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Cryptocurrency Bitcoin: Disruption, challenges and opportunities
Journal of Payments Strategy & Systems,
9
(1),
30-46
(2015)
Abstract
Cryptocurrencies such as Bitcoin are a hot topic in the financial industry. Looking specifically at the purpose of cryptocurrencies for making payments, this paper aims to illustrate (1) the key challenges that cryptocurrencies must overcome to achieve widespread customer adoption, (2) the major risks regarding cryptocurrencies, when and how cryptocurrencies and their service providers will be regulated, (3) in their current state, what are the killer apps for cryptocurrencies, and (4) the more fundamental issues cryptocurrencies must address. In conclusion, while Bitcoin may not replace traditional and new payment methods to become a dominant alternative in the short term, banks should look at its underlying technology as a potential generic new way to transfer ownership of value in the longer term.
Keywords: Bitcoin; cryptocurrencies; alternative payment methods; payments
The full article is available to subscribers to the journal.
Author's Biography
Wim Raymaekers is Global Head of Banking Market at SWIFT, where he leads banking initiatives worldwide and is responsible for developing and driving value propositions across the banking community. In this capacity, his mission is to help banks grow their business in view of evolving customer needs, technology innovations and market requirements. Most recently, Wim is leading SWIFT’s global payments innovation (gpi) initiative.
