Cryptocurrency, also popularly known as crypto or crypto-currency, is a type of digital money that uses different encryption techniques for securing the transactions. Without the assistance of central banks or other trustworthy institutions, transactions may be confirmed and new currency units can be generated using cryptocurrencies. It employs encryption to validate transactions on a blockchain, a type of openly accessible distributed ledger. Cryptocurrencies can be mined or they can be purchased via exchanges. Furthermore, in the recent years, the exponential growth in value of cryptocurrencies has increased their acceptance as trade commodities. On many platforms, people prefer using cryptocurrencies over traditional payment methods. This is because cryptocurrencies enable speedier transactions with no transaction fees, and the entire process also provides greater transparency. As per our research, a rise in cryptocurrency market can be witnessed around the world over the past few years and this is anticipated to increase at a CAGR of 14% from 2023 to 2035, reaching a revenue of about USD 3.2 billion by 2035. Moreover, our research analysts have also found that as of 2023, more than 410 million users of crypto are available around the globe. Amongst these, the number of users in America occupies a share of about 12% of the global number of users, with around 48 million users. Our analysts have also found that currently, more than 20 thousand different types of cryptocurrencies are in circulation, the top three market cap being held by Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). In addition to this, as of December 2022, cryptocurrency banking transactions worth 2 million Bitcoins were recorded on a daily basis.
There are many types of cryptocurrencies available in the market. Each cryptocurrency asserts that it has a unique purpose and specification. Some of the famous cryptocurrencies are explained below:
Cryptocurrency is produced through mining by using a cryptocurrency mining equipment. Mining is a process to generate new coins and validating cryptocurrency transactions on a blockchain network. Moreover, cryptocurrency mining stops digital currency from being used twice on a decentralized network. There are different methods for mining cryptocurrency like GPU mining, ASIC mining, and cloud mining.
The following snapshot provides a glimpse into the overall ownership of crypto around the globe: