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Global Bitcoin: A Market Hype or Reality Industry

  • February 2014
  • -
  • Global Industry Analysts
  • -
  • 96 pages

This report analyzes the global market for Bitcoin in terms of Cumulative Number of Bitcoins in Circulation in Thousands. Annual estimates and forecasts are provided for the period 2010 through 2018. Market data and analytics are derived from primary and secondary research. Company profiles are primarily based on public domain information including company URLs. The report profiles 49 companies including many key and niche players such as -

Butterfly Labs Inc.
KnCMiner AB
Robocoin Technologies LLC

Table Of Contents

Global Bitcoin: A Market Hype or Reality Industry


Study Reliability and Reporting Limitations I-1
Disclaimers I-2
Data Interpretation and Reporting Level I-2
Quantitative Techniques and Analytics I-2
Product Definitions and Scope of Study I-3


Bitcoin: A Prelude II-1
Table 1: Bitcoin Penetration in Select Countries Worldwide
Measured by the Number of Bitcoin Software Client Downloads
Presented As a Percentage (%) of Total Population for the
Year 2013 (includes corresponding Graph/Chart) II-2

Table 2: Volume of Bitcoin Software Client Downloads for Top
5 Countries for the Month of December 2013 (includes
corresponding Graph/Chart) II-3

Table 3: Volume of Bitcoin Software Client Downloads by
Select Country for 2013 (includes corresponding Graph/Chart) II-3

Table 4: Global Bitcoin Market (2013): Percentage Share
Breakdown of Bitcoin Software Client Downloads by Operating
System (OS) in Select Countries (includes corresponding
Graph/Chart) II-4

Table 5: Leading Bitcoin Exchanges Worldwide: Percentage
Breakdown of Bitcoin Trading Transaction Volumes by Company
for H2 2013 (includes corresponding Graph/Chart) II-4

Table 6: Number of Bitcoin Transactions Worldwide Per Day (in
Thousands) for Years 2010 Through 2014 (includes
corresponding Graph/Chart) II-5

Table 7: World Market for Bitcoin (2011-2014): Breakdown of
Bitcoin Transaction Fees (In US$) (includes corresponding
Graph/Chart) II-5
The 2007-2009 Recession Marks the Emergence of the Bitcoin System II-6

Will the Global Market Instability Drive Future Adoption of
Bitcoin? II-7
Eurozone Crisis Drives Pan European Interest in Bitcoin: A
Case-In-Point II-8
Partial Government Shutdown in the United States Raised Value
of Bitcoin II-9
Growing Acceptance Value and Quantity Value of Bitcoin Spurs
its Proliferation II-9
2013Q4: Bitcoin Soars in Value and China Becomes the Leading Player II-10
Argentina Adds Momentum to Bitcoin Adoption II-11
What Drives the Current Political Pressure on Bitcoin Governance? II-11
Germany's Bid to Regulate and Control Bitcoins Invites Skepticism II-12
Hard-Line Regulatory Approach of the United States II-13
Early Chinese Dominance Compels US to Cautiously Soften its
Regulatory Stand on Bitcoin II-14
A Peek into Bitcoin Regulations in the US II-14
New York Financial Regulator Moves Forward with Tight
Bitcoin Regulations II-15
China's New Stand to Regulate Bitcoin Trading Forces Meltdown
in Bitcoin Value II-15
Russian Authorities Warn Against Use of Bitcoins II-16
Bitcoin as a Payment Network: A Peek Into Its True Potential II-17
E-Commerce Popularity Benefits the Use of Bitcoin as a Means
of Payment II-18
Will Bitcoin Replace Credit Cards? II-19
Bitcoin as an Alternative for Making Micropayments II-20
Growing Use of Bitcoin for International Funds Transfer II-20
How Pragmatic Is the Evolution of a Pure Bitcoin Based
Financial Economy? II-20
Is Bitcoin Truly a Full Reserve Banking Alternative to the
Current Fractional Reserve Banking System? II-20
High Energy Requirements of Bitcoin Mining Raises Skepticism II-21
Is Bitcoin Liquid Enough to Challenge Fiat Currency? II-22
The Advent of Colored Coins Adds to Bitcoin Popularity II-23
Bitcoin Mining Hardware and Cloud Based Bitcoin Mining Grow in
Popularity II-23
Understanding Bitcoin's Concept of Anonymity is the Key to
Wider Adoption II-24
Complexity of Bitcoin Mining Drives Popularity of Pooled Mining II-24
Table 8: Bitcoin Mining Worldwide: Percentage Share Breakdown
of Bitcoin Mining Pools As Measured by Hashrate Distribution
As Recorded on 17th January 2013 (includes corresponding
Graph/Chart) II-25
PayPal Mulls the Possibility of Extending Support to Bitcoin II-25
Online User Friendly Wallets II-25
Escrow Service for Large Transactions II-26
Merchant Acceptability II-26

