The global [FURL=https://www.industryarc.com/Research/Bitcoin-Technology-Market-Research-507752?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Bitcoin Technology Market[/FURL] is estimated to surpass $42.3 billion mark by 2026 growing at an estimated CAGR of more than 8.6% during the forecast period 2021 to 2026. The driving factors encompass low risk during inflation, comparatively low transaction fee as opposed to credit card or debit card purchase. These are some factors that drive SME’s to buy Bitcoins with the limited budget. The Bitcoin system is created to the sole purpose of being finite in a digital ledger. Thus, it reduces the risk of inflation, and without the possibility of issuing excess currency the risk comes down to zero.
Key Takeaways
Bitcoin technology enables the new payment system of digital money. BFSI sector is one of those sectors which take complete advantage of Bitcoin technology in payments which is easier and faster.
Bitcoin wallet is expected to grow during the forecast period due to its ease of use and safer transaction.
North America is the fastest growing region in Bitcoin mining and expected to grow due to rising vending services in the forecast period.
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Bitcoin Technology Market Segment Analysis - By Geography
North America is the fastest growing market for Bitcoin mining and vending services at 9.3% through 2026. US have the highest share and became number one in the Bitcoin crypto currency exchange by volume by 2026. Businesses in North America have identified the potential of the technology in delivering the improved quality of customer experience. APAC stands the next position in the market growth. ROW has the least growth among other region during the forecast period as the hesitancy by governments in this region to regulate and allow usage of bitcoin technology will hinder adoption.
Bitcoin Technology Market Drivers
Safer and faster transaction
Rising Operational Transparency
Bitcoin Technology Market Landscape
The Bitcoin market is fragmented with start-ups. The market is consolidated with the players Blockstream Corporation Inc., Coinbase Inc., Coinify ApS, Gocoin, Bitpay Inc. These are the players who have taken advantage cut down the overhead cost compared to debit and credit card transactions. They use product launches, acquisitions, and joint ventures as key strategies.
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