Adapting the best of bitcoin's innovation to the payments ecosystem
Bitcoin, the most popular virtual currency in the market today, continues to draw significant buzz. The technology behind the currency is genuinely revolutionary. It is at the forefront of a new world for payment systems around the world. However, despite the excitement and hype surrounding its introduction to the marketplace, bitcoin suffers from some significant and legitimate drawbacks that may permanently limit its adoption in the mainstream economy. While some see potential for bitcoin to form the foundation for a robust and secure electronic fiat currency, adjustments will need to be made for the currency to gain widespread usage.
The marketplace opportunites for cryptocurrencies
Bitcoin and other cryptocurrencies face a marketplace that is ripe for disruption. The payment systems in the US and the rest of the world are in dire need of overhaul. Many of today's payment systems are considered slow, error prone and expensive realtive to performance in other high-tech industries. Cryptocurrencies are a strong option to help deliver outcomes while doing so cheaply and conveniently, but there are some challenges to overcome first.