Digital currency refers to all the monetary assets available in digital form. Digital currency is also referred to as electronic money, electronic currency, or cybercash. Digital currencies are transacted via designated software, networks, and applications in digital form. Digital currency exhibits similar properties to physical currencies, however, it can allow immediate transactions and borderless transfer-of-ownership. Examples of digital currency include cryptocurrencies, virtual currencies, and digital money at the central bank. Digital money can either be centralized where there is a central control point over the supply of money (for example, a bank) or decentralized where control over the supply of money is predetermined or democratically decided upon.
Global Digital Currency Market to surpass USD million by 2030 in the coming years, i.e., 2021-30. The digital Currency Market is anticipated to witness significant adoption owing to advantages such as low transaction fees, fraud protection, and simple international payments. Additionally, the increasing popularity of digital currencies such as bitcoins and litecoins is predicted to drive market growth. Other factors driving the market growth include technological advancement which allows more secure and seamless use of digital currency. Digital currency can be exchanged and transferred with technologies like credit cards, smartphones, and online cryptocurrency exchanges.
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Global Digital Currency Market: Key Players
- Rubix by Deloitte
- Distributed Ledger Technologies
- Nasdaq Linq
- Citi Bank
- Ant Financial
- JD Financial
- Qihoo 360
- Other Prominent Players
Global Digital Currency Market: Segments
Bitcoin segment to grow with the highest CAGR during 2021-30
Global Digital Currency market is segmented by type into Bitcoin, Cryptocurrency, Bitcoin Cash, Litecoin, Ethereum, and Others. Bitcoin, the segment held the largest market share in the year 2020. Bitcoin is a form of decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Rising demand for trading, compliance-free remittance, and ease of cross-border transactions are the major factors mounting the adoption of bitcoins. Ethereum is another kind of Digital Currency that is used as a payment method for investing, accounting, decentralized programs, and implementing smart contracts.
Bank segment to grow with the highest CAGR during 2021-30
Global Digital Currency market is divided by End Users into IT solutions, FinTech, Bank, Consulting, Exchange, and Others. Bank, the segment held the largest market share in the year 2020 and will continue to dominate the market in the coming years. The increasing number of banks and other financial service companies enable digital currency transfers and other online transactions that transfer money between parties across long distances. Digital currency eliminates the need to physically transfer money; additionally, banking is made much more convenient by allowing people to perform their personal banking without even the need to visit a physical branch or carry cash.
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Increasing adoption of digital currency
Digital currencies such as bitcoins, litecoins, and others are gaining popularity which is expected to drive the market in the near future. Digital currency offers easy and flexible transactions due to which people from developed countries are adopting it. The popularity of digital currency as an exchanging medium led the central bank to support the digital currency. Various companies like Facebook Inc. are expanding their business by providing cryptocurrencies. The increasing popularity and acceptance of digital currencies are projected to have a positive influence on market growth.
Lower Transaction Cost
Digital currency offers lower transaction fees which are projected to boost the growth of the market in the forthcoming years. Payment with digital currency reduces transaction costs, and time is shortened compared to other forms of payment. In addition to that, emerging economies such as China, India, and Brazil and developed nations such as US, Japan, and Germany are estimated to offer substantial growth opportunities for the companies operating in the digital currency market. The adoption of digital currency owing to faster transfer, lower fees, and smooth and compliance-free transactions is projected to drive the market.
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Concerns regarding security and privacy
Digital currencies raise security issues. Regardless of improving encryption techniques, the loss or leakage of authentication information is still possible and can cause great losses to digital currency owners. These factors are anticipated to impede market growth in the near future.
Global Digital Currency Market: Regions
Global Digital Currency Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa. Global Digital Currency Market in North America held the largest market share of XX.X% in the year 2020. North America will continue to dominate the global Digital Currency market owing to increasing technological advancements and mounting adoption of digital currencies by consumers as well as by retailers in the region. Besides, the presence of major players in the region is dominating the market in North America.
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