How Is The Global Bitcoin Payments Market Defined?
Bitcoin payments refer to the process of using Bitcoin, a decentralized digital currency, as a medium of exchange to pay for goods and services or transfer funds. These payments are used for various purposes, including online purchases, remittances, investments, and to transfer value in peer-to-peer transactions.
Bitcoin Payments Global Market Report 2024 provides data on the global bitcoin payments market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The bitcoin payments market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Bitcoin Payments Market Size Expected To Expand, And At What Annual Growth Rate?
The market size has grown rapidly from $990.18 billion in 2023 to $1,071.42 billion in 2024 at a CAGR of 15.2%. This growth is due to increased transparency in payment systems, digital payment adoption, and advancements in blockchain technology. The market is projected to grow to $1,903.20 billion in 2028 at a CAGR of 15.4%. Factors driving this growth include smartphone penetration, demand for secure payments, increased use cases for bitcoin, and expanding payment processors. Key trends include innovations in payment hardware, decentralized technologies, and blockchain protocols.
What Are The Key Drivers Fueling Growth In The Bitcoin Payments Market?
The rising popularity of crypto ATMs is expected to accelerate the growth of Bitcoin payments. Crypto ATMs, which enable users to buy or sell cryptocurrencies using cash or cards, are gaining traction due to increased interest in cryptocurrencies and their convenience. Bitcoin payments, facilitated by crypto ATMs and mobile wallets, offer users easy access to buying, selling, or transferring Bitcoin without relying on traditional banking systems. For example, CryptoNews reported that Australia had over 1,000 Bitcoin ATMs in operation in 2024, representing 2.7% of the global distribution. As a result, the increasing use of crypto ATMs is driving the Bitcoin payments market.
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What Are The Principal Market Segments In The Global Bitcoin Payments Industry?
The bitcoin payments market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Keys: Private Keys, Public Keys
3) By Application: E-Commerce, Retail, Other Applications
Which Emerging Market Trends Are Altering The Bitcoin Payments Market?
In the bitcoin payments market, companies are introducing innovations like token-based payment systems to improve transaction efficiency and security within the cryptocurrency ecosystem. TokenPay (TPAY), for example, is a decentralized cryptocurrency designed to enhance transaction privacy and safety. In July 2024, OrdinalsBot, a US-based enterprise specializing in Bitcoin, launched TokenPay to expand payment options for on-chain activities. This system enables users to pay with various cryptocurrencies, simplifying participation in blockchain-related activities while fostering broader adoption of the Ordinals protocol.
What Is The Leading Region In The Bitcoin Payments Market?
North America was the largest region in the bitcoin payments market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the bitcoin payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
