The major factor promoting the growth of the global cryptocurrency market include an increase in demand for bitcoin. Bitcoin is one of the fastest-growing cryptocurrency in terms of trading asset, which influence the organizational profit due to technological involvement in terms of payment and trading. Firstly, the cryptocurrency depends on the balance between supply and demand in the existed market. If the demand is high, it will simultaneously increase the price and vise-versa due to an increase in the utility of digital currency. According to the study, digital currency may rise to 10-15% in its price. This factor influences both large-scale organizations as well as small and medium enterprises to deal with cryptocurrency due to rapid fluctuation in its demand and supply.
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Also, it is one of the easiest way to trade with forex traders. Mining is also one of the factors that influence the increase in the price of Bitcoin due to the rise in demand and lack of supply in the market also results in increase in the price of Bitcoin. Moreover, cryptocurrency offers independence, security and is also providing faster and cheaper transaction compared to traditional economic billing procedure that leads to the development of the cryptocurrency market. This enables the market to improve the life of not only users but also making the business more visible and efficient.
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Due to revolutionizing transactional security, the healthcare sector is also engaged in cryptocurrency through blockchain. Organization who are into the healthcare sector may replace cash or government currency while making payments by the patient. Technological advancement will increase the demand for cryptocurrency as it offers decentralized currency with security that will reduce the numbers of frauds while making payment through traditional billing. Additionally, hospitals will able to provide services to patients rather than investing countless resources streaming over billing records. It was found that $30 million in counterfeit while billing for incomplete services. The emergence of cryptocurrencies like Bitcoin and other digital currency has formed a revolutionary global financing by providing a common platform that promotes universal access to financing as it eliminates the third-party institution and enables the payee to pay over a trusted peer to peer network. Cryptocurrency also enables the healthcare industry to increase its ability to provide quality services to patients.
Due to adoption in society, many businesses implement the blockchain technology in its infrastructure to expand the range of cryptocurrency as an investment while paying or purchasing of services. Initial coin offerings (ICO) is similar to Initial public offerings (IPO) that act as a fund-raising mechanism, where the company looks to create new coin, application or services that simplifies the system of crowd-funding and making it to a qualitatively new leve
Cryptocurrency Market Segmentation
By Offerings
- Hardware
- Software By Application
- Trading
- Remittance
- Payment
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