Virtual currency is an unregulated digital money that is issued and controlled by the developers and used by specific virtual communities.
These currencies are used to purchase real-world services and goods, but do not have a valid tender. In addition, these offer a convenient way to perform transitions without the involvement of banks and provide worldwide financial integration.
Increase in proliferation of malicious software and recognition of virtual currencies by the developed countries drive the market. However, security issues and lack of financial measures in standardizing the virtual currencies restrain this growth.
The less developed financial infrastructure of countries having high smartphone usage, for instance, in Kenya, half of the national GDP is operated by digital currency is opportunistic for the market.The global virtual currency market is segmented based on type and region. On the basis of type, it is divided into Bitcoin, Litecoin, Dash, Peercoin, Dogecoin, and Primecoin.
Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in this market are Coinbase, Elliptic, Ripple, Bitpay, Safello, Xapo, milliPay Systems, CoinJar, GoCoin, and Unicoin.
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