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What is Cryptocurrency?

What are its Future Scopes?

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.


Different Types of Cryptocurrencies

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:

  • Bitcoin- Bitcoin was released via a white paper in the year 2008. It is the first decentralized cryptocurrency which enables digital transactions and payments. Bitcoin accounts for more than 60% of the cryptocurrency market's overall worth. Since 2010, the price of Bitcoin has grown by a massive 45 million percentage and this price is projected to touch USD 1 million, up from the current average price of USD 30 thousand.
  • Binance Coin- Binance Coin was originally developed in 2017 as a utility token for reduced trading fees. It is issued by the Binance Exchange and trades under the BNB symbol. Its uses have since expanded to include payments for transaction fees, booking travel, entertainment, online services, and financial services.
  • Tether- Tether tokens, which are built on multiple blockchains, are the most extensively used stablecoins. It combines the advantages of a cryptocurrency with the stability of a currency issued by a sovereign government.
  • Solana (SOL)- Solana came to existence in the year 2007 which supports decentralized applications. It is considered as the ninth largest cryptocurrency by market cap.

How Cryptocurrency is Produced?

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.

Which Nations use Cryptocurrency the Most?

The following snapshot provides a glimpse into the overall ownership of crypto around the globe:

Application of Cryptocurrencies

in Various Industries

  • Cryptocurrency in Metaverse- Metaverse is a virtual environment where users may explore and interact with one another is and developers can create objects that do not exist in reality, such as buildings, parks, signs, and buildings. Metaverse are also utilizing blockchain technology with their 3D virtual worlds and immersive services which allows users to connect virtually without any permission. Today, there are several 3D immersive worlds available, including video games with real-time player interaction.
  • Cryptocurrency in Gaming- Cryptocurrency in gaming enable players to acquire and exchange virtual goods that are usable anywhere in the globe. This allows the service providers in the gaming industry to make money in a secure and simple manner. On the other hand, gaming users gets the opportunity of playing the game without revealing their identity or email and also initiate transactions in the gaming portal without any limitations. Through the removal of ineffective middlemen and the authority of bureaucracy, cryptocurrency enables gamers to instantly experience their favorite games. Cryptocurrency is being used by online games to address issues with transactions and fraud that players face when playing these games.
  • Cryptocurrency in NFTs- NFT, or non-fungible token, is a special type of digital representation of a real-world good, such as a piece of art, a piece of music, an item from a video game, or a movie. They are often encoded using the same software as many other cryptocurrencies, and they are frequently bought and sold online in exchange for other cryptocurrencies.

Recent News and Trends in Cryptocurrency

  • The increased use of Web 3.0 is anticipated to benefit numerous other cryptos connected to the third generation of the internet, including Helium, Livepeer, and Ethereum.
  • The culture of cryptocurrency games is projected to be distinctive. More than one million NFT (non-fungible token) avatars are expected to be made available as playable characters in various connected crypto games.
  • Big Eyes Coin (BIG) is an up-and-coming cryptocurrency that has the potential to achieve large long-term gains.
  • Global financial giant Visa, announced its plans to introduce its own cryptocurrency wallet and delve further into the area of non-fungible tokens. Visa also introduced an NFT program to assist digital assets.
  • In an effort to establish itself as a major worldwide hub for cryptocurrency, Hong Kong intended to legalize retail trading of digital assets.

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Swara Keni

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