Time will tell if Bitcoins take hold, disappear or remain on the fringes forever. Supporters believe that Bitcoins enable easier, safer and faster exchange of money using modern technology. They like that Bitcoins can allow a financial transaction between parties without a central institution, just relying on a network of computers at lower friction costs. Many like its concept of a universal and an open ledger. Detractors point to the lack of state and institutional support as a major stumbling block, while others think it is a bubble that will crash. There are questions about its scalability and stability as well.
Irrespective of what happens in the future, the phenomenon of Bitcoins makes one think if we really have exploited the Internet as much as we think we have. There have been many innovations in financial services using the Internet in the last couple of decades. Yet, the advent of Bitcoins with new digital actors and roles that neglect banks and clearing houses shows how many components of our monetary infrastructure are still replicas of edifices built primarily for a brick and mortar world. It also shows that large and fundamental innovations using internet are still possible with the Internet, if we are willing to challenge some basic premises. What other areas come to your mind where we have transposed onto the internet processes and systems that were built for a physical world, ones that are candidates for a second look on how we do things?
Read Complimentary Relevant Research
Predicts 2017: Artificial Intelligence
Artificial intelligence is changing the way in which organizations innovate and communicate their processes, products and services. Practical...
View Relevant Webinars
The BI & Analytics Challenge for T&SPs: Major Disruptions on the Way
From artificial intelligence (AI) to machine learning to smart data discovery, the BI market is once again going through a major transformation...
Comments or opinions expressed on this blog are those of the individual contributors only, and do not necessarily represent the views of Gartner, Inc. or its management. Readers may copy and redistribute blog postings on other blogs, or otherwise for private, non-commercial or journalistic purposes, with attribution to Gartner. This content may not be used for any other purposes in any other formats or media. The content on this blog is provided on an "as-is" basis. Gartner shall not be liable for any damages whatsoever arising out of the content or use of this blog.