Bitcoin and cryptocurrencies are often derided for their inadequacies compared to the giant traditional payment systems Visa, Mastercard, and PayPal, but an eventual challenge from bitcoin and crypto to the incumbents is not impossible...
MoffettNathanson analyst Lisa Ellis wrote in a note to clients. BloombergIn the developed world there is currently little benefit to accepting bitcoin or other cryptocurrencies over traditional forms of payment.
The networks that Visa and Mastercard use process thousands of transactions per second, with the capacity to process far more. In comparison, the bitcoin network takes around 10 minutes to confirm a single transaction while ethereum needs some 15 seconds.
“Cryptocurrency systems are potentially disruptive to private payment systems,” Ellis said."Their core design characteristics—which are aimed at enabling ‘freedom of money’—are in direct contrast to the characteristics of most traditional, private payment systems." Meanwhile, banks and payments processors could offset this risk by adopting crypto and blockchain technologies, Ellis advised. U.S. bank J.P. Morgan last month made waves with the announcement of its private cryptocurrency JPM Coin,The bitcoin price rose sharply in 2017 but has since fallen back. Mainstream adoption could send it higher again.
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