DUBLIN, June 16, 2021 /PRNewswire/ — The "Bitcoin Technology Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)" report has been added to ResearchAndMarkets.com's offering.
The bitcoin technology market registered a CAGR of 8.3% over the forecast period 2021 – 2026. The true size and nature of the Bitcoin market are determined by the transaction volume data. The global bitcoin technology market was valued at USD 273 million, in 2018. Due to the zero risk of inflation, bitcoin is trending over the years. The bitcoin system was created with the sole purpose of being finite. Thus, without the possibility 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.
- Commercial payments are slowly warming up to the prospects of Bitcoin. Most recently, in October 2019, Data by Ico data revealed that as of 2019, about 15558 businesses were accepting Bitcoins around the world, with Slovenia having the highest business, which accepts Bitcoins at 314 business outlets.
- In 2019, Starbucks announced that it would be integrating the upcoming Bakkt cryptocurrency payment service. Similarly, US-based Quinn Emanuel started accepting Bitcoin in 2019.
- Moreover, regulation has played a vital role in the widespread adoption of Bitcoins. In 2017, when the Japan Financial Services Agency enacted a new law on April 1, 2017, authorizing the use of digital currency as a method of payment, essentially granting it the same legal status as any other currency. Bitcoin was classified as a prepaid payment instrument. …