Bitcoin Stakeholders

byTam M. | reviewed 06/03/2021

A word cloud of the stakeholders involved in BitCoin projects. In the center of the image is a large 'B' beneath which is written 'Bitcoin Stakeholders'

Bitcoin and other Cryptocurrencies are growing rapidly. In April 2017 Cryptocurrencies exceeded the annual GDP of 60% of the countries in the World. Bitcoin is a digital currency created and stored electronically. Bitcoin is not controlled by any nation or bank and are not printed like conventional currencies. Bitcoins are created by a process called mining - computers or mining equipment create coins by solving complex mathematical problems.

Download this list of Bitcoin Stakeholders

Bitcoin and Cryptocurrencies will be and are relevant to project and stakeholder management. From projects to create mining hardware and innovative uses of Blockchain technologly to Bitcoin being used as a method to fund project delivery. In April 2017 projectmanagement.com held a webinar on Cryptocurrencies stating that:

"projects that…. Involve Cryptocurrencies will grow dramatically over the next several years. This webinar will…. prepare the PMs for the challenge of managing these projects"

This is a list of the typical stakeholders that are involved in Bitcoin, feel free to use it as a checklist to start your stakeholder analysis. This list is a work in progress and I expect the list will develop as the use of digital currencies evolves.

List of Stakeholders in Bitcoin

Academia

Universities that have set up centers to research and support the growth of Bitcoin, for example MIT's Digital Currency Initiative (DCI), which supports bitcoin core developers. See also Research and Development Initiatives.

Associations

Trade and industry associations that represent companies that use the technology underlying bitcoin (Blockchain). For example UK Digital Currency Association (UKDCA) and Australian Digital Currency Commerce Association (ADCCA).

Bitcoin Advocacy Groups

Non-profit groups who provide research and education on Cryptocurrencies. For example Bitcoin Foundation and Coin Center.

Customers

People who buy goods using Bitcoin.

Bitcoin ATMs

Providers of BTMs which are modelled after the ATMs (or cash machines).

Bitcoin Developers

The developers of the core code.

Freelancers

A growing group of people who prefer to be paid in Bitcoin. They may be in full-time employment or take gigs or contracts via Bitcoin freelancer job sites.

Influencers, fan sites and bloggers

Owners of websites dedicated to Cryptocurrencies, along with social media influencers and coin fan sites.

Investors

People and organizations that invest in Bitcoin with the expectation of gaining a profit.

Bitcoin Lenders

Users of peer to peer Bitcoin lending sites who lend Bitcoins for an agreed interest rate. For example see Bitbond.

Merchants

Businesses that accept or use Bitcoin.

Miners

Individuals, groups and companies who provide computer power to mine and record the transactions within the Blockchain. They receive mining rewards (Bitcoins) in exchange for the resources they provide.

Mining Hardware providers

Providers of mining hardware, for example Bitmain.

Mining Pools

Miners work together in a pool sharing block rewards among the miners. Examples are AntPool and BitFury Pool

Research and Development initiatives

Groups involved in research and development of the Blockchain for example IC3 The Initiative For CryptoCurrencies & Contracts

Speculators

Short term investors in Bitcoin who take larger risks in the hope of quick gains.

Tax regulators

E.g. IRS – country tax collection departments are interested in Bitcoin in relation to tax obligations for example the IRS has said that income from mining could constitute self-employment income and therefore be subject to tax.

Traders

Those who buy and sell Bitcoin as agents, hedgers or speculators.

Government Treasuries

E.g. U.S. Treasury – Bitcoin is not controlled or backed by any institution or country as such treasuries are making decisions on the status of stakeholders involved in Bitcoin. For example the status of miner as Money Transmitters.

Wallets

Providers of Bitcoin wallets for example Coinbase, Blockchain.info or StrongCoin.

Download this Bitcoin Stakeholder List

PDF download - List of Stakeholders in Bitcoin (PDF)

Excel download - List of Stakeholders in Bitcoin (xlsx)