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Digital Currencies: The Future of Payments?

  • March 2015
  • 31 pages
  • GlobalData
Report ID: 3375745

Summary

Table of Contents

Summary
Digital currencies - particularly bitcoin - have vast disruptive potential in payments. These currencies have their weaknesses, but even if bitcoin itself never becomes popular, the technology that underpins it will change financial services entirely in the longer term.


Synopsis
- Gain an understanding of the key aspects of how digital currencies such as bitcoin function, and their strengths and weaknesses.
- Learn what is being done with digital currencies currently, and how these implementations may be improved upon.
- Benefit from a strategic view of this emerging market, with a focus on how banks and payment providers should respond.

Reasons To Buy
- What are digital currencies, and what impact might they have on your business?
- How do digital currencies work and what benefits can they offer?
- Can digital currencies be adopted by financial institutions, and is it worth doing so?
- What action, if any, needs to be taken to remain relevant in the changing market?
- What are the challenges facing digital currencies, and how might they be overcome?

Key Highlights
Bitcoin can offer faster and cheaper domestic and - most significantly - international payment services than the majority of alternatives in the market, threatening to displace the incumbents.

Bitcoin has numerous weaknesses including the diminishing returns of the mining system, its complex security requirements, its volatility as a currency, and the lack of regulation in the market.

Blockchain technology is the most important aspect of bitcoin and other cryptocurrencies, and can be adapted to numerous purposes both within financial services and in the wider technology market. Within the payments market, blockchain technology offers banks advantages in terms of speed, cost, and transparency.

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