COUNTING ON CRYPTOCURRENCY
CRYPTOCURRENCY USERS ARE INCREASING AT 113 PER CENT EVERY YEAR. ANALYSTS SAY EVEN IF IT SLOWS TO THE 63 PER CENT GROWTH RATE SEEN BY THE INTERNET, IT WILL RESULT IN FOUR BILLION USERS BY 2030
ryptocurrency known as virtual currency, employs cryptographic techniques to transmit digital information, ensuring valid and legitimate transactions. There is no central authority involved. In the cryptocurrency market, there are thousands of cryptocurrencies with various design objectives. The design objectives include offering a digital currency alternative to cash (Bitcoin, Monero, and Bitcoin cash), enabling low-cost payment systems (Ripple, Particl, and Utility
Settlement Coin), and enabling the underlying platform or protocol to function correctly (Ether and NEO). Blockchain is the technology that underpins cryptocurrencies. This ‘open, distributed ledger’ allows for fast and transparent recording of transactions between two parties.
THE MARKET OVERVIEW
The cryptocurrency market size was $1.49bn in 2020 and is expected to reach $4.94bn by 2030, increasing at a compound annual growth rate of 12.8 per cent for the forecasted period. In November 2020, the cryptocurrency market reached $3 trillion. Bitcoin, the most valuable cryptocurrency, in February 2021 reached $1 trillion in market value; Ether, the second largest, reached record highs, while Altcoins, including meme inspired Dogecoin, soared in popularity. Transparency or distributed ledger technology and an increase in venture capital investments are the primary reasons driving the sector forward. Cryptocurrency users are increasing at 113 per cent every year. Even if it slows to the 63 per cent growth rate seen by the internet simultaneously, analysts believe it would result in four billion users by 2030 or before.
THE MIDDLE EAST CRYPTOCURRENCY MARKET
In the Middle East, cryptocurrency adoption is at an all-time high, and regulatory framework supporting crypto-related financial services are expanding. The region’s crypto ecosystem is increasing, while the regulatory policy is being
BLOCKCHAIN IS THE TECHNOLOGY THAT
UNDERPINS CRYPTOCURRENCIES. THIS
“OPEN, DISTRIBUTED LEDGER” ALLOWS FOR
FAST AND TRANSPARENT RECORDING OF
TRANSACTIONS BETWEEN TWO PARTIES”