Bitcoin is a form of payment for services and products that has observed growth and merchants have an incentive to accept and work with the digital currency since fees are lower than 2-3%, normally forced by credit card processors. Digital currency is garnering increased mainstream acceptance, owing to Bit coin, which even has the potential for transforming global financial transactions. In the present scenario, most of the online merchants and startup companies have already begun enjoying the anonymity and efficiency of bit coin payments.
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Bitcoin is a decentralized cryptocurrency, purely peer-to-peer version of electronic cash used for online transactions through digital unit of exchange, where transactions can be made between users without any middlemen. It works on a public ledger, which is called as a blockchain. The blockchain holds a decentralized record of all transactions that is updated and held by all the users of the network. Bitcoins exist either on a user’s computer or in the cloud and are stored in a digital wallet. The wallet can be equated with a virtual bank account, which allows users to pay for goods, send or receive bitcoins, or save their money.
There has been an increase in the adoption of the digital currency which drives the market. Also, growth of disposable income among the middle-income group as well as economic boom propels market growth. However, lack of proper valuation systems which subjects the bitcoin to high volatility in price and constantly fluctuating value of bitcoins according to demand limits the growth of this market. Yet, rise in awareness about benefits of bitcoin technology, which includes lesser transaction fees, no intermediaries or third-party involvement, daily cash outs, and others is projected to provide numerous opportunities for this market to grow. Apart from this, increase in adoption of this technology by most of the online merchants and start-up companies to cut overhead costs as compared to credit or debit card transactions is opportunistic for the market.
The global bitcoin technology market is segmented on the basis of services, industry verticals, and denominations. Going by services, the market is segmented into mining, BFSI, entertainment & media, and others. On the basis of industry verticals, the market is divided into payment & wallet services, bitcoin exchanges, and remittance services. The denominations segment include micro bitcoin, milli bitcoin, and bitcoin.
By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The recent regulations and directives imposed by the European banking authorities has hugely impacted the Bitcoin market in Europe. However, owing to a huge base of bitcoin users, the market will witness growth in the North America region.
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The major players in the market are bitcoin.travel, BTCS Inc., Bitpagos, Bitpay, Bitfoo, Expresscoin, ANXBTC Bitcoin Exchange, Coinbase, Blockstream, Inc.,Bitswift, Amazon, Bitcoinshop.us, WordPress.com and Honest Brew.
Report ContentsRegional AnalysisReport Highlights
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
US and Canada
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EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
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Rest of Western Europe
Rest of Eastern Europe
Australia and New Zealand
Rest of Asia Pacific
Middle East and Africa
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Rest of Middle East and Africa
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