Bitcoin is the first implementation of a concept called "cryptocurrency" which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority.
Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.
From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.
From a user perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and allows a user to send and receive bitcoins with them. This is how Bitcoin works for most users.
Behind the scenes, the Bitcoin network is sharing a public ledger called the "block chain". This ledger contains every transaction ever processed, allowing a user's computer to verify the validity of each transaction.
The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin addresses. In addition, anyone can process transactions using the computing power of specialized hardware and earn a reward in bitcoins for this service.
This is often called "mining". To learn more about Bitcoin, you can consult the dedicated page and the original paper.
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Bitcoin is as virtual as the credit cards and online banking networks people use everyday. Bitcoin can be used to pay online and in physical stores just like any other form of money.
Bitcoins can also be exchanged in physical form such as the Casascius coins, but paying with a mobile phone usually remains more convenient. Bitcoin balances are stored in a large distributed network, and they cannot be fraudulently altered by anybody.
In other words, Bitcoin users have exclusive control over their funds and bitcoins cannot vanish just because they are virtual.
The Global Bitcoin Technology Market is estimated to grow at a CAGR of +7% over the period 2015 - 2020. Booming economy and growing disposable income among middle income group in developing world has led Bitcoin technologies to gain traction and to be used as one of the medium of exchange in the region.
However, the recent regulations and directives imposed by the European banking authorities has hugely impacted the Bitcoin market in Europe. Whereas, owing to large number of bitcoin users, the market will witness growth in the North America region.
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Global Bitcoin technology market have been broadly segmented on the basis of denominations used, services offered, industry verticals and geography. As per denominations, the market have been segregated into bitcoin (BTC), millibitcoin (mBTC), microbitcoin (uBTC) and satoshi.
Whereas per services it has been segmented by bitcoin exchanges, remittance services, and payment & wallet services. Various industry verticals, where bitcoin are being used are mining, banking and financial services, entertainment and media.
In this effective research report information about the key players including their revenue, product portfolio, business segmentation, and financial overview has been included. The research report analyzes the global Bitcoin Technology market in a detailed manner by explaining the key aspects of the market that are expected to have a quantifiable influence on its developmental prospects over the forecast period.
The report analyzes the entire demand and supply chain in the global market and further studies the various components. Also, a number of analysis tools such as Porter’s five forces analysis and SWOT analysis have been employed to provide a precise understanding of this market to the readers.
The vast amount of market data that is available in any market, in general, makes it a tough task to narrow it down to the most crucial details and statistics relevant to the business issues at hand. This report can effectively help companies and decision makers in addressing these challenges strategically to gain the maximum benefits in the highly competitive Bitcoin Technology market.
Thus helping organizations understand the major threat and opportunities that vendors in the market are dealt with. The global market on Bitcoin Technology has also been analyzed in terms of revenue.
The market dynamics such as market drivers, challenges, opportunities, and trends have been presented coupled with their respective impact analysis. The impact analysis helps in gathering information on the future development of the market.
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