Market Overview The bitcoin technology market is estimated to grow at a CAGR of 8. 3% over the forecast period 2019 – 2024. Due to zero risk of inflation, bitcoin is trending over the years.
New York, Feb. 24, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Bitcoin Technology Market – Growth, Trends, and Forecast (2019 – 2024)” – https://www.reportlinker.com/p05865780/?utm_source=GNW
Bitcoin system was created with the sole purpose of being finite. Thus, without the possibilities of issuing excess currency, the threat of inflation comes down to almost zero. This point benefits both the seller and the buyer.
– Transaction fees for bitcoin payments are significantly lower in comparison to the ones made for credit and debit card purchases. This feature is an advantage for SMEs as they have a limited budget. There is no fee to receive bitcoins, and many wallets let the user control how large a fee to pay when spending. Higher fees can encourage faster confirmation of a transaction.
– Bitcoin mining has caused huge burden on the climate. According to the Technical University of Munich, in 2018 bitcoin emitted over 22 megatonnes of carbon dioxide annually, comparable to the total emissions of cities such as Las Vegas and Vienna.
Scope of the Report
Bitcoin is a consensus network that enables a new payment system and is completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. Bitcoin can also be seen as the most prominent triple entry book-keeping system in existence, which is now being used in sectors like BFSI, E-Commerce and Hospitality.
Key Market Trends
BFSI to Occupy the Largest Market Share
– A bitcoin payment is faster, cheaper, safer and less volatile than the local currencies in many countries. Therefore, it can be used in these countries for storing values, besides being used to pay for many products and services around the world and on the Internet.
– The utility of bitcoin is that financial transactions no longer require any central authority and are immediately validated, cleared and settled. Bitcoin technology appears to be an innovation which promises a major change for capital markets and other financial services.
– Banks are keen to take the opportunity to reduce transaction costs and the amount of paper that they process. Bitcoin can potentially save banks billions in cash by dramatically reducing processing costs.
– Financial institutions have also grown eager to create investment products around cryptocurrencies. Bitcoin futures allows one to buy a future amount of Bitcoin at today’s price.
– According to Coin ATM Radar, as of March 2019, the main manufacturers of the Bitcoin ATMs were Genesis Coin and General Bytes, with 31.5 % and 31.4 % of the market share, respectively. The number of global bitcoin ATMs is also on the rise.
North America to Witness the Highest Growth
– North America is one of the fastest growing regions when it comes to bitcoin mining and vendors offering bitcoin services also are expanding in this region. For instance, Binance, the world’s largest cryptocurrency exchange by volume, announced launching a U.S. division in June 2019.
– As the awareness of bitcoin is increasing. Newegg – the leading tech-focused e-retailer in North America announced to give customers in Canada the option of paying with bitcoin. This move will drive the demand for bitcoin among consumers.
– In June 2019, Plouton Mining announces its aims to build what will be the largest solar-powered mining operation in North America, providing people with an opportunity to participate in the growing bitcoin economy in a sustainable and affordable way.
– According to Coin ATM Radar, highest number of bitcoin ATMs is in United States (3229 locations), followed by Canada (687 locations), as on 2018. This indicates the trend of bitcoin buying and selling in North America.
The market is fragmented with startups coming up in last 5 years which are offering commercial activities related to bitcoin. In the current scenario, most of the online merchants have started enjoying the anonymity and efficiency of bitcoin payments, which allows them to cut overhead costs compared to credit or debit cards transactions.
– June 2019 – Facebook announced its new Libra cryptocurrency, which will let users make purchases or send money to people with virtually no fees—either online or at local exchange points like grocery stores.
– March 2019 – Venezuelan Government launched crypto remittance service, where remittances can be sent using two types of currency litecoin and bitcoin. The service was launched by the Superintendency of Cryptoassets and Related Activities, Venezuela’s main crypto regulator, which has also set a monthly limit and a commission per transaction.
– January 2019 – Blockstream entered a joint venture called Crypto Garage with Japanese fintech industry heavyweights Digital Garage and Tokyo Tanshi. It is dedicated to building Bitcoin and blockchain solutions for the Japanese institutional market.
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