10-Jan-2020 | Facts and Factors
Facts and Factors Market Research has published a new report titled “Bitcoin Market By Wallet Type (Software Wallets, Hardware, Online Wallets, and Paper Wallets), By Application (International Transactions, Private Transactions, Payments, and Buying), and By End User (Individual, Large Enterprises, and Small & Medium Enterprises): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”. According to the report, the global Bitcoin market is predicted to be valued at approximately USD 214,833 million in 2018 and is expected to reach a value of around USD 1,692,252 million by 2027, at a CAGR of around 25.67% between 2019 and 2027.
Bitcoin is a kind of cryptocurrency and is a distributed online currency without any single administrator or bank carrying out the functions. Moreover, Bitcoin can be sent from one user to another one via the peer-to-peer Bitcoin network without any necessity for mediators. Apart from this, the number of transactions is confirmed through using of cryptography and registered in the public distributed ledger referred to as a blockchain. Moreover, Bitcoin was first launched in 2008 by a group under the name of Santoshi Nakamoto and the Bitcoin open source code was launched in 2009. In addition to this, bitcoins are swapped for other currencies, services, and goods.
Browse the full “Bitcoin Market By Wallet Type (Software Wallets, Hardware, Online Wallets, and Paper Wallets), By Application (International Transactions, Private Transactions, Payments, and Buying), and By End User (Individual, Large Enterprises, and Small & Medium Enterprises): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027” Report at https://www.fnfresearch.com/bitcoin-market-by-wallet-type-software-wallets-hardware-142
Furthermore, Bitcoin is utilized for purchasing stock and transnational payments made in the form of bitcoins have proved to be cost-effective & easy.
Escalating usage of virtual currency will drive the market trends
Virtual currency or virtual money is the avenue for transferring money cost-effectively and without any bank use. In addition to this, the transactions are fast, secure, and transparent. Moreover, virtual currency helps in uninterrupted banking, government, and financial operations or functioning.
Furthermore, massive funding made by small & medium-sized firms in the business to accrue huge proceeds will boost the growth of the Bitcoin industry over the forecast timeline. Apparently, Cryptocurrencies like Bitcoin offers a digital alternative to government-issued currencies and they can be utilized to purchase everything through online retailing activities. However, bitcoins can be lost due to myriad reasons like hardware failure or death. In addition to this, a lack of awareness about the Bitcoin can further hamper the business growth during the forecast timeline. Nevertheless, a rise in the acceptance of virtual currency for monetary deals & purpose of investment, low fees, and high ROI will create new growth avenues for the market over the forecast timeline.
Software wallets to lead the wallet type segment by 2027
The growth of the segment during the forecast timeline is due to its easy availability for both the mobile and desktop tools. Apart from this, escalating the utilization of smartphones and the internet is likely to further steer the segmental surge over the forecast timeframe.
International transactions segment to dominate the application landscape by 2027
The segmental surge during the period from 2019 to 2027 is due to the cost-effectiveness involved in the Bitcoin transactions of sending & receiving money across the globe. Apart from this, bitcoins assist the users to prevent the payment of high charges as well as steeply rising exchange rates.
Asia Pacific to occupy a Numero Uno Position in the overall market growth by 2027
The growth of the market in the region during the period from 2019 to 2027 is owing to large-scale acceptance of bitcoins in trading & commerce activities, money deals, and payment transactions in the region. Moreover, countries like India, Japan, and China are introducing new initiatives for the digitization of monetary transactions along with the usage of virtual currency. This, in turn, will steer the growth of the regional market over the forecast timeline.
Some of the key participants in the business include Airbitz, ANX, Avalon Life S.A., BitGo, BitPay, BitPesa, Bitstamp Ltd., BITWAGE, INC., Bitwala, Blockstream, Inc., Circle Internet Financial Limited, Coinbase, Coinify ApS, Ethereum Foundation, nChain Group, Nvidia Corporation, R3 Consortium (Ripple), Uphold, Inc., and Xapo, Inc.
This report segments the Bitcoin market as follows:
Bitcoin Market: By Wallet Type Analysis
- Software Wallets
- Online Wallets
- Paper Wallets
- Hardware Wallets
Bitcoin Market: By Application Analysis
- International Transactions
- Private Transactions
Bitcoin Market: By End User Analysis
- Small & Medium Enterprises
- Large Enterprises
Bitcoin Market: By Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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