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Global Bitcoin Market: A Hype or Reality

  • May 2014
  • -
  • Global Industry Analysts
  • -
  • 107 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 53 companies including many key and niche players such as -

Butterfly Labs Inc.
KnCMiner AB
Robocoin Technologies LLC
Cloud Hashing

Table Of Contents

Global Bitcoin Market: A Hype or Reality

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


Evolution of Bitcoin and the Pros and Cons of its Primary Tenets and
Principles II-1
The 2007-2009 Recession Marks the Emergence of the Bitcoin
System II-1
Bitcoin as a True Full Reserve Banking Alternative to
Fractional Reserve Banking System II-1
Bitcoin As An Energy Based Money System II-2
Bitcoin's Liquidity Characteristics and Its Ability to
Challenge Fiat Currency II-3
The Rise and Fall of Bitcoin: An Introductory Prelude II-3
The Rise to Fame II-3
The Epic Fall From Grace II-5
Table 1: Value of Bitcoin: Monthly Breakdown of Average
Value of Bitcoin in US Dollars October 2013 through May 2014
(includes corresponding Graph/Chart) II-6
A Review of Recent Events Which Culminated in the Current
Decline in the Global Bitcoin Economy II-7
Growing Popularity Triggers Bitcoin Backlash From Governments
Worldwide. II-7
“Felled by Regulation”: China Delivers Bitcoin Its Deathblow II-8
A Review of Hard-Line Regulatory Approach Adopted by the US
Government II-9
New York Financial Regulator Moves Forward with Tight
Bitcoin Regulations II-10
Latest IRS Regulations Complicate Bitcoin Usage II-11
Russian Authorities Warn Against the Use of Bitcoins II-11
Loopholes in Bitcoin Trading Technology Weakens the Bitcoin
Ecosystem II-12
Distributed Denial-of-Service Attacks: A Key Technical
Challenge Faced by Bitcoin Exchanges II-12
Failure of M.T Gox Wields a Mortal Wound to the Bitcoin
Currency System II-13
Increase in Bitcoin Theft and Hacking Undermines Public Trust II-13
Rising Difficulty in Mining Bitcoins Makes Mining Operations
Unviable II-14
High Regulatory Uncertainty and Risk to Stifle Venture Capital
Investments in Bitcoin II-14
Table 2: Select VC Investments in Bitcoin: 2014 (January -
March) (includes corresponding Graph/Chart) II-15

Table 3: World Bitcoin Market (2014): Percentage Share
Breakdown of VC Investments by Region - Asia, Europe and
North America (includes corresponding Graph/Chart) II-16

Table 4: World Bitcoin Market (2014): Percentage Share
Breakdown of VC Investments by Sector - Exchange, Financial
Services, Mining Hardware, Payment Processor, Universal and
Wallet (includes corresponding Graph/Chart) II-16
Euphoria Driven Asset Bubble Damages Bitcoin's Potential as a
Future Currency II-17
Pessimism Pervades Bitcoin's Future II-18

Bitcoin Eco-System Heads Towards Consolidation II-19
Universal Bitcoin Business Model Gains in Prominence II-19
Bitcoin as a Payment Network: A Peek Into Its True Potential II-19
E-Commerce Popularity Benefits the Use of Bitcoin as a Means
of Payment II-21
Will Bitcoin Replace Credit Cards? II-21
Bitcoin as an Alternative for Making Micropayments II-22
Growing Use of Bitcoin for International Funds Transfer II-23
The Advent of Colored Coins Adds to Bitcoin Popularity II-23
Bitcoin Mining Hardware and Cloud Based Bitcoin Mining Grow in
Popularity II-24
Understanding Bitcoin's Concept of Anonymity is the Key to
Wider Adoption II-24
Bitcoin Exchanges Witness a Short Lived Resurgence Post
Chinese Crackdown II-25
Complexity of Bitcoin Mining Drives Popularity of Pooled Mining II-25
Table 5: Bitcoin Mining Worldwide: Percentage Share Breakdown
of Bitcoin Mining Pools As Measured by Hashrate Distribution
As Recorded on March 2014 (includes corresponding
Graph/Chart) II-26
US Businesses Help Bitcoin Make a Price Comeback Post Chinese
Crackdown II-26
Weak Banking Systems and High Mobile Penetration Favor Bitcoin
Proliferation in Africa II-26
Institutional Adoption of Bitcoin Still Slow II-27
The First Bitcoin ATMs Make Their Way Into the Market II-28
PayPal Mulls the Possibility of Extending Support to Bitcoin II-28
Online User Friendly Wallets II-29
Escrow Service for Large Transactions II-29
Merchant Acceptability II-29
Key Statistical Findings II-30
Table 6: 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-30

Table 7: Volume of Bitcoin Software Client Downloads for Top
5 Countries for the Month of December 2013 (includes
corresponding Graph/Chart) II-31

Table 8: Volume of Bitcoin Software Client Downloads by
Select Country for 2013 (includes corresponding Graph/Chart) II-31

Table 9: Global Bitcoin Market (2013): Percentage Share
Breakdown of Bitcoin Software Client Downloads by Operating
System (OS) in Select Countries (includes corresponding
Graph/Chart) II-32

