Crypto
Cryptocurrency Dynamics: Size, Trends, and Demand in the Modern Financial Era
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Rising awareness regarding benefits of cryptocurrencies over fiat currencies is a significant factor driving global cryptocurrency market
— Emergen Research
VANCOUVER, BC, CANADA, July 5, 2023/EINPresswire.com/ — Based on the most recent analysis conducted by Emergen Research, the cryptocurrency market size is expected to reach USD 2411.0 Million at a steady revenue CAGR of 11.1% in 2030. Cryptocurrency has revolutionized the financial landscape, offering a decentralized digital alternative to traditional forms of money. Utilizing blockchain technology, cryptocurrencies such as Bitcoin, Ethereum, and others provide secure and transparent transactions, free from intermediaries like banks. The growing acceptance and adoption of cryptocurrencies have led to a surge in their value and popularity, with investors and individuals worldwide embracing this digital asset class. Cryptocurrencies offer potential benefits like fast and borderless transactions, lower fees, and increased financial inclusivity. However, they also pose challenges such as regulatory uncertainties and price volatility. As the cryptocurrency ecosystem continues to evolve, its impact on various industries and the global economy remains a topic of great interest and exploration.
Moreover, the underlying technology behind cryptocurrencies, blockchain, has gained significant attention for its potential to revolutionize industries beyond finance. Blockchain’s decentralized and immutable nature holds promise in areas like supply chain management, healthcare, voting systems, and more. Governments and financial institutions are also exploring the development of central bank digital currencies (CBDCs), which could further shape the future of money and financial systems. However, as the cryptocurrency market evolves, it is crucial to address concerns such as security vulnerabilities, regulatory frameworks, and environmental impacts, particularly related to energy consumption in mining processes. As the world navigates the opportunities and challenges presented by cryptocurrencies, continued research, collaboration, and innovation will play key roles in shaping their future trajectory and potential societal impact.
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Competitive Landscape:
In addition, the report encompasses an analysis of strengths, weaknesses, opportunities, and threats (SWOT), along with a thorough examination of Porter’s Five Forces, to provide comprehensive insights into the prominent players. The market’s key players are actively prioritizing the development of innovative strategies, including mergers and acquisitions, joint ventures, new product introductions, agreements, and partnerships, to both maintain their current market position and expand their range of offerings.
The report features a comprehensive profile of the prominent market players, who are leading companies in their respective industries.
Microsoft Corporation, Xilinx, Inc., Intel Corporation, Advanced Micro Devices, Inc., Ripple, Bitfury Group Limited, Alphapoint, NVIDIA Corporation, BitGo, and Amazon.com.
Here are a Few Noteworthy Highlights from the Report:
On 2 June 2022, Bitstamp launched its Earn product to U.S. customers, allowing customers to earn interest on staking Ethereum and Algorand. This product is meant to be a turn-key Ethereum (ETH) and Algorand (ALGO) staking solution. Investors fund their Bistamp accounts and then collect staking rewards. For its part, Bitstamp takes a fee on the yield customers earn.
The hardware segment is expected to account for largest revenue share over the forecast period. This is attributed to its high performance and high hash rate while mining a specific coin. A high hashrate is crucial since it is a key metric for identifying strength and, more importantly, security of a blockchain network. Higher the hashrate more difficult it is for malicious agents to disrupt network and more machines dedicated by honest miners for finding next block.
The mining segment is expected to account for largest revenue share over the forecast period. By resolving difficult cryptographic equations, new cryptocurrency currencies are created through mining. The person or individual that mines cryptocurrencies is referred to as a miner. Validating cryptocurrency transactions on a block chain network and keeping them in a distribution ledger are both tasks involved in mining. When someone makes a bitcoin investment, the transaction information is recorded in a digital ledger. Therefore, mining involves both creating new crypto currencies and verifying them for inclusion in a block chain.
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Emergen Research has segmented the global cryptocurrency market based on offering, process, type, end-use, and region:
Offering Outlook (Revenue, USD Million; 2019–2030)
Hardware
Application-Specific Integrated Circuit (ASIC)
Graphics Processing Unit (GPU)
Field=Programmable Gate Array (FPGA)
Wallet
Software
Mining Platform
Coin Wallet
Exchange
Process Outlook (Revenue, USD Million; 2019–2030)
Mining
Solo Mining
Pool Mining
Cloud Mining
Transaction
Exchange
Wallet
Type Outlook (Revenue, USD Million; 2019–2030)
Bitcoin
Ethereum
Bitcoin Cash
Ripple
Dashcoin
Litecoin
Others
End-Use Outlook (Revenue, USD Million; 2019–2030)
Trading
E-Commerce & Retail
Peer-to-Peer Payment
Remittance
Others
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Here are some important points about cryptocurrency:
Definition: Cryptocurrency is a digital or virtual form of currency that uses cryptography for secure financial transactions, control the creation of additional units, and verify the transfer of assets. It operates independently of a central bank and is decentralized in nature.
