Bitcoin is peer-to-peer payment system that introduced as open source software. The payments in system are recorded in a public ledger by using its own unit of account that is called bitcoin. Bitcoins are developed as a reward for processing payment work, in that users provide their computing power to confirm and record payments into public ledger. In addition to this, bitcoins can also be obtained in exchange for fiat products, money and services. Electronically, users can also send and receive bitcoins for an optional transaction fee by using wallet software on a mobile device, personal computer or web application.
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Bitcoin
as a form of payment for services and products has observed growth
and merchants have an incentive to accept the digital currency since
fees are lower than 2–3% normally forced by credit card processors.
The European Banking Authority has informed that bitcoin lacks in
consumer protections. Unlike credit cards, fees are paid by purchaser
not the vendor. Bitcoins can also be stolen and charge backs are
impossible. Commercial use of the bitcoin is presently small as
compared to its use by speculators that has fueled price volatility.
It
is easy to observe a revolutionary change in finance system would
impact the pensions industries and insurance and thus work carried
out by actuaries. However, in the short term, impact of bitcoin is
expected to be much less dramatic. It is feasible to be for small
internet purchases, instead denominating investment and insurance
contracts. In long term, its finite supply means currency would
ultimately be seen as an alternative to gold as a safe investment.
Bitcoin also offers several benefits to organization such as daily
cash outs, low transaction fees, no payment reversals and merchant
tools that exist to simplify experience.
One
of the greatest challenges to entry for consumers is difficulty
related with spending and acquiring bitcoins. Mining is beyond the
technical capabilities of average consumer, so the most accepted way
to acquire currency is to buy existing bitcoins from the other users.
This is done on a several websites, but the process is bulky and slow
as compared to online virtual currency exchanges. However, owning to
the regulatory ambiguity surrounding fledgling currency, banks are
reluctant to do business with the companies that are involved in
bitcoin exchange markets that has undersized the growth of these
services.
In
addition to this, UK-based Company named Elliptic recently declared
that bitcoin balances deposited with them would be insured by
established London underwriter that should dispel some concerns
around theft and loss that have deterred several potential investors.
Growing adoption by merchants and recent steps taken by regulators to
assist bitcoin start-ups to offer legal framework for the currency.
For a technology that has reached its fifth birthday in January this
year, Bitcoin has come a long way.
The
Prudential Regulation Authority is doubtful to advocate holding
bitcoins to back insurance liabilities yet, but if technology
continues to progress at its current rate, the finance industry would
do good to keep an eye on developments to make sure it is not caught
off-guard.
This
research report analyzes this market depending on its market
segments, major geographies, and current market trends. Geographies
analyzed under this research report include
- North America
- Asia Pacific
- Europe
- Rest of the World
This
report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This
report is a complete study of current trends in the market, industry
growth drivers, and restraints. It provides market projections for
the coming years. It includes analysis of recent developments in
technology, Porter’s five force model analysis and detailed
profiles of top industry players. The report also includes a review
of micro and macro factors essential for the existing market players
and new entrants along with detailed value chain analysis.
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