PUBLISHER: Allied Market Research | PRODUCT CODE: 1193032
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193032
Bitcoin is a digital currency also called cryptocurrency that can be traded for goods or services with vendors that accept Bitcoin as payment. With Bitcoin, holders can buy, sell and exchange goods or services without a central authority or bank as an intermediary. Each owner transfers bitcoin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership.
Increase in need for operational efficiency and transparency in financial payment systems, rise in demand for remittances in developing countries, increase in the data security, and improvements in capital optimization are the major factors that drive the growth of the bitcoin payment market. Moreover, high implementation cost and lack of awareness of bitcoin among the people in developing nations hamper the growth of the market. Furthermore, increase in demand for bitcoun among banks, and financial institutions and untapped potential on emerging economies are expected to provide lucrative opportunities for the market expansion during the forecast period.
The bitcoin payment market is segmented on the basis of keys, component, application, and region. By keys, it is bifurcated into private keys and public keys. By component, it is divided into hardware, software, and services. The hardware segment is further bifurcated into hot wallet and cold wallet. By application, it is segregated into E-commerce, retail, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the bitcoin payments market such as B2BinPay, Binance, Bitpay, Circle Internet Financial Limited, Coingate, Coinpayments, Inc., CoinsPaid, Moon Pay Limited, OpenNode, Paxful, Inc., Paypal, Spectro Finance OU, Utrust, VeriFone, Inc., ZebPay, CONFIRMO, and Plisio, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the bitcoin payments industry.
Key Benefits For Stakeholders
By Keys
By Component
By Application
By Region