In a study conducted by Juniper Research, the organization has concluded that there will be more than five million active Bitcoin users by 2019. It is the first industry analyst house to assess the activities and opportunities in the fast-moving crypto-currency space. The study investigates the development of the ecosystems that have evolved around crypto-currencies.
According to their release of the report the study has tried to understand the emergence of services targeting niches ranging from derivatives trading to online gambling. Additionally, as the report says that the user base will continue to grow yet the mainstream adoption will face significant headwinds, the study does not so a lot of optimism.
Talking to media professionals Windsor Holden, head of forecasting and consultancy at Juniper, said that to his mind there are far more pressing needs for the retailers, there are so many other payment options emerging. He is of the view that it is not a key differentiator for a retailer that anyone offers Bitcoin-it’s not going to be a unique selling point.
The study has tried to analyze the challenges Bitcoin and altcoin face as stakeholders seek to establish them as a retail payment mechanism. According to the researchers they aimed to study and highlight the likely impact of proposed regulation on the sector and consider the opportunities for crypto-currency beyond direct payment.
Apart from studying the potential role of Bitcoin in transaction settlement, the study by Juniper also includes heat map-based assessment of the relative capabilities and capacities of 13 key industry stakeholders allied to a vendor positioning matrix. The group also studies forecasts for Bitcoin and altcoin user numbers, usage levels, transaction volumes and transaction values.
The Five Million Active Bitcoin Users is Still Less, Comparatively
Least but not the last, the Juniper Research has gathered invaluable insights from interviews with the leading players across the crypto-currency industry, including BitMEX, Bitnet, BitPay, Coingaming, GoCoin, Polycoin and Ripple. Nonetheless, Windsor Holden predicts that Bitcoin’s active user base will rise to about 4.7 million by 2019 from about 1.3 million in 2014.
This figure alone is an indicative of the fact that in the next couple of years Bitcoin is expected to reach to a wide range of people despite all hurdles being imposed by the governments around the world. However, though several big-name retailers have begun accepting the fledgling digital currency, its user base and transaction volume is still less, comparatively.
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