The demand for bitcoins is expected to grow at a CAGR of XX% over the forecast period and is projected to reach USD XX by 2025. Bitcoins are an internationally recognized cryptocurrency that enables digital payments. This currency was introduced in January 2008. Bitcoins are earned as a reward for a mining. Mining is a process whereby the users make use of their computer power to record payments in the public ledger and verify them. It can be exchanged anonymously to purchase any products.
One of the major advantages of bitcoins is that it is not tied up to any country which makes international payments cheap and easy. Bitcoin transactions are very secure and do not contain any personal information because the address of the payer and payee are generated as per the transaction.
Bitcoin money can only be tracked when it is converted into cash. Bitcoins can be used as on the dark web which can result in increased cybercrime. Dark web is a place where weapons, assassins, and other illegal items or services can be purchased. In July 2017, Bitcoin was valued at USD 2,772 whereas in November 2017 the value increased to USD 7330.
Some researcher’s state that if Bitcoins are traded on a large scale it can lead to the politicization of money. The resources that were trusted to be handled by the government could be available to the general public.
Many investors in America have invested in Bitcoins due to the weak and volatile dollar. Favorable regulations are also expected to increase the demand for Bitcoins over the forecast period. Japan announced a cryptocurrency legal tender in the last year. In September 2017, Japan's Financial Services Agency (FSA) registered 11 companies as cryptocurrency exchange operators. Marijuana retailers have been using bitcoin as an intermediate currency between banks for purchase of marijuana products.
Some of the websites that accept bitcoins include Microsoft, Intuit, PayPal, WordPress, OKCupid, Atomic Mall, TigerDirect, DISH Network, and Overstock.com among others. One of the largest bitcoin trading exchanges in terms of volume is Baidu. In May 2014, DISH Network, a satellite television operator, announced that it would accept bitcoin as payment for content services. Coinbase was hired as a bitcoin payment processor.
Chinese bitcoin traders and miners are expected to generate more profits as compared to American miners. Many small provinces in China are oversupplied with electricity which is in turn subsidized therefore thereby giving Chinese miners a higher profit margin. One of the major drivers of the Bitcoins market is the development of sustainable energy solutions.
Some of the factors that are anticipated to hamper market growth is the unawareness of bitcoin-based transactions in developing markets and the reluctance of companies involved in the e-commerce business to accept cryptocurrency as a mode of payment. China is expected to arise as one the leading traders of bitcoins occupying more than 90% of the traded volume. However, with increasing awareness across the world, countries such as the U.S. and Japan are projected to record high market growth.
The market research report is designed to provide a complete view of the global bitcoins market. The market research study quantitatively evaluates the bitcoins market over the forecast period (2017-2025). The demand and supply matrix section falls under the qualitative information category wherein the market dynamics for bitcoins has been studied considering a short-term forecast of the factors/ variables which have an impact on the bitcoins market.
The report concludes by providing the major market participants in the industry. Qualitative information regarding the bitcoin market scenario in various countries is also provided in the report. This study analyzes the future scenario of bitcoins and discusses its evolution in the digital currency market.
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The global Bitcoins market has been studied from the year 2016 till 2025. However, the CAGR provided in the report is from the year 2017 to 2025. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; and learning the demand and supply side analysis for the Bitcoins market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, VPs, CEOs, COOs, financial consultants, business consultants, strategy consultants, project management consultants, and business management consultants.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, and customer analytics.