Juniper's The Future of Cryptocurrency research provides an assessment of the challenges of cryptocurrency, focusing on technical, social and regulatory issues; ranging from legislative/retailer/consumer acceptance to user awareness of the basic principles of digital cryptocurrencies and privacy. It also explores the primary causes of cryptocurrency volatility, including law enforcement intervention, exchange failure, malware attacks and 'forking' of a blockchain.
The research includes Juniper's Cryptocurrency Exchange Positioning Index, which offers a comparative assessment of the services offered by 14 leading cryptocurrency exchanges.
- Provides an extensive evaluation of the cryptocurrency ecosystem, focusing on mining, exchanges, payment processors and wallet providers.
- Analysis of pricing and market capitalisation trends.
- Assessment of regulatory developments across key markets including the US, China, Japan and Europe.
- Cryptocurrency Exchange Positioning Index covering 14 leading cryptocurrency exchanges.
- 1. How has the cryptocurrency sector evolved over the past 12 months?
- 2. Why have Bitcoin and other cryptocurrencies fallen sharply from their 2017 peaks?
- 3. Is there a future for Bitcoin in retail transactions?
- 4. Which cryptocurrency exchanges are the most successful?
- 5. What are the primary supply and demand side challenges facing cryptocurrencies?
Included in Cryptocurrency Exchange Positioning Index: Bibox, Binance, Bitfinex, BitForex, Bithumb, BitMEX, Coinbase, CoinEx, DOBI trade, HitBTC, Huobi, Kraken, OKEx, ZB.COM.
Mentioned: Apple, Baidu, Bit Bank, bitFlyer, BitFunder, Bitfury, BitInstant, Bitmain, BitPay, Bitpoint, Bittrade, Blockchain Wallet, Btcbox, BTCC, BTC-e, CFTC (Commodity Futures Trading Commission), Chainalysis, Chamber of Digital Commerce, Circle, Citi, Coincheck, CoinGate, Coinrail, Coinsecure, Direxion, Facebook, Fisco Virtual Currency, FSA (Financial Services Agency), Genesis Global Trading, GMO Coin, Goldman Sachs, Google, GraniteShares, HMRC (Her Majesty's Revenue & Customs), IMF (International Money Fund), IRS (Internal Revenue Service), JP Morgan Chase, LendEDU, LinkedIn, Lloyds, Merrill Lynch, Microsft, Money Partners, New York Fed, NYDFS (New York Department of Financial Services), Okcoin, On Device Research, PayPal, People's Bank of China, Poloniex, ProShares, Quoine, Reserve Bank of Australia, Reserve Bank of India, Ripple Labs, SBI Virtual Currencies, SEC (Securities and Exchange Commission), Twitter, US Department of Justice, US Drug Enforcement Administration, US FinCEN (Financial Crimes Enforcement Network), Virgin, Visa, WeChat, WeExchange, Wells Fargo, Yandex, Zaif.
Table of Contents
1. Key Takeaways & Strategic Recommendations
- 1.1 Key Takeaways
- Figure 1.1: Cryptocurrency: Market Summary & Key Takeaways
- 1.2 Strategic Recommendations
2. Cryptocurrency Market Developments
- 2.1 Introduction
- 2.1.1 Overview
- 2.1.2 Early Cryptocurrencies
- 2.1.3 Bitcoin
- i. Bitcoin Transactions
- Figure 2.1: Anonymous Transaction on the Blockchain
- Figure 2.2: Transaction Procedure
- ii. Blockchain
- Figure 2.3: Bitcoins in Circulation (m) 2010-2017
- iii. Growth in Adoption
- Figure 2.4: Bitcoins in Circulation (m) 2009-2017
- 2.1.4 The Altcoin (R)evolution
- Figure 2.5: Cryptocurrency Word Cloud - Market Cap, Top 50 Currencies, July 2016
- Figure 2.6: Cryptocurrency Word Cloud - Market Cap, Top 50 Currencies, August 2016
- Figure 2.7: Cryptocurrency Market Capitalisation ($m), 2013-2018
- Figure 2.8: Cryptocurrency Quarterly Transaction Values ($m), Q1-Q3 2018
- i. 'Altcoin of the Day'
- ii. 'Pump & Dump'
- 2.1.5 'The Biggest Bubble in History?'
- Figure 2.10: Bitcoin Valuation Prediction for End 2018, Selected Analysis's & Executives
- i. Juniper's View
- 2.2 The Regulation of Cryptocurrency
- 2.2.1 US Response
- i. New York
- ii. North Carolina & New Hampshire
- iii. Elsewhere
- 2.2.2 Europe
- 2.2.3 Asia
- i. China
- ii. Japan
- 2.2.4 Oher Countries
- Figure 2.11: Cryptocurrency Legal Status by Country, 2018
- 2.3 Emergence of Cryptocurrency Ecosystems
- 2.3.1 Cryptocurrency Exchanges
- Figure 2.12: Share of Cryptocurrency Exchange Transactions by Value, September 2018
- i. Juniper Cryptocurrency Exchange Positioning Index Capability Assessment Factors
- Table 1.13: Juniper Cryptocurrency Exchange Positioning Index Capability Assessment Factors
- Table 1.14: Juniper Blockchain Digital Identity Innovation Index Scores
- Figure 2.13: Juniper Cryptocurrency Exchange Positioning Index
- 2.3.2 Cryptocurrency Payment Processors
- 2.3.3 Bitcoin Wallet Providers
- 2.3.4 Rig Providers
3. Cryptocurrency Challenges
- 3.1 Introduction
- Figure 3.1: Cryptocurrency Challenge Overview
- 3.2 Supply Side Challenges
- 3.2.1 Production Costs
- 3.2.2 Forking
- i. Developer/Miners Split
- 3.2.3 Transaction Irrevocability
- 3.2.4 Security
- i. Mt Gox
- ii. More Recent Hacks
- 3.2.5 Concentration
- 3.3 Marketplace Challenges
- 3.2.1 Lack of Regulation
- 3.2.2 Cryptocurrency Exchange Collapse
- 3.2.3 Volatility
- Figure 3.2: Selected Currency Baseline Analysis, December 2017-September 2018
- 3.4 Demand Side Challenges
- 3.4.1 Consumer Awareness, Consumer Resistance
- Figure 3.3: The Cryptocurrency Consumer Journey
- 3.4.2 Illegal Connotations