Blockchain Technology: Cryptocurrencies are typically based on blockchain technology, which is a distributed ledger that records all transactions across multiple computers, ensuring transparency and security. Each transaction is recorded as a “block” and added to the chain, forming a permanent and unalterable record.
Decentralization: One of the key characteristics of cryptocurrencies is their decentralized nature. They are not controlled by any central authority, such as a government or bank. Instead, they rely on a network of computers and consensus mechanisms to validate transactions and maintain the integrity of the system.
Bitcoin: Bitcoin (BTC) was the first and remains the most well-known cryptocurrency. It was created in 2009 by an anonymous person or group of people using the pseudonym Satoshi Nakamoto. Bitcoin introduced the concept of a decentralized digital currency and served as a catalyst for the development of numerous other cryptocurrencies.
Altcoins: Altcoins refer to any cryptocurrency other than Bitcoin. There are thousands of different altcoins with varying features, use cases, and technologies. Some popular altcoins include Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Bitcoin Cash (BCH).
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North Korean hackers have stolen $1.34bn (£1bn) in cryptocurrency in 2024, accounting for nearly 60 per cent of the total amount stolen across the world, according to a new study.
A total of $2.2bn (£1.76bn) has been stolen from crypto platforms this year, marking a rise of 21 per cent, with crypto hacks by North Korean affiliates “becoming more frequent”, a study by blockchain analysis company Chainalysis said.
The amount stolen by North Korea-affiliated saw a 102 per cent increase in value from 2023, when an estimated $660.50m was stolen.
Isolated in the global market and reeling under international sanctions, the government in North Korea is accused of turning to crypto theft to fund state-sponsored operations and support its booming nuclear arsenal.
The report said that the US and international experts have assessed that Pyongyang uses the stolen crypto money to “finance its weapons of mass destruction and ballistic missiles programs”.
“Hackers linked to North Korea have become notorious for their sophisticated and relentless tradecraft, often employing advanced malware, social engineering, and cryptocurrency theft to fund state-sponsored operations and circumvent international sanctions,” the report said.
Some of these attacks appeared to be linked to North Korean IT workers who have been able to infiltrate crypto and other technology firms, the report added.
“These workers often use sophisticated Tactics, Techniques, and Procedures (TTPs), such as false identities, third-party hiring intermediaries, and manipulating remote work opportunities to gain access,” it said.
The research comes at a time when the value of bitcoin, the world’s biggest and best-known cryptocurrency, has rallied to record levels ahead of US president-elect Donald Trump‘s second administration. This week Mr Trump reiterated that he plans to create a US strategic reserve of bitcoin similar to its strategic oil reserve, stoking the enthusiasm of crypto bulls.
The US Department of Justice (DoJ) has launched a crackdown on North Korean hackers engaged in crypto theft in recent years. It indicted 14 North Korean nationals who obtained employment as remote IT workers at US companies and were accused of generating more than $88m by stealing proprietary information and extorting their employers.
In one of the most significant incidents of crypto theft, a North Korea-affiliated hack targeted the Japanese cryptocurrency exchange DMM Bitcoin. The attack led to the theft of around 4,502.9 Bitcoin, worth $305m at the time.
A total of $2.2bn (£1.76bn) in cryptocurrencies has been stolen this year, with North Korean hackers accounting for more than half that figure, according to a new study.
Research firm Chainalysis says hackers affiliated with the reclusive state stole $1.3bn of digital currencies – more than double last year’s haul.
Some of the thefts appear to be linked to North Korean hackers posing as remote IT workers to infiltrate crypto and other technology firms, the report says.
It comes as the price of bitcoin has more than doubled this year as incoming US president Donald Trump is expected to be more crypto-friendly than his predecessor, Joe Biden.
Overall, the amount of cryptocurrency stolen by hackers in 2024 increased by 21% from last year but it was still below the levels recorded in 2021 and 2022, the report said.
“The rise in stolen crypto in 2024 underscores the need for the industry to address an increasingly complex and evolving threat landscape.”
It said the majority of crypto stolen this year was due to compromised private keys – which are used to control access to users’ assets on crypto platforms.
“Given that centralised exchanges manage substantial amounts of user funds, the impact of a private key compromise can be devastating”, the study added.
