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 Bitcoin, 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 bitcoin payments.
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.
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.
- Market segments
- 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
- North America
- US and Canada
- Latin America
- Mexico, Brazil, Argentina and Rest of Latin America
- Western Europe
- EU5 (Germany, France, Italy, Spain, U.K.)
- Nordic Countries (Denmark, Finland, Norway, and Sweden)
- Benelux (Belgium, The Netherlands, and Luxembourg)
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- Australia and New Zealand
- Rest of Asia Pacific
- Middle East and Africa
- GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
- South Africa
- North Africa
- Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
- Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
- Consumer and Pricing Analysis
- Market dynamics of the industry
- Market Segmentation
- Estimated Market Sizing in terms of volume and value
- Recent trends in Market and impact
- Research Status and Technology Overview
- Extensive Industry Structure Coverage