The Bitcoin payment ecosystem market is expected to grow at a CAGR of 45% during the forecast period i.e. 2018 to 2023. Bitcoin is the most use application of blockchain technology, Bitcoin is a purely peer to peer version of electronic cash, and it allows online payments to be sent directly to the receiver without going through any financial institution. Each user’s bitcoin is stored in a program named as digital wallet. Users send the payments by broadcasting a digital signed message in to the network. One of the most publicized benefits of Bitcoin is none of finance intermediaries, government and bank can interrupt the user transaction and freeze on Bitcoin account.
What is Bitcoin Payments Ecosystem?
Bitcoin is an experimental digital currency which empowers instant peer to peer transactions globally with low or zero transaction charges. Bitcoin miners use to solve some math’s algorithm and that exchange it with the bitcoins. There is lot of different bitcoin wallets which deal with the bitcoin to accept payments in country currency mode like BitPay Wallet, Copay Wallet, Mycelium Wallet, Airbitz Wallet etc. called as Bitcoin wallet and if you want to pay in the mode of bitcoin cash those merchant who have bitcoin wallet for that there are different Bitcoin cash wallet (BCH) like Bitcoin.com Wallet, Bitcoin Cash Wallet, Electron Cash Wallet etc. There are lot of different hardware wallets are also available known as Nano Ledger/TREZOR.
What are the applications of Bitcoin payments ecosystem?
Bitcoins are either mined by computer by the process of solving increasingly complex mathematical algorithms or we can purchase it with the standard national money and placed it in to Bitcoin digital wallet. Bitcoin is user anonymity, it has no third party interruption, and there is no way for third parties to identify, track or intercept transactions that are denominated by bitcoin, very low transaction fee. The users of Bitcoin can pay for their coins anywhere if they have internet.
Market Research and Market Trends of Blockchain Market:
- In the year of 2013 money transfer fees would have fallen by 90% if bitcoin had been used. Worldwide transaction fees at retail points, meanwhile were $260 million for $10 trillion of sales by using finance intermediary. Using bitcoin method of paying those fees could be reduce to $150 million to $104 million. The charge free bitcoins would be the game changer for small business running on lower margins.
- Bitcoin is the latest trends towards making the world decentralization. There are limited bitcoins available in the market which is around 21million whereas the government has ability to print the national currency whenever the feel like it. Supply of bitcoin ultimately will controlled once when all 21 million bitcoin will created. As government print up more money it will increase the country economy and decrease the value of individual dollars (or ponds, euros etc.) and bitcoin will give no change to the country.
Who are the Major Players of Blockchain Market in Supply Chain market?
The major players in this market are Mt.Gox, Butterfly labs, Coinbase, Coinsetter, 5BitPay 22 other companies.
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Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
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- Understand the industry supply chain with a deep-dive on the value augmentation at each step, in order to optimize value and bring efficiencies in your processes.
- Get a quick outlook on the market entropy – M&A’s, deals, partnerships, product launches of all key players for the past 4 years.
- Evaluate the supply-demand gaps, import-export statistics and regulatory landscape for more than top 20 countries globally for the market.