Why Bitcoin's Biggest Impact Will Be On The Legacy Payments System

People often discuss Bitcoin in terms of its price volatility: Is it up or down? Is it a good investment or a speculative bubble? But where Bitcoin’s real value lies is as a payments technology that has the potential to revolutionise the legacy payments industry.

Bitcoin offers merchant and individuals an extremely low-cost, virtually frictionless payments system. Value can easily be transferred around the world without forcing merchants to pay extortionate transaction fees.

In a recent report from BI Intelligence, we explain how Bitcoin works, from the moment when local currency is exchanged for bitcoins, to the moment when it reaches the electronic wallet of a receiving party. We look at the key advantages of Bitcoin compared to the legacy players in the payments industry and examine the challenges that Bitcoin faces as a payment network.

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Here are some of the key elements from the report:

In full, the report:

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