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, according to one tech analyst. In countries like Venezula, there is though already evidence of bitcoin and other cryptocurrencies being used where traditional payment networks have failed. bitcoin, ethereum, ripple) 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." U.S. bank J.P. Morgan last month made waves with the announcement of its private cryptocurrency JPM Coin, designed to rival Ripple's XRP.

Source: Forbes March 04, 2019 09:16 UTC