Table 10: Leading Bitcoin Exchanges Worldwide: Percentage
Share Breakdown by Bitcoin Trading Transaction Volumes as of
April 2014 (includes corresponding Graph/Chart) II-32

Table 11: Number of Bitcoin Transactions (In Thousand) for
Years 2010-2014 (includes corresponding Graph/Chart) II-33

Table 12: Bitcoin Transaction Fees (In US$) for 2012, 2013 and
Q1-2014 (includes corresponding Graph/Chart) II-33

Table 13: Bitcoin Total Output Volume (In Thousand BTC) for
2012, 2013 and Q1-2014 (includes corresponding Graph/Chart) II-34

PERIOD (2010-2013) II-35
Global Market Instability During 2009-2013 Fuels Initial
Interest in Bitcoin II-35
Eurozone Crisis Jumpstarts Pan European Interest in Bitcoin II-36
Argentina: One of the Early Adopters of Bitcoin II-37
Partial Government Shutdown in the United States in 2013
Triggers a Quite Boom in Bitcoin Value II-37
China Triggers the Mother of all Bubbles II-38
Bitcoin Value Spirals to US$500 and Above in Mid-2013 Spurring
Venture Capital Investments II-40
Top 5 Venture Capital Investments in 2013: II-41
Busting of the Silk Road Drug Market Drives Down Value of
Bitcoin in October 2013 II-41

Bitcoin: An Introduction II-42
History II-42
Regulatory Environment II-43
Key Benefits Driving Adoption of Bitcoin II-43
Pseudo-Anonymity and Privacy II-43
Immune to Monetary Inflation II-43
Impervious to Manipulation II-43
Irreversible Transactions II-44
Portability II-44
Low Cost II-44
Divisibility II-44
Economic Independence II-44
Key Challenges to Adoption of Bitcoin II-45
Bitcoin Anonymity and Unregulated Attributes II-45
Lack of Accountability II-45
Impairs National Development II-45
Hoarding and Speculative Trading II-46
Inequitable Distribution of Wealth II-46
Extreme Volatility II-46
Merchant Acceptability II-46
Irreversible II-47
Security Breach II-47
Difficult to Coordinate II-47
Negative Foundation II-47
Vulnerable to Malicious Manipulation II-47
The Promising Future of Cryptocurrency Spurs Competitive
Alternatives to Bitcoin II-47
Litecoin (LTC) II-48
PPCoin (PPC) II-48
Freicoin (FRC) II-49
MintChip II-49
Feathercoin II-49
Ripple II-50
“Bitcoin Bridge" to Ripple: A Threat or an Opportunity? II-50

WPCS Concludes Agreement on Divesting its Seattle Operations II-51
Microelectronics Technology Corporation Buys Bitcoin Miner
Company II-51
LeoGroup Uses Bitcoin to Buy Stradivarius Violin II-51
BitPay Inaugurates its Amsterdam based European Headquarters II-51
Bitcoin ATM Introduced in New Zealand II-51
Overstock.com Begins Accepting Bitcoin Payments II-51
RMBTB Shuts Down Trading Operations II-51
TerraHash Declares Insolvency II-51

Ciphrex Unveils Bitcoin Wallet II-52
CoinTerraâ„¢ Unveils GSX Iâ„¢ Bitcoin Mining Card II-52
CoinTerra Introduces Hosting Partnership II-52
CoinTerra Unveils Announces Aggressive Pricing on Bitcoin ASIC
Mining Systems II-52
CoinTerra Unveils TerraMiner IV Bitcoin Mining Rigs II-52

Bitcoin Mining Equipment Manufacturers II-53
CoinTerra (USA) II-53
Butterfly Labs Inc. (USA) II-53
KnCMiner AB (Sweden) II-53
Robocoin Technologies LLC (USA) II-54
Bitcoin Mining Contractors/Services Providers II-54
Cloud Hashing (UK) II-54
E-pickaxe (Argentina) II-54
BitcoinFrenzy (USA) II-54
Byteminr Limited (UK) II-55
Bitcoin Exchanges II-55
ANXBTC (China) II-55
Bitcoincentral (France) II-55
Bitcoinde II-55
Bitcurex (Poland) II-56
Bit2C (Israel) II-56
BTC Markets (Australia) II-56
Bitfinex II-56
BTCChina (China) II-56
Bitstamp Ltd. (UK) II-57
BTC-e (USA) II-57
Campbx (USA) II-57
Digital Future LLC (Poland) II-57
Huobi.com (China) II-57
Justcoin Exchange (Norway) II-58
Kraken (US) II-58
MercadoBitcoin (Brazil) II-58
VirtEx (Canada) II-58
Bitcoin Based Companies (Includes Bitcoin Trading Platforms,
and Payment Processing Companies, Among Others) II-58
BitPay, Inc. (USA) II-58
Coinbase (USA) II-59
Gliph, Inc. (USA) II-59
Coinsetter Inc. (USA) II-59
TruCoin Technologies LLC (USA) II-60
BTCJam (Brazil) II-60

Table 14: 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-61


Total Companies Profiled: 53 (including Divisions/Subsidiaries - 53)

The United States (18)
Canada (2)
Europe (17)
- France (1)
- Germany (1)
- The United Kingdom (6)
- Rest of Europe (9)
Asia-Pacific (Excluding Japan) (10)
Latin America (4)
Africa (1)
Middle East (1)

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