Jon Matonis on The Elephant in the Payments Room:

The latest article by columnist and Bitcoin Foundation board member Jon Matonis (@JonMatonis) is on how Bitcoin is the only real disruptive technology in the payments space but is disruptive in a way that others might be missing.  Excerpts:

“We are witnessing something unique in money and payments.  For those that do invest and successfully navigate the potential traps, the reward is a first-mover advantage for a new international monetary unit.”
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Here’s the important part. Disruption in the unit of account is the way to disrupt the payments space.”
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“With a nonpolitical monetary unit, many new possibilities become apparent structurally that would not have been contemplated before, such as: peer-to-peer mobile applications that don’t require permission from legacy transaction carriers; global remittances that don’t require high-fee currency conversion; merchant categories that are no longer disallowed due to fraud and chargeback risk; and merchant reach into countries that are not even on the map for Visa, MasterCard or PayPal.”
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“Disruptive technology disrupts. That is its mission. It annihilates any substandard process or product in its path and it originates outside of the established paradigm. You don’t see it coming.”
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“A payments startup that ignores Bitcoin in its strategic plan is like a publisher ignoring the Web in 1999. Certainly, innovators can design routes around Bitcoin and established players can dismiss it as insignificant, but that won’t make the elephant go away.”

 - http://bit.ly/17tznX5
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http://bitcointalk.org/index.php?topic=191021.0 (Further discussion of the article)

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