An Optimistic Research Perspective II-27
Factors Encouraging Optimism: II-27
Bitcoin Exchanges Survive Chinese Crackdown II-27
US Businesses Help Bitcoin Make a Price Comeback Post
Chinese Crackdown II-28
Busting of the Silk Road Underground Drug Market and its
Positive Implications II-28
Weak Banking Systems and High Mobile Penetration Favor Bitcoin
Proliferation in Africa II-29
Growing Interest in Bitcoin Investment II-29
Table 9: Average Value of Bitcoin to US Dollar (US$ Per
BTC): Quarterly Breakdown for Years 2011 Through 2013
(includes corresponding Graph/Chart) II-31
Venture Capital Interest in Bitcoin Soars II-31
Top 5 Venture Capital Investments in 2013: II-32
Winklevoss Twins' Investment Fund for Bitcoin: A Bold Step
Forward II-32
Bitcoin ATMs Herald the Emergence of Bitcoin as a Mainstream
Currency II-32
A Pessimistic Research Perspective II-33
Dizzy Spiral of Bitcoin Value to Over US$1240 Punctures the
Bitcoin Currency Hype by Igniting Bubble Fears II-34
Institutional Adoption of Bitcoin Still Slow II-35
Technical Glitch Halts Bitcoin Withdrawals at a Major Bitcoin
Exchange - Exposes Vulnerability of Existing Bitcoin
Infrastructure II-35
Distributed Denial-of-Service Attacks - Another Technical
Challenge Currently Being Faced by Bitcoin Exchanges II-36

Bitcoin: An Introduction II-37
History II-37
Regulatory Environment II-38
Key Benefits Driving Adoption of Bitcoin II-38
Pseudo-Anonymity and Privacy II-38
Immune to Monetary Inflation II-38
Impervious to Manipulation II-38
Irreversible Transactions II-39
Portability II-39
Low Cost II-39
Divisibility II-39
Economic Independence II-39
Key Challenges to Adoption of Bitcoin II-40
Bitcoin Anonymity and Unregulated Attributes II-40
Lack of Accountability II-40
Impairs National Development II-40
Hoarding and Speculative Trading II-41
Inequitable Distribution of Wealth II-41
Extreme Volatility II-41
Merchant Acceptability II-41
Irreversible II-41
Security Breach II-42
Difficult to Coordinate II-42
Negative Foundation II-42
Vulnerable to Malicious Manipulation II-42
The Promising Future of Cryptocurrency Spurs Competitive
Alternatives to Bitcoin II-42
Litecoin (LTC) II-43
PPCoin (PPC) II-43
Freicoin (FRC) II-44
MintChip II-44
Feathercoin II-44
Ripple II-45
“Bitcoin Bridge" to Ripple: A Threat or an Opportunity? II-45

