Reportlinker, a market research solution company, announced on Wednesday its new research on cryptocurrency, Bitcoin.
The company shared:
“Bitcoin is the first successful digital currency. Its success lies in its ability to create consensus for a transaction database, a blockchain, between a large number of independent sources, or nodes. Bitcoin has a number of unique and powerful properties. Envisioned by Satoshi Nakamoto, Bitcoin’s consensus allows transaction between mutually unknown actors without the need for a central authority such as a bank, remittance, or market platform provider, such as Airbnb or Uber. Bitcoin is the first killer application for blockchain technology in the same way email was the first ‘killer application’ for the Internet. This Market Insight provides an overview of Bitcoin, its potential use cases, and its current challenges.”
Reportlinker’s research methodology of Bitcoin include:
Identification of Bitcoin Application Stack
- The Frost Sullivan ICT team drew up the Bitcoin development project and generated a model which encompassed all its component parts.
- Different projects on the Bitcoin blockchain were considered and divided into component parts.
- The fundamental workings of Bitcoin were extracted into pieces.