Bitcoin has the very real potential to disrupt the existing financial system. Take a look at today’s infographic to find out how.
The introductory comments are edited excerpts from an infographic* from Jeff Desjardins (VisualCapitalist.com) entitled How Bitcoin Can and Will Disrupt the Financial System
Further edited excerpts are as follows:
The mainstream adoption of bitcoin has started to snowball and many financial institutions have taken note. In fact, the influence of bitcoin is so strong that a senior Central Bank of Ireland official has gone on record to state that, “virtual and digital currencies can challenge the sovereignty of states.” Equally as impressive, last month Google and Yahoo added the price of Bitcoin to their finance networks.
What we have seen thus far, however, is likely just the tip of the iceberg. Many…believe the future of the blockchain and cryptocurrency to be extremely bright. Bitcoin and altcoins are empowering users by eliminating, or minimizing, many financial intermediaries. This has the potential to be a massive disruption and opportunity.
Bitcoin is P2P, decentralized, and open source. Hundreds of startups and entrepreneurs are finding new ways to build upon Bitcoin and blockchain technology to create financial service possibilities ranging from escrow to bitcoin based loans. This technology is even being applied to voting, music distribution, and DNS services.
Worldwide, bitcoin is now accepted by over 100,000 merchants with transactions averaging the equivalent of $78 million per day. While that is only a fraction of credit card transaction volume, some would say that is why it still [is] such a great opportunity for speculation.
Editor’s Note: The author’s views and conclusions in the above article are unaltered and no personal comments have been included to maintain the integrity of the original post. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.
*http://www.visualcapitalist.com/how-bitcoin-can-and-will-disrupt-financial-system/ (Copyright © 2014 Visual Capitalist | All rights reserved.)
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