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Cryptocurrency Bitcoin: Disruption, challenges and opportunities

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  • Raymaekers, Wim

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.

Suggested Citation

  • Raymaekers, Wim, 2015. "Cryptocurrency Bitcoin: Disruption, challenges and opportunities," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 9(1), pages 30-46, March.
    • Handle: RePEc:aza:jpss00:y:2015:v:9:i:1:p:30-46
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    More about this item

    Keywords

    Bitcoin; cryptocurrencies; alternative payment methods; payments;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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