As Bitcoin continues its unprecedented growth, passing the $19,000 mark at the end of 2017, a growing sector built on servicing it is emerging. Bitcoin ATM’s, wallets, exchanges and marketplaces are rapidly growing to keep up with cryptocurrency demand. These new FinTech firms are some of the marketplace’s newest companies, but, in many cases, are finding large capital investments from angel investors and venture capitalists alike. It seems like everyone is looking to cash in on Bitcoin’s new-found market adoption and notoriety. Here are some of the FinTech sectors that Bitcoin has single handedly created.
Wallets & Exchanges
The wallets that are used to keep track of Bitcoin passwords and Bitcoin portfolios owe its invention to Bitcoin. These wallets, in effect, act as Bitcoin bank accounts and are how people keep track of their Bitcoin holdings and manage their blockchain assets. Coinbase, Samourai Wallet and Mycelium are top Bitcoin wallets that service the growing Bitcoin-created industry. Currently, over 5.8 million users have digital wallets, and the usership and adoption numbers are growing daily.
Bitcoin exchanges operate similarly to conventional stock or currency exchanges and allow Bitcoin users to convert Bitcoin to and from a variety of fiat currencies. These exchanges are becoming more and more a staple of the online currency and investment markets and are creating revenue from matching Bitcoin buyers to sellers. Some exchanges have even begun servicing other less popular cryptocurrencies and are available in most major cities worldwide.
Bitcoin ATM’s
Another key business that is helping to fuel the Bitcoin boom is the growing network of Bitcoin ATMs. Without a way of withdrawing Bitcoin and converting it into usable local currency, Bitcoin would have remained online. Bitcoin ATMs allow for Bitcoin users to convert their Bitcoin for local currencies from familiar interfaces and have sprung up in over 55 countries to date. According to data, 2,393 Bitcoin ATMs exists currently as of March 2018. However, top providers are already looking at expanding their networks into new regions and territories. Top Bitcoin ATM operators are currently Genesis Coin, with 48.5% of market share, and General Bytes, with 19.74% of market share. Currently, North America has 75% of the world’s Bitcoin ATMs, however, that is rapidly changing due to market and sector expansion in Japan, Canada and India.
Other CryptoCurrencies
As Bitcoin’s popularity and credibility grows, many other similar crypto-currencies have emerged to give investors a choice in where they store their capital online. Fueled by a growing market for Bitcoin, other digital coins, including Ethereum and BitcoinCash, have been gaining more and more popularity. Ethereum, sometimes referred to as Bitcoin’s “little brother”, currently has a market cap of nearly $30 billion USD and is a financial digital powerhouse of its own, Ethereum is a great alternative for those looking to cash in on blockchain technology at a fraction of the entry point to the Bitcoin market, as it trades for approximately 1/10 – 1/15th the price. This is yet another example of FinTech being, at the very least, highly influenced by Bitcoin’s rise.
With Bitcoins market cap well over $140 billion USD, which is higher than the GDP of countries like Ukraine ($93.27 Billion GDP), the Bitcoin revolution can’t be ignored. Not only is Bitcoin exceeding the financial sector’s projections for it, but it is creating brand new FinTech sectors in its wake. The newest generation of FinTech is Bitcoin-inspired or facilitating, and is the beginning of an entirely new financial industry based around Bitcoin and blockchain technology.
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Disclaimer: This is a guest post by Josh Wardini. It is not an investment advice and should NOT be viewed as project endorsement by EtherWorld. Readers are suggested to do their research before investing into any project.
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