Bitcoin Technology Market - Global Market Scenario & Industry Analysis

Bitcoin is a digital currency which uses decentralized technology for storing money and secure payments that doesn't require people's or banks name. It works on a public ledger which is called as a blockchain. It holds decentralized record of all transactions that is updated and held by all the users of the network. Bitcoins exists either on a user’s computer or in the cloud and stored in a “digital wallet” in encrypted form. The wallet is similar as virtual bank account which allow users to pay for goods, send or receive bitcoins, or save their money.

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Global bitcoin technology market is driven by continuously increasing adoption of the digital currency. In addition, booming economy and growing disposable income among middle income group in developing countries propels the growth of the market. However, security threats as well as government regulations in some of the countries limits the growth of this market. Furthermore, rising awareness about benefits of bitcoin technology and its increasing adoption by most of the online merchants and startup companies is creating numerous opportunities for the market.

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