The global cryptocurrency market is in incipient stage of development, finds Transparency Market Research (TMR). The global market share is led by Bitcoin, attributed to widespread acceptance of the cryptocurrency in the payment system. Albeit, Litecoin as a cryptocurrency will gain immense traction over the forecast period, driven by the surge in popularity among users in recent years. Some of the other components rising in prominence world over are Ethereum, Ripple, and Namecoin. Investors world over are divided as to which digital currency will surge ahead and gain dominance in the global market.
World over, the popularity of different cryptocurrencies rides on the wave of transformations in payment systems underpinned by the disruptive potential of blockchain technology. The surge in demand for digital currencies is fueled by the need for decentralized and secure digital payment system. The market gathered steam after Bitcoin, a decentralized ledger powered by blockchain across a peer-to-peer network, started to emerge as a disruptive force in value-exchange mechanisms.
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The lack of control by any governing body or organization and the absence of any third-party intermediary have served as robust propositions for its immense popularity among users and investors alike. The features of anonymity of these digital payment systems and the amazingly high speed with which transactions can be carried out account for the staggering rise in demand for cryptocurrencies. Moreover, the potentially high security provided by cryptography for these virtual currency transactions make them tamper-proof, increasing trust between the entities involved in transactions.