Bitcoin Technology Market – Global Growth at a CAGR of 8.3% Expected to 2026

DUBLIN, June 16, 2021 / PRNewswire / – The “Bitcoin Technology Market – Growth, Trends, Impact of COVID-19, and Forecasts (2021-2026)” Report was added to ResearchAndMarkets.com to offer.

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Bitcoin technology market recorded a CAGR of 8.3% over the forecast period 2021-2026. The real size and type of the Bitcoin market is determined by the transaction volume data. The global market for bitcoin technology was rated with $ 273 million, in 2018. Because of the zero risk of inflation, Bitcoin has been trending over the years. The Bitcoin system was created with the sole aim of being finite. Without the ability to spend excess currencies, the risk of inflation drops to zero. This point benefits both the seller and the buyer.

  • The transaction fees for Bitcoin payments are significantly lower compared to those for credit and debit card purchases. This feature is beneficial for SMBs as they have a limited budget. There is no fee to get bitcoins, and many wallets let the user control how much the fee is to spend. Higher fees can encourage faster confirmation of a transaction.

  • Commercial payments are slowly warming to Bitcoin’s prospects. Last in October 2019Data from Ico data showed that around 15,558 companies around the world accepted bitcoins in 2019, with Slovenia with the highest business accepting bitcoins at 314 business locations.

  • In 2019, Starbucks announced that it would integrate the upcoming cryptocurrency payment service Bakkt. Similarly based in the US Quinn Emanuel started accepting Bitcoin in 2019.

  • In addition, regulation has played a crucial role in the widespread adoption of bitcoins. In 2017, when the Japanese Financial Services Agency passed a new law on April 1, 2017which authorizes the use of digital currencies as a means of payment and gives it essentially the same legal status as any other currency. Bitcoin has been classified as a prepaid payment instrument.

  • However, the hackers mainly exploited the anonymity aspect of bitcoins, which was shown in the most recent incident in 2018, in which the victims of ransomware had to pay with bitcoins. Likewise in November 2019, Uber released documents mentioning the company had to pay $ 100 million in bitcoins to hackers.

Important market trends

BFSI capture the largest market share

  • Bitcoin payments are faster, cheaper, safer and less volatile than local currencies in many countries. Hence, in these countries it can be used to store value as well as pay for many products and services around the world and on the internet.

  • The benefit of Bitcoin is that financial transactions no longer require a central authority and are immediately validated, offset and processed. Bitcoin technology appears to be an innovation that promises a big change for capital markets and other financial services.

  • Banks want to take advantage of the opportunity to reduce transaction costs and the amount of paper they process. Bitcoin can potentially save banks billions in cash by drastically reducing processing costs.

  • For example in August 2019, UruguayBantotal, a core banking service provider serving over 60 different financial institutions in 14 different countries, has partnered with the cryptocurrency exchange Bitex to facilitate cross-border payments using the Bitcoin blockchain. Additionally, Ohio is the first state in The United States Accept Bitcoin tax payments, and BitPay’s platform enables the transactions.

  • Financial institutions also strive to develop investment products around cryptocurrencies. Bitcoin futures allow one to buy a future amount of Bitcoin at today’s price.

  • According to Coin ATM Radar, off March 2019, who were the main manufacturers of the Bitcoin ATMs Genesis coin and General Bytes with 31.5% and 31.4% of the market share, respectively. The number of Bitcoin ATMs around the world is also increasing.

North America to experience the highest growth

  • North America is one of the fastest growing regions when it comes to Bitcoin mining, and providers offering Bitcoin services are also expanding in this region. For example, Binance, the world’s largest cryptocurrency exchange by volume, announced the creation of a US division in. at June 2019.

  • As awareness of Bitcoin increases. Newegg, the leading technology-driven e-retailer in North America announced that they have customers in customers Canada the ability to pay with Bitcoin. This move will increase consumer demand for Bitcoin.

  • in the June 2019, Plouton Mining announces its intentions to build the largest solar-powered mining operation in the world North Americathat gives people the opportunity to participate in the growing Bitcoin economy in a sustainable and affordable way.

  • According to Coin ATM Radar, the highest number of Bitcoin ATMs are in The United States (3229 locations) followed by Canada (687 locations) as of 2018. This shows the trend in Bitcoin buying and selling in North America.

Competitive landscape

The Bitcoin market is fragmented with startups that have sprung up in the last 5 years and that offer commercial activities related to Bitcoin. In the current scenario, most online merchants enjoy the anonymity and efficiency of Bitcoin payments, which allows them to reduce overhead costs compared to credit or debit card transactions.

  • June 2019 – Facebook announced its new cryptocurrency Libra, which allows users to make purchases or send money to people with virtually no fee – either online or at local exchange offices such as grocery stores.

  • March 2019 – The Venezuelan government has introduced a crypto transfer service that allows transfers to be sent using two types of currencies Litecoin and Bitcoin. The service was launched by the Superintendency of Cryptoassets and Related Activities. Venezuela Main crypto regulator that has also set a monthly limit and commission per transaction.

  • January 2019 – Blockstream has entered into a joint venture called Crypto Garage with Japanese fintech heavyweights Digital Garage and Tokyo Tanshi. It is dedicated to building Bitcoin and Blockchain solutions for the Japanese institutional market.

Mentioned companies

  • Blockstream Corporation Inc.

  • Coinbase Inc.

  • Coinify ApS

  • Unocoin Technologies Pvt Limited

  • Bitstamp Ltd.

  • itBit Trust Company LLC

  • Blockchain Luxemburg SA

  • Kraken (Payward Inc.)

  • BitPay Inc.

  • Plutus Financial Inc. (ABRA)

For more information on this report, see https://www.researchandmarkets.com/r/gl142o

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