Bitcoin Could Disrupt Traditional Banking Globally

Abstract

Bitcoin is a virtual currency that has risen from virtual anonymity in 2009 to occupy a high profile position following extensive media coverage during the last twelve months. This media coverage has been partly the reason for the meteoric rise in the value of the currency to over $1,000 dollars. However, despite all the speculative trading of Bitcoins on the global exchanges, there appears to be a robust technology platform emerging in the form of a payment network offering cheaper and faster money transfer than any other options currently in existence. By combining Bitcoins with NFC (near field communication) – enabled smart phones, it is possible to create a new low-cost financial system that will eliminate the need for credit cards and bank accounts.