CoinTerra Introduces TerraMinerâ„¢ Design II-46
CoinTerra Unveils Two Low-Cost Bitcoin ASIC Mining Solutions II-46
CoinTerra Launches GoldStrike1â„¢ ASIC and TerraMinerâ„¢ IV
Bitcoin Mining Rigs II-46
Alchip and KnCMiner AB Introduces 28nm Bitcoin Mining ASIC II-46
eGenesis Launches Dragon's Tale Multiplayer Role-Playing Casino II-46
BitPremier Launches New Bitcoin Startup Venture II-47
Bitcoin Ventures Launches CoinTap Gift Card II-47
Bitcoin Ventures Introduces New CoinTap Reload Card II-47
Phoenix Technologies Unveils X Series Bitcoin Mining Hardware II-48
BTC-e Unveils Demo Version of MetaTrader 4 Platform II-48
AvaTrade Announces Availability of BTC/USD Bitcoin Trading on
MT4 and AvaTrader II-48
Kipochi Introduces Kipochi BitCoin Wallet II-48
Bitfinex Introduces Litecoin Trading II-48
Tradehill Introduces Prime Bitcoin Currency Exchange II-48
MonsterMegs Expands Payment Options for Hosting Services II-49
Bittylicious Introduces Bitcoin Purchase Service II-49
ForexMinute Launches Bitcoins News Widget II-49
CoinTerra Partners with CoolIT Systems for Cooling Solutions II-50
BitPay and 3dcart Enter into Partnership II-50
Bitstamp Collaborates with GBGroup to Improve Identity
Verification Standards in Bitcoin Trading II-50
Fidor Bank and bitcoin.de Enter into Partnership II-50
PureVPN Adopts Bitcoin Technology for Offering Anonymous
Payment Solution to Users II-51
Bitcoins Continue to Offer Alternative Payment Solution in Kenya II-51
Winklevoss Bitcoin Trust Makes Efforts for Increasing
Credibility of Bitcoins II-51
OpenCoin Announces Expansion of Ripple Network II-52
Murfie Announces Acceptance of Bitcoins Use for Buying Murfie
Credit II-52
Mobile Apps Continue to Enable Bitcoin Transactions II-52
Bitcoinstore Opens Bitcoin-Only Online Electronics Store II-52
EastWestHydro.com Chooses Bitcoin as Alternative Method of
Payment II-53
Deed Poll Name Change System Accepts Payments in Bitcoins II-53
Text2Pay Provides Bitcoin Digital Currency II-53
Beanstalk Solar Hosting Adds Bitcoins Processing Capability II-53
Mesasix Adopts Bitcoins Payments Method II-53
ForexMinute Announces Addition of Dedicated Section for Bitcoins II-54
TruLiteLED Accepts Bitcoin Payments for LED Grow Lights Purchases II-54
NetDNA Announces Acceptance of Bitcoin Payments by MaxCDN II-54
CoinMama Announces Successful Development of Platform for
Secure Purchase of Bitcoins via PayPal II-54
Berwick to Set Up New Bitcoin ATMs II-54
Ethos Adopts Bitcoins as New Payment Mode II-55
Reddit Accepts Bitcoin Payments for Reddit Gold Subscription
Service II-55
BitPay Enters into Partnership with Gyft II-55
Lamassu to Introduce Production Bitcoin Machine ATM II-55
Coinbase Rolls Out New Promotion Offer II-55
BitPay Updates Payment Gateway Platform II-56
HashFast Technologies to Commence Production of New Golden
Nonce Chip II-56
Coinbase Announces Addition of Ability for Instant Buying of
Bitcoins for Verified Accounts II-56
OKPAY Integrates Bitcoin into Trading System II-56
MainTraditions.com Announces Acceptance of Crypto-Currency II-57
Bitronic Technologies Introduces Bitcoin Tribe Bitcoin Social
Network II-57
Bitronic Technologies Adds Supplementary Functionality to
Bitronictech.net Website II-57
BitInstant Expands Payment Options II-57
Amagi Metals Becomes the Largest Global Bitcoin Retailer II-58
Mt.Gox to Take Over Bitomat.pl II-58
Mt.Gox to Take Over MtGoxLive.com II-58
Switchpoker.com Launches Bitcoin as Deposit/ Withdrawal Option II-59
Mt. Gox Selects YubiKey Security Solution of Yubico II-59

Bitcoin Mining Equipment Manufacturers II-60
TerraHash (USA) II-60
CoinTerra (USA) II-60
Butterfly Labs Inc. (USA) II-60
KnCMiner AB (Sweden) II-60
Robocoin Technologies LLC (USA) II-61
Bitcoin Mining Contractors/Services Providers II-61
Bitcoin Cloud Mining (USA) II-61
Cloud Hashing (UK) II-61
Pyramining (USA) II-62
MinerLease (USA) II-62
E-pickaxe (Argentina) II-62
BitcoinFrenzy (USA) II-62
Byteminr Limited (UK) II-62
Bitcoin Exchanges II-63
Bitcoin Central (France) II-63
BTCChina (China) II-63
Bitstamp Ltd. (UK) II-63
BTC-e (USA) II-63
Campbx (USA) II-64
Digital Future LLC (Poland) II-64
Mt.Gox Co. Ltd. (Japan) II-64
RMBTB (China) II-64
VirtEx (Canada) II-65
Bitcoin Based Companies (Includes Bitcoin Trading Platforms,
and Payment Processing Companies, Among Others) II-65
BitPay, Inc. (USA) II-65
Coinbase (USA) II-65
Gliph, Inc. (USA) II-66
Coinsetter Inc. (USA) II-66
TruCoin Technologies LLC (USA) II-66
BTCJam (Brazil) II-66

Table 10: World Recent Past, Current and Future Analysis for
Bitcoin Analyzed by Cumulative Number of Bitcoins in
Circulation in Thousands for Years 2010 through 2018 (includes
corresponding Graph/Chart) II-67


Total Companies Profiled: 49 (including Divisions/Subsidiaries - 49)

The United States (22)
Canada (3)
Japan (1)
Europe (14)
- France (1)
- Germany (1)
- The United Kingdom (6)
- Rest of Europe (6)
Asia-Pacific (Excluding Japan) (4)
Latin America (3)
Africa (2)

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