The global bitcoin technology market is anticipated to grow with a significant CAGR during the forecast period 2020-2026. The growth of the bitcoin technology market is owing to several advantages over traditional digital transactions. The bitcoin transaction systems are peer-to-peer focused, which implies that the users can send and receive payments from anywhere across the globe and doesn’t require approval from any external source or authority. This is anticipated to grow the adoption of bitcoin transaction systems, in turn fuelling the bitcoin technology industry shares.
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Additionally, the use of bitcoin provides its user more autonomy, hence the user can control themselves how they spend their money without the requirement of dealing with banks and other financial authorities. In addition to this, the bitcoin transaction fees are very low which is anticipated to directly benefit cross border transactions. Since no intermediary institutions or government is involved in the transaction the authorization period is also minimal and any transfer in bitcoins can happen quickly without any additional waiting. The above-mentioned advantages of bitcoin transactions are anticipated to drive the bitcoin technology market size.
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Besides, the miners play a very crucial role in the bitcoin technology market. These miners can either be an individual or a cooperative organization. The miner access to privately owned computers and perform complex mathematical tasks in an effort to mint new bitcoin. Hence, the increasing number of bitcoin miners across the globe coupled with advancement in the mining machines is also anticipated to drive the bitcoin technology market during the forecast period.
Some of the key companies working in the bitcoin technology market include Binance, Bitstamp Ltd., Blockstream Corp. Inc., BlockCypher, Inc., Coinbase UK Ltd., Luno Pte. Ltd., BitMain Technologies Holding Co., and others. These companies are actively working in the bitcoin technology industry to increase their share in the market. For instance, in February 2020, BitMain Technologies Holding Co. launched two new mining machines that will provide speeds Up to 110TH/s Per Unit to the miners.
Global Bitcoin Technology Market- Segmentation
By Services
- Exchanges
- Remittance Services
- Payment & Wallet
By End-user
- BFSI
- E-Commerce
- Media & Entertainment
- Hospitality
- Other
