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Global Bitcoin Technology Market Study 2019 | Market Projected to Exhibit a CAGR of 8.3% – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Bitcoin Technology Market – Growth, Trends, and Forecast (2019 – 2024)” report has been added to ResearchAndMarkets.com’s offering.

The bitcoin technology market is estimated to grow at a CAGR of 8.3% over the forecast period 2019-2024.

Due to zero risk of inflation, bitcoin is trending over the years. Bitcoin system was created with the sole purpose of being finite. Thus, without the possibilities of issuing excess currency, the threat of inflation comes down to almost zero. This point benefits both the seller and the buyer.

Transaction fees for bitcoin payments are significantly lower in comparison to the ones made for credit and debit card purchases. This feature is an advantage for SMEs as they have a limited budget. There is no fee to receive bitcoins, and many wallets let the user control how large a fee to pay when spending. Higher fees can encourage faster confirmation of a transaction.

Bitcoin mining has caused huge burden on the climate. According to the Technical University of Munich, in 2018 bitcoin emitted over 22 megatonnes of carbon dioxide annually, comparable to the total emissions of cities such as Las Vegas and Vienna.

Key Market Trends

BFSI to Occupy the Largest Market Share

  • A bitcoin payment is faster, cheaper, safer and less volatile than the local currencies in many countries. Therefore, it can be used in these countries for storing values, besides being used to pay for many products and services around the world and on the Internet.
  • The utility of bitcoin is that financial transactions no longer require any central authority and are immediately validated, cleared and settled. Bitcoin technology appears to be an innovation which promises a major change for capital markets and other financial services.
  • Banks are keen to take the opportunity to reduce transaction costs and the amount of paper that they process. Bitcoin can potentially save banks billions in cash by dramatically reducing processing costs.
  • Financial institutions have also grown eager to create investment products around cryptocurrencies. Bitcoin futures allows one to buy a future amount of Bitcoin at today’s price.
  • According to Coin ATM Radar, as of March 2019, the main manufacturers of the Bitcoin ATMs were Genesis Coin and General Bytes, with 31.5 % and 31.4 % of the market share, respectively. The number of global bitcoin ATMs is also on the rise.

North America to Witness the Highest Growth

  • North America is one of the fastest growing regions when it comes to bitcoin mining and vendors offering bitcoin services also are expanding in this region. For instance, Binance, the world’s largest cryptocurrency exchange by volume, announced launching a U.S. division in June 2019.
  • As the awareness of bitcoin is increasing, Newegg – the leading tech-focused e-retailer in North America announced to give customers in Canada the option of paying with bitcoin. This move will drive the demand for bitcoin among consumers.
  • In June 2019, Plouton Mining announces its aims to build what will be the largest solar-powered mining operation in North America, providing people with an opportunity to participate in the growing bitcoin economy in a sustainable and affordable way.
  • According to Coin ATM Radar, highest number of bitcoin ATMs is in United States (3229 locations), followed by Canada (687 locations), as on 2018. This indicates the trend of bitcoin buying and selling in North America.

Competitive Landscape

The market is fragmented with startups coming up in last 5 years which are offering commercial activities related to bitcoin. In the current scenario, most of the online merchants have started enjoying the anonymity and efficiency of bitcoin payments, which allows them to cut overhead costs compared to credit or debit cards transactions.

Industry Developments

  • June 2019 – Facebook announced its new Libra cryptocurrency, which will let users make purchases or send money to people with virtually no fees – either online or at local exchange points like grocery stores.
  • March 2019 – Venezuelan Government launched crypto remittance service, where remittances can be sent using two types of currency 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 a commission per transaction.
  • January 2019 – Blockstream entered a joint venture called Crypto Garage with Japanese fintech industry heavyweights Digital Garage and Tokyo Tanshi. It is dedicated to building Bitcoin and blockchain solutions for the Japanese institutional market.

Key Topics Covered

1 INTRODUCTION

1.1 Study Deliverables

1.2 Study Assumptions

1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Introduction to Market Drivers and Restraints

4.3 Market Drivers

4.3.1 Lower Transaction Fees as Compared to Other Methods is Causing the Market to Grow

4.4 Market Restraints

4.4.1 Negative Impact of Bitcoin Mining on Environment is Discouraging the Market Growth

4.5 Industry Attractiveness – Porter’s Five Force Analysis

5 MARKET SEGMENTATION

5.1 By Service

5.1.1 Exchanges

5.1.2 Remittance Services

5.1.3 Payment & Wallet

5.2 By End-user Vertical

5.2.1 BFSI

5.2.2 E-Commerce

5.2.3 Media & Entertainment

5.2.4 Hospitality

5.3 Geography

5.3.1 North America

5.3.2 Europe

5.3.3 Asia-Pacific

5.3.4 Rest of the World

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

6.1.1 Blockstream

6.1.2 Coinbase

6.1.3 Coinify

6.1.4 GoCoin

6.1.5 Factom

6.1.6 Unocoin

6.1.7 Bitstamp

6.1.8 Bitfinex

6.1.9 itBit

6.1.10 BlockCypher

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/6ap7zf

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Laura Wood, Senior Press Manager

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Business Wire , 2019-11-21 15:07:24 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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