Bitcoin Technology Market Seen Rising at CAGR of 8.3% – Report

Bitcoin Technology Market Seen Rising at CAGR of 8.3%

The Bitcoin technology market is expected to rise at a CAGR of 8.3% over the coverage period from 2019 to 2024, according to a recent report by Reportlinker.com.

The report issuer cited the fact that the inflation came down to almost zero.

According to the report, BTC payment fees are lower compared to those made by credit and debit cards. Therefore, this feature is considered an advantage for small and medium-sized companies, given that they have limited budgets.

There is no charge for receiving Bitcoin, and many wallets allow users to control how large a fee is when spending.

There are no fees for receiving the world’s largest cryptocurrency. In addition, many exchanges allow their customers to control the amount of fees.

On the other hand, Bitcoin mining has impacted the environment tremendously. In 2018, Bitcoin emitted over 22 megatonnes of carbon dioxide, compared to the total emissions in Las Vegas and Vienna, according to the Technical University of Munich.

Bitcoin Mining in North America

North America is one of the world’s fastest growing areas in terms Bitcoin mining. In June 2019, the popular crypto exchange Binance has unveiled launching a US division.

Meanwhile, Newegg, North America’s e-retailer, has announced allowing its customers in Canada to pay with Bitcoin. Undoubtedly, the move will boost demand for Bitcoin.

In June 2019, Plouton Mining has announced its plans to develop the largest solar-powered mining project in North America. The project allows investors to put their funds in safe crypto space.

Earlier this month, Cryptolydian reported that the crypto market cap has reached $300 billion. It has gradually increased over the past month from $218.4 billion to $303.1 billion.

Since the beginning of 2020, the total crypto market cap has leapt 65.92 percent.

Crypto enthusiast Michaël van de Poppe highlighted the importance of the $300 billion market cap.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.