The Cambridge Centre for Alternative Finance (CCAF) has published its first study on digital currencies, its usage and the emerging ecosystem supporting the new type of currency. As the report explains, the world of money and finance is transforming before our eyes. <\/p>\n
The Global Cryptocurrency Benchmarking Study is CCAFs inaugural research focused on alternative payment systems and digital assets. Led by Dr. Garrick Hileman, the research is designed to holistically examine the global cryptocurrency market and, according to CCAF, is the first of its kind. Michel Rauchs, a Research Assistant at CCAF, co-authored the report. <\/p>\n
Dr. Hileman told Crowdfund Insider; <\/p>\n
The data we collected indicate that the number of people actively using cryptocurrency is much greater than many people previously thought. Many observers felt that fewer than a million individuals actively use cryptocurrency, but our data suggest that today there are likely well over a million active individuals using cryptocurrency.<\/p>\n
The Global Cryptocurrency Benchmarking Study gathered data from more than 100 cryptocurrency companies in 38 countries around the world via secure web-based questionnaires. CCAF said they captured an estimated 75% of the cryptocurrency industry. Over 30 individual cryptocurrency miners were also surveyed. Four key areas were targeted including exchanges, wallets, mining, and payments. <\/p>\n
Highlights of the CCAF research include: <\/p>\n<\/p>\n
Dr. Hileman said that digital currencies like Bitcoin are not a passing fad. The combined market value was estimated at $27 billion. Hileman compared it to the value creation of a high-profile startup like AirBnB. <\/p>\n
While Bitcoin may be the first and best-known cryptocurrency to emerge there are now hundreds of different types of digital coinage. Bitcoin does remain the dominant cryptocurrency both in terms of market capitalisation and usage but it has conceded market share to other cryptocurrencies declining from 86% to 72% in the past two years. This was buttressed by the fact that almost 40% of wallets accept various forms of cryptocurrencies. <\/p>\n<\/p>\n
Emerging cryptocurrencies include; Ethereum, Dash, Monero, Ripple and Litecoin. <\/p>\n
This benchmarking study sheds light on the burgeoning cryptocurrency industry and comprehensively examines the global development of exchanges, wallets, payments and mining sectors, added Robert Wardrop, co-founder and a Director of CCAF. It demonstrates that cryptocurrencies such as bitcoin are undergoing some profound changes in how digital assets are transacted, stored, channeled and generated. The findings of this study will serve to advance useful academic and policy research into cryptocurrencies and its many implications. <\/p>\n
A forthcoming report will focus on Blockchain or distributed ledger technology (DLT) will also be released in the next few weeks. <\/p>\n
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