DUBLIN - October 18, 2017 (Investorideas.com newswire) The "Cryptocurrency Market - Global Forecast to 2023" report has been added to Research and Markets' offering.
The cryptocurrency market was valued at USD 541.0 Million in 2017 and is expected to reach USD 2902.0 Million by 2023, at a CAGR of 32.31% between 2017 and 2023.
The growing remittance in developing countries, high cost of remittance across the border, and fluctuating monetary regulations are the major drivers for the growth of the cryptocurrency market. The growth of the cryptocurrency market is further propelled by the transparency and immutability of the distributed ledger technology and benefits such as faster transaction and reduction in total ownership cost. However, the uncertain regulations and standards pertaining to cryptocurrency restrain the growth of this market.
Mining is an integral process for the generation, transmission, and validation of transactions in cryptocurrencies. Whenever a transaction takes place and is validated, miners collect these transactions and include them into the block they are currently solving. Every block has to be solved before being broadcast and added to the blockchain. The solving of a block involves the use of hardware to solve mathematical puzzles that are difficult to crack.
The Ethereum blockchain focuses on running the programming code of any decentralized application, including Distributed Applications (DApps) and smart contracts, enabling it to be built and run without any downtime, fraud, control, or interference from a third party. The advantages offered by Ethereum over bitcoin, such as electronic cash, smart contract technology, and proof-of-stake, are expected to drive the growth of the market for Ethereum.
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For more information about this report visit https://www.researchandmarkets.com/research/3z35xl/cryptocurrency
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Related Topics: Bitcoin
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