Bitcoin Technology Market Scope
Bitcoin is a peer-to-peer payment system. Bitcoin is a digital currency which uses decentralized technology for storing money and secure payments that don't require people's or banks name. It works on a public ledger which is called a blockchain. It holds the decentralized record of all transactions that is updated and held by all the users of the network. The wallet is similar to a virtual bank account that allows users to pay for goods, send or receive bitcoins, or save their money. In addition to this, bitcoins can also be obtained in exchange for fiat products, money, and services.
The bitcoin technology market is fragmented. 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 card transactions. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Bitcoin Technology market throughout the predicted period.
Blockstream Corporation Inc (Canada), Coinbase (United States), Coinify (Denmark), GoCoin (Singapore), Factom (United States), Unocoin (India), Bitstamp (Luxembourg), Bitfinex (Hong Kong), itBit (United States) and BlockCypher (United States) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Bitcoin Technology market and Region with country level break-up.
On the basis of geography, the market of Bitcoin Technology has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
In 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.
In 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., and In March 2019, the Venezuelan Government launched a crypto remittance service, where remittances can be sent using two types of currency bitcoin 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.
Market Drivers
- Increasing Adoption of the Digital Currency
- Decentralized and Borderless Payment System
Opportunities
- Rising Awareness about Benefits of Bitcoin Technology
- Increasing Demand by Most of the Online Merchants and Startup Companies
Restraints
- Security Threats as well as Government Regulations in Some of the Countries
- Highly Volatile Currency
Challenges
- Difficulty Related to Spending and Acquiring Bitcoins
Key Target Audience
Bitcoin Technology Service Providers, Bitcoin Association, Regulatory Bodies, Government Bodies, End Users and Financial Institutions