The bitcoin payments market has seen rapid growth, rising from $990.18 billion in 2023 to $1,071.42 billion in 2024, reflecting a compound annual growth rate (CAGR) of 15.2%. This growth is driven by the need for transparency in payment systems, increasing acceptance of digital payments by vendors and consumers, the adoption of digital ledger technologies, the rise of the lightning network, and an increasing number of crypto ATMs and mobile wallets. The market is projected to continue its rapid expansion, reaching $1,903.20 billion by 2028, growing at a CAGR of 15.4%. Future growth will be supported by rising smartphone penetration, demand for low-cost secure payments, increased awareness of bitcoin, a growing number of ICOs, and an expanding number of bitcoin payment processors. Major trends include advances in hardware and software wallets, payment technology innovations, novel blockchain protocols, and innovative payment processors.
Major Driver In The Bitcoin Payments Market
The growing popularity of crypto ATMs is expected to boost Bitcoin payments. Crypto ATMs facilitate the buying and selling of cryptocurrencies, with their numbers rising due to increased interest in digital currencies. In April 2024, CryptoNews reported 1,008 Bitcoin ATMs in Australia, representing 2.7% of global distribution. The rise in crypto ATM installations is driving the Bitcoin payments market.
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Bitcoin Payments Market Competitive Landscape
Verifone Inc., Microsoft Corporation, Paypal Holdings Inc., Coinbase Global Inc., Binance Holdings Ltd., Etsy Inc., Paxful Inc., MoonPay USA LLC, Bitpay Inc., Coinspaid, CoinsBank, Utrust, The Pirate Bay, Genie Technologies Pte Ltd, Coingate, Spectrocoin Finance Ltd., OpenNode Inc., GoCoin LLC, Planet Express, Coinpayments Inc.
Key Bitcoin Payments Market Trend
The bitcoin payments market is innovating with solutions like TokenPay to improve transaction efficiency and security. In July 2024, OrdinalsBot, a US-based Bitcoin enterprise, launched TokenPay, which allows users to pay for on-chain activities using various cryptocurrencies and Bitcoin. This solution aims to enhance payment flexibility and support the adoption of the Ordinals protocol on the Bitcoin blockchain.
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Bitcoin Payments Market Segmentation
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
By Geography:The regions covered in the bitcoin payments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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 Bitcoin Payments Global Market Report 2024 furnishes information about the global bitcoin payments market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
