Currently, the customers demand are changing and they are looking more towards less time consuming financial services to make their life easier and effortless. For this, they are moving more towards online businesses like online transactions such as Cryptocurrency. Cryptocurrency is a virtual currency that people use for various purchases.
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It is a medium of exchange using cryptography so as to secure the transactions and to control the creation of additional units of the currency.
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Cryptocurrency is a future and new revenue stream in the digital finance world.
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It is politically neutral as it is not bound by any rules or regulations of any specific government or exchange rates, interest rates, and country to country transaction fee, which makes international transactions faster. Moreover, it has low transaction fees and provides faster operation.
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Cryptocurrency provides proper security, authentication, and ease of transactions allowing the cryptocurrency holder to send exactly what he wants without any further information which is one of the major driver of the market. However, the increasing online transaction as mobile phone users prefer transactions over their phones, less transaction fees, easy and faster transaction, changing consumer and business landscape have led the demand for the market growth.
Apart from these the rising online business market and use of mobile based wallet are also one of the drivers.
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North America and Europe market is in advanced stage of adoption of Cryptocurrency. However, the Asia Pacific and MEA are expected to the emerging regions.
In the countries like India and Africa, the popularity and the usage of various cryptocurrencies are expected to increase in the coming years.
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