Cryptocurrency Industry Overview
Despite being a toddler in the financial world, the cryptocurrency industry is already making a splash. The Cambridge University study highlights how this sector is not only alive and kicking but evolving rapidly. With over 1,800 people now employed full-time in various roles, Asia-Pacific takes the lead with 720 employees, closely followed by North America at 676. Talk about a global workforce!
Email Your Wallet? Not Quite!
Let’s talk numbers – the study pokes a finger at users and wallets. However, estimating the number of users is akin to catching a greased pig: it’s slippery! Currently, viable estimates suggest there could be between 5.8 to 11.5 million active wallets globally. North America and Europe are topping the charts, contributing around 30% of these wallets.
Exchanges: The Heart of Crypto Transactions
Exchanges are often the bustling marketplaces where digital currencies engage in a frenetic dance. Europe leads the way in terms of active exchanges, with the US Dollar dominating the scene, appearing on 65% of platforms. Bitfinex was the heavyweight champion of 2017 with 16% market share, but smaller exchanges collectively contributed a greater chunk. Interestingly, many exchanges operate lean, with almost half running on fewer than 11 employees. Who says you need a sprawling corporate office to make millions?
Worrying Wallet Wisdom
Wallets are where users store their digital gold, but there’s a security concern lying in wait. The study revealed a startling statistic: nearly half of wallet providers that facilitate currency exchange don’t have a proper license. Yikes! Furthermore, 73% of exchanges hold user private keys, making you wonder just how much control you really have over your assets.
Mining: The Backbone of Blockchain
Mining pools are like the heavyweights of the cryptocurrency industry. They have the power to influence protocols, and a significant 58% of them call China home. While miners believe they’re steering the ship, individual user vote intrigues suggest otherwise. Still, mining revenues are erratic; in 2014, mining returned $786 million, only to drop to $563 million in 2016, likely hinting at rising difficulty levels in extracting Bitcoins.
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