual communities. Virtual currency exists in the virtual world, these currencies are used to purchase real-world services and goods, but do not have a valid tender. Virtual currency is also called as digital cash. This currency includes some cryptographic calculation. In addition, these offer a convenient way to perform transitions without the involvement of banks and provide worldwide financial integration. Increase in production of malicious software and recognition of virtual currencies by the developed countries drive the market.This growth is primarily driven by Transparency of Distributed Ledger Technology, Acceptance of Different Economies Globally, Recognition of Virtual Currencies by the Developed Nations, Fluctuations in Monetary Regulations and Growth in Venture Capital Investments.
Globally, a noticeable market trend is evident Increasing Adoption of Gamification and Social Media
. Major Players, such as Bitmain (China), NVIDIA (United States), Xilinx (United States), Intel (United States), Advanced Micro Devices (United States), Ripple Labs (United States), Ethereum Foundation (Switzerland),, Bitfury Group (Netherlands), Coinbase (United States) and BitGo (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
In February 2018, AMD launched the EPYC Embedded 3000 series processor and AMD Ryzen Embedded V1000 processor that deliver high performance, exceptional integration, and on-chip security. and In December 2017, NVIDIA introduced TITAN V, the world’s most powerful GPU for PC, driven by the world’s most advanced GPU architecture, NVIDIA Volta. TITAN V excels at computational processing for scientific simulation. Its 21.1 billion transistors deliver 110 teraflops of raw horsepower, 9 times that of its predecessor, and extreme energy efficiency.
In July 2014, the New York State Department of Financial Services proposed the most comprehensive regulation of virtual currencies to date commonly referred to as a Bit License. Unlike the US federal regulators, it has gathered input from bitcoin supporters and the financial industry through public hearings and a comment period until October 21, 2014, to customize the rules. The proposal, per NY DFS press release “sought to strike an appropriate balance that helps protect consumers and root out illegal activity”. It has been criticized by smaller companies to favor established institutions, and Chinese bitcoin exchanges have complained that the rules are "overly broad in its application outside the United States"
- Transparency of Distributed Ledger Technology
- Acceptance of Different Economies Globally
- Recognition of Virtual Currencies by the Developed Nations
- Fluctuations in Monetary Regulations
- Growth in Venture Capital Investments
- Increasing Adoption of Gamification and Social Media
- Increasing Adoption of Virtual Currency for the Payment
- Security Related Matters and Lack of Financial Measures
- Do not Have a Valid Tender
- Increase in Cyber Threats
- Uncertain Regulatory Status
- Lack of Awareness and Technical Understanding Regarding Virtual Currency
Significant Growth Opportunities in Emerging and Developed Markets and Acceptance of Virtual Currency across Various Industries
Concern Regarding Security, Privacy, and Control and Technical Challenges Pertaining to Scalability
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