Cryptocurrency on the Rise
A recent study by Technavio shows that cryptocurrency, such as Bitcoin, will continue to grow over the next four years.
Cryptocurrency, which grew by 622.7% in 2014, makes payments using an encrypted code that can be transferred digitally. Early adopters praise the ease and security of these transactions, as they do not require repetitive authentication like cash and traditional card payments. Also, payments are instant and do not incur service charges.
The leading cryptocurrencies are Bitcoin, Litecoin, Ripple, Peercoin, Namecoin, and Novocain. Bitcoin is considered the top digital currency.
“Investors believe that Bitcoin is a safe option to invest in as it has gained a large market share with a higher acceptance rate than any other cryptocurrency. The market for Bitcoin is expected to witness significant growth over the next four years as a huge trust factor is associated with these coins,” says Ujjwal Doshi, a lead analyst at Technavio.
The cryptocurrency market is divided into three segments: APAC, the Americas and EMEA. The Americas dominated the market in 2015, with the United States leading the way, followed closely by Canada and Brazil.
Technavio’s research indicates that mobile payments and mobile wallets will also see an increase in revenue. The mobile payment market is expected to grow at a rate of 18.1% from 2015 to 2019, and mobile wallets are expected to grow 36.8% over that same period.