Some of the most significant incidents this year included the theft of the equivalent of $300m in bitcoin from Japanese cryptocurrency exchange, DMM Bitcoin, and the loss of nearly $235m from WazirX, an India-based crypto exchange.
The US government has said the North Korean regime resorts to cryptocurrency theft and other forms of cybercrime to circumvent international sanctions and raise money.
Last week, a federal court in St Louis indicted 14 North Koreans for allegedly being part of a long-running conspiracy aimed at extorting funds from US companies and funnelling money to Pyongyang’s weapons programmes.
The US State Department also announced that it would offer a reward of up to $5m for anyone who could provide more information about the alleged scheme.
Cryptocurrency wallets are no longer a niche tool for tech enthusiasts, they’re quickly becoming a must-have for businesses looking to adapt and grow.
These digital wallets allow companies to store, manage, and accept cryptocurrencies securely, offering a host of advantages for businesses worldwide.
With the rise of blockchain technology, tools like a crypto wallet for your business are helping organizations unlock new opportunities for speed, security, and global expansion.
In this article, we’ll break down how cryptocurrency wallets can transform businesses, highlighting their features, benefits, and real-world applications.
Key Features of Cryptocurrency Wallets for Businesses
Security:
Cryptocurrency wallets use advanced blockchain technology to protect against fraud, hacking, and data breaches.
Each transaction is recorded on an immutable ledger, ensuring transparency and minimizing the risk of manipulation.
For businesses, this translates to a higher level of trust and reduced exposure to fraud.
Efficiency:
Speed is everything in today’s business world.
With crypto wallets, transactions are processed much faster compared to traditional banking methods.
No waiting days for wire transfers, payments are completed in minutes, whether it’s across town or across the globe.
Global Access:
Unlike traditional payment methods, cryptocurrency wallets aren’t restricted by borders or currency conversions.
Businesses can seamlessly operate in international markets, offering customers an easy and affordable way to pay without dealing with exchange rates or high transaction fees.
Opportunities Provided by Crypto Wallets
The growing popularity of cryptocurrency isn’t just hype, it’s backed by numbers.
As of 2024, approximately 562 million people own some type of cryptocurrency, which represents about 6.8% of the global population, according to a recent survey by Triple A.
For businesses, these millions of crypto wallets unlock a wide range of opportunities:
Expanding Customer Base: Tech-savvy customers and international audiences are increasingly turning to cryptocurrencies for their purchases.
Businesses that accept crypto payments can attract a wider audience, including customers in regions with limited access to traditional banking systems.
Cost Savings: Traditional payment processors and credit card networks come with hefty transaction fees.
Cryptocurrency payments, on the other hand, have significantly lower fees, especially for international transactions.
Over time, these savings can make a real impact on a company’s bottom line.
Revenue Growth: By accepting cryptocurrencies, businesses can tap into a growing market segment and create new revenue streams.
Whether it’s Bitcoin, Ethereum, or stablecoins, crypto acceptance positions businesses as forward-thinking and innovative.
Financial Independence: Crypto wallets allow businesses to operate independently of banks and intermediaries.
Companies gain full control over their finances and can send or receive payments anytime, anywhere, without relying on third-party approval.
Use Cases for Businesses
Cryptocurrency wallets are already transforming industries, helping businesses reduce costs, improve efficiency, and attract new customers.
Here are a few specific examples:
- E-commerce and Online Services: Online retailers are increasingly adopting crypto wallets to reach global customers and reduce transaction fees. By accepting cryptocurrencies, e-commerce platforms eliminate middlemen and offer faster, cheaper payments.
- Gaming and Entertainment: The gaming industry has embraced cryptocurrency as a payment method for in-game purchases, subscriptions, and digital goods. Crypto wallets offer gamers a seamless way to pay while enabling businesses to attract a tech-savvy audience.
- Forex and Trading Platforms: Crypto wallets are a natural fit for forex and trading businesses, allowing them to accept and process digital assets quickly and securely. This improves liquidity and gives traders more flexibility with their investments.
Real-World Case Study:
In 2014, large ecommerce retail Overstock.com started accepting crypto payments and they then reported that 5.6% of all their sales for the following year were attributed to crypto.
By removing transaction barriers and offering a flexible payment option, they successfully expanded their global reach and boosted sales.
Conclusion
Cryptocurrency wallets are opening up new opportunities for businesses to grow, adapt, and thrive in a digital-first world.
From enhanced security and cost savings to faster transactions and global accessibility, the benefits are hard to ignore.
By adopting a reliable crypto wallet for your business, you’re not just staying ahead of the curve, you’re setting your company up for long-term success.
With crypto adoption on the rise, there’s never been a better time to explore the future of payments.
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