Cryptocurrency is a digital currency that uses an encryption algorithm to secure processes involved in generating coins and conducting transactions. Cryptocurrency does not have any physical representation and is not regulated by any government body or financial institution. The entire transaction is conducted online. Bitcoin was the first cryptocurrency developed followed by Litecoin, Ethereum, Ripple, Stellar and Neo and many more. The cryptocurrency market was valued at 1.03 billion dollars by 2019 and is projected to reach 1.40 billion dollars in 2024, growing at a CAGR of 6.18% . Major drivers for market growth are the transparency of distributed ledger technology, high remittances in developing countries, high cost of cross-border remittance, fluctuations in monetary regulations, and growth in venture capital investments.
We've seen the price of bitcoin peak earlier this month. It's not volatile to invest with a one to four year timeframe because it's boringly spectacular for the past decade, it's up to 100% or more, pretty much on average every year for 10 years running. It's volatile for traders but traders like volatility so they're getting involved today like it's attracting a lot of capital and the asset class. The result has shown the year 2020 proved to be a stellar year for those who own Bitcoin.
You know when Google, Facebook, Amazon and Apple came out and they launched their digital networks and when the internet came along and there was a new digital network for information. People weren't quite sure if they should embrace them, but what we can see today after 30 years, companies that know how to use the internet and know how to work with Apple, Google and Facebook and social networks are the leading edge companies and they're winning. Employees are pretty delighted and are commercializing and integrating with this digital monitoring network, because this is going to be the future.
Cryptocurrency transactions ensure transparency as all information related to each transaction is recorded on a distributed public ledger known as the blockchain. All changes in the blockchain can be publicly viewed by all parties, thereby offering transparency in operations. Moreover, all transactions are immutable, which means that they cannot be altered or deleted. APAC is going to register the largest share of the cryptocurrency market during the forecast period. The China market is the largest in APAC followed by Japan and South Korea and Rest of APAC. The cryptocurrency market is not yet regulated. At present, the lack of regulations and the uncertainty regarding the same are among the major restraining factors for the adoption of cryptocurrency. While financial regulatory bodies across the world are working to find common standards for cryptocurrencies, regulatory acceptance remains one of the biggest challenges to the adoption of cryptocurrency.
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