Global Bitcoin Technology Market on the Rise
The Global Bitcoin Technology Market is expected to rise at a compound annual growth rate of 7.26% between 2015 to 2020, according to a recent Research and Markets’ report. The growing middle class in the developing world is part of the reason Bitcoin technologies have gained popularity.
Bitcoin is a type of currency which enables individuals to exchange electronic cash that can be used for online transactions. This allows consumers to purchase goods or services without traditional middlemen, such as financial institutions. Transactions are processed through a shared, private computer network and are verified in a public ledger, called a book chain.
Some of the benefits of Bitcoin include:
- No intermediaries or third parties.
- Fewer and less expensive transaction fees.
- Many different payment modes.
- Daily cash outs.
Many startup companies are attracted to Bitcoin payments because they are anonymous and more efficient. Bitcoin allows these businesses to cut costs since they will not have to use credit or debit cards.
Regulations imposed by European bank authorities has negatively impacted Bitcoin growth in Europe. However, there are many Bitcoin users in North America, so growth is expected.
Worldwide, Bitcoin is being used in several industries, including mining, banking and financial services, entertainment and media. Bitcoin.Travel, Amazon, Bitcoinshop.us, WordPress.com and Honest Brew are just a few major players in the Bitcoin market.