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
AcademiaUniversities 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.
AssociationsTrade 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 GroupsNon-profit groups who provide research and education on Cryptocurrencies. For example Bitcoin Foundation and Coin Center.
CustomersPeople who buy goods using Bitcoin.
Bitcoin ATMsProviders of BTMs which are modelled after the ATMs (or cash machines).
Bitcoin DevelopersThe developers of the core code.
FreelancersA 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 bloggersOwners of websites dedicated to Cryptocurrencies, along with social media influencers and coin fan sites.
InvestorsPeople and organizations that invest in Bitcoin with the expectation of gaining a profit.
Bitcoin LendersUsers of peer to peer Bitcoin lending sites who lend Bitcoins for an agreed interest rate. For example see Bitbond.
MerchantsBusinesses that accept or use Bitcoin.
MinersIndividuals, 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 providersProviders of mining hardware, for example Bitmain.
Mining PoolsMiners work together in a pool sharing block rewards among the miners. Examples are AntPool and BitFury Pool
Research and Development initiativesGroups involved in research and development of the Blockchain for example IC3 The Initiative For CryptoCurrencies & Contracts
SpeculatorsShort term investors in Bitcoin who take larger risks in the hope of quick gains.
Tax regulatorsE.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.
TradersThose who buy and sell Bitcoin as agents, hedgers or speculators.
Government TreasuriesE.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.
WalletsProviders 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)
Bitcoin Stakeholders – references and further readingCoindesk. March 2015. What is Bitcoin? [online] Available at: www.coindesk.com/information/what-is-bitcoin/ [Accessed 26 June 2017].
Cryptoseasy.com. March 2021. Crypto is easy! [online] Available at: Why you need Cryptocurrency [Accessed 06 March 2021]
Projectmanagement.com. April 2017. Cryptocurrencies. [online] Available at: https://www.projectmanagement.com/webinars/366616/Cryptocurrencies [Accessed 26 June 2017].
Coursera. 2017. Bitcoin Lecture 38 – Stakeholders: Who's in Charge? [online] Available at: https://www.coursera.org/learn/cryptocurrency/lecture/KmHZA/stakeholders-whos-in-charge [Accessed 26 June 2017].
Investopedia. June 2017. What is Bitcoin Mining? [online] Available at: www.investopedia.com/articles/investing/043014/what-bitcoin-mining.asp [Accessed 26 June 2017].
IC3. 2017. The Initiative For CryptoCurrencies & Contracts [online] Available at: www.initc3.org/about.html [Accessed 26 June 2017].
Coinbase - a Bitcoin wallet "the world's most popular way to buy and sell bitcoin, ethereum, and litecoin."
Bitbond - lending Bitcoin. Peer to Peer lending. A relatively new option for financing small projects e.g. business start-ups.