Global Bitcoin Technology Market 2021 – Growth, Trends, and Impact of COVID-19

DUBLIN, June 15, 2021 – (BUSINESS WIRE) – The report “Bitcoin Technology Market – Growth, Trends, Impact of COVID-19, and Forecasts (2021-2026)” was added to to offer.

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 valued at $ 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 are no fees for receiving bitcoins, and many wallets allow the user to 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. Most recently, in October 2019, Data by Ico data showed that around 15,558 companies worldwide accepted bitcoins in 2019, with Slovenia having the highest business accepting bitcoins at 314 outlets.

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

  • In addition, regulation has played a crucial role in the widespread adoption of bitcoins. In 2017, when Japan’s Financial Services Agency enacted a new law on April 1, 2017, allowing the use of digital currencies as a means of payment and giving 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. Similarly, in November 2019, Uber released documents mentioning the company had to pay $ 100 million in bitcoins to hackers.

Important market trends

The story goes on

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.

  • In August 2019, for example, Bantotal from Uruguay, a core banking service provider that serves over 60 different financial institutions in 14 different countries, worked with the cryptocurrency exchange Bitex to facilitate cross-border payments via the Bitcoin blockchain. Additionally, Ohio is the first US state to 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, the main manufacturers of Bitcoin ATMs in March 2019 were 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 has 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. Binance, for example, the world’s largest cryptocurrency exchange by volume, announced the establishment of a US department in June 2019.

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

  • In June 2019, Plouton Mining announced its goals to build the largest solar powered mining operation in North America, giving 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 US (3229 locations), followed by Canada (687 locations), as in 2018. This suggests 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 will allow 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 launched 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’s main crypto regulator, which 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)

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Laura Wood, Senior Press Manager

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