Bitcoin Payment Market Scope
Bitcoin payment is a digital payment currency that utilizes cryptocurrency (a digital medium of exchange) and peer-to-peer (P2P) technology to create and manage monetary transactions as opposed to a central authority. Bitcoin can also be bought on exchanges, or directly from the other people via marketplaces. Bitcoin cash and Bitcoin are secure currencies for the internet. The market of the bitcoin payment is rising due to the growing need for a decentralized and secure digital payment system, but there is some aspect which can hamper the market due to lacking in the awareness of the market
According to AMA, the Global Bitcoin Payment market is expected to see growth rate of 7.42%
Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Bitcoin Payment market throughout the predicted period.
Evolve Markets Ltd. (United Kingdom), CoinsBank (United Kingdom), Bitaccess (Canada), iFinex Inc (China), Bitfury Group Limited (United States), BitGive Foundation (United States), bitpagos (United States), BitPay (United States), Bitpesa (Kenya), Bitspark's (China) and Blockstream Corporation Inc (Canada) 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 Payment market by Type (Bitcoin exchanges, Remittance services, and payment and Wallet services), by Application (Banking and financial services, Entertainment and media and Others) and Region with country level break-up.
On the basis of geography, the market of Bitcoin Payment 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
Blockstream and Digital Garage, Inc. have entered into an expanded, multi-year strategic technology partnership to further accelerate blockchain initiatives and establish Japan as a leading market for blockchains
WordPress.com has announced the free blog subdomain on their own site and Bitcoinshop.us featured on the RedChip money report airing on Bloomberg.
Recent regulations and directives imposed by the European banking authorities has hugely impacted the Bitcoin market in Europe
Market Trend
- Technologies In Finance Are Being Implemented To Create Innovative Products
- Growth In Mill bitcoin
Market Drivers
- Rising Need For A Decentralized And Secure Digital Payment System
- The Booming Economy And Growing Disposable Income
- Easy Transaction Process
- Growing Acceptance By Different Industry Verticals
Opportunities
- Rising Trust Among The Globe For Bitcoin Payment Owing To High-Security Offered By Cryptography
Restraints
- Lack of Supervisory Control On The Transactions
- Complex To Use
Challenges
- Lack of Awareness
- Internet Security Breach
Key Target Audience
Bitcoin Payment Service Providers, Bitcoin Association, Regulatory Bodies, Government Bodies, End Users and Financial Institutions