Bitcoin is a digital currency, which uses decentralized technology for storing money and secure payments that do not require name of the person or the bank. It works on a public ledger, which is called as a blockchain. It holds decentralized record of all transactions that is updated and held by all the users of the network. Bitcoins exist either on a users computer or in the cloud and are stored in a digital wallet. The wallet is similar as virtual bank account, which allow users to pay for goods, send or receive bitcoins, or save their money.
Increase in adoption of the digital currency drives the market. In addition, growth of disposable income among middle income group as well as economic boom propels the growth of the market. However, lack of proper valuation systems due to which bitcoin can be subject to high volatility in price and constantly fluctuating value of bitcoins according to demand limits the growth of this market. Furthermore, 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 expected to provide numerous opportunities for this market to grow. In addition, increase in adoption of this technology by most of the online merchants and startup companies to cut overhead costs compared to credit or debit card transactions is opportunistic for the market.
The bitcoin technology market is segmented on the basis of denominations, industry verticals, services, and region. Denominations segment covered in the study include micro bitcoin, milli bitcoin, and bitcoin. Based on industry verticals, the market is segmented into mining, BFSI, entertainment & media, and others. On the basis of services, the market is divided into payment & wallet services, bitcoin exchanges, and remittance services. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global bitcoin technology market is dominated by key players such as bitcoin.travel, BTCS Inc., Bitpagos, Bitpay, Bitfoo, Expresscoin, ANXBTC Bitcoin Exchange, Coinbase, Blockstream, Inc., and Bitswift.
- The study provides an in-depth analysis of the global bitcoin technology market and current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities is provided.
- Porters Five Forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global market from 2016 to 2023 is provided to determine the market potential.
Bitcoin Technology Market Key Segment:
- Micro Bitcoin
- Milli Bitcoin
By Industry Verticals
- Entertainment & Media
- Payment & Wallet Services
- Bitcoin Exchanges
- Remittance Services
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
Key Market Players Profiled In The Report
- BTCS Inc.
- ANXBTC Bitcoin Exchange
- Blockstream, Inc.