How Bitcoin Can and Will Disrupt the Financial System

The mainstream adoption of bitcoin has started to snowball and many financial institutions have taken note.

In fact, the influence of bitcoin is so strong that a senior Central Bank of Ireland official has gone on record to state that, “virtual and digital currencies can challenge the sovereignty of states.

 Equally as impressive, last month Google and Yahoo added the price of Bitcoin to their finance networks.

That said, what we have seen thus far is likely just the tip of the iceberg.

Many VCs, including Marc Andreessen, believe the future of the blockchain and cryptocurrency to be extremely bright. Bitcoin and altcoins are empowering users by eliminating, or minimizing, many financial intermediaries.

This has the potential to be a massive disruption and opportunity.

Bitcoin is P2P, decentralized, and open source. Hundreds of startups and entrepreneurs are finding new ways to build upon Bitcoin and blockchain technology to create financial service possibilities ranging from escrow to bitcoin based loans.

This tech is even being applied to voting, music distribution, and DNS services.

Worldwide, bitcoin is now accepted by over 100,000 merchants with transactions averaging the equivalent of $78 million per day.

While that is only a fraction of credit card transaction volume, some would say that is why it still such a great opportunity for speculation.

Regards,

Jeff Desjardin
for The Daily Reckoning

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This infographic was originally posted at Visual Capitalist, right here.