The Growing Role of Bitcoin in the Global Payments Ecosystem

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Bitcoin is an experimental digital currency that enables instant global participant transactions with minimal or no transaction fees. Miners, traders, merchants, hoarders, and finally consumers make up a typical bitcoin payment ecosystem. The miners who earn the coins are at the top of the Bitcoin chain. The second link in the chain, traders, seek to profit from the Bitcoin-to-fiat cycle by exerting control over it. Consumers, who spend the coins to buy goods or services, are the final link in the ecosystem.

The factors such as the growing economic condition along with the rapid decentralization of the economy are expected to emerge as the significant factors accelerating the growth of bitcoin payments ecosystem market. In addition to this, rising ability to carry out smooth transactions and the lack of third party interruptions with less transaction charges will further aggravate the growth of the bitcoin payments ecosystem market in the above-mentioned forecast period. Increasing adoption of digital ledger to reduce the risk of cyber-attacks and financial fraud in the bitcoin payment ecosystem tend to boost the consumer interest in cryptocurrency which bolsters the growth of the market. On the other hand, the issues with consistency and interoperability results as a growth restraint for the market. Moreover, the regional and international scale are estimated to hamper the growth of the market.

Some of the major players operating in the bitcoin payments ecosystem market report are Mt.Gox, Coinbase, BitPay, Inc., Bitcoin Project, PayFast, Coinpayments, Inc., Bitxatm, ORDERBOB, RUSbit, Mainstreet Automaten GmbH, BITCOIN DEPOT, Bitstop, Cash Cloud, Inc., Genesis Coin Inc., Kurant GmbH, RockitCoin, CoinGate., Stripe, Payward, Inc., and OKCoin, Inc., among others.