money transfers
Bitcoin’s staggering rise is becoming a threat to the worlds leading payment system providers.
The rise of Bitcoin. Data as of 4th quarter 2013. Click on the image for larger picture. Source The Statistics Portal.
Bitcoin surpassed Western Union in transaction volume in 2013, and is likely to overtake Paypal in 2014.
Where does bitcoin value come from? Lets take a look at 3 elements that are intrinsic to bitcoin’s nature.
Bitcoin as a New Disruptive Technology – VALUE ELEMENT #1
Bitcoin as a currency, as a payment system and as a stock cannot be separated from its nature as a new revolutionary technology.
Leaving technical concepts apart, the bitcoin system provides the base for:
– Transferring money with low or none cost to any place in the world. Global acceptance and distribution!
– Empower people to become their own bank, removing the dependance on financial institutions. Freedom!
– Empower people currently out of the banking system. Democratic!
– Avoid the deflationary effects of traditional currency. Buying power!
– Pay for goods and services while protecting your personal data. Security!
This is the fourth video in our series called “Bitcoin as a Disruptor”.
Ever since people have tried to send money home, perhaps 10,000 years, there have been sharks in the water trying to gobble it up. The same is true today.
Source: World Bitcoin Network
Western Union, Money Gram and others make billions each year off the poor families sending money to even poorer countries. Bitcoin can change that better than any tool the world’s ever seen. With 500 billion sloshing around in the remittance markets, there’s a lot at stack. Further it seems likely the market would be even bigger, perhaps 1 trillion if there were no fees. This is a real game-changer.
This is the second video in our series called “Bitcoin as a Disruptor”. Bitcoin will change the society and the economic playing field. Who is at risk ?
Source: VisionVictory
Banks are at risk !
Banks charge a lot of money for a simple money transfer, banks put more and more restrictions on their clients use of their own money, behaving like they are you parents, etc.
The question is can the banks continue with this kind of behavior in the future?