We’ve got two feature stories today. The first looks why bitcoin can’t get to first base as a legitimate payments system yet. Our second post is a roundup of the latest blockchain business use cases and trends.
Bitcoin bites as payments platform so far
What’s holding bitcoin back from becoming useful for payments? We’ve got some answers. They include slow speed, inconsistent fees and a lack of consumer demand putting pressure on merchants to accept bitcoin at this early stage of development.
At present, analysts estimate 300,000 bitcoin transactions can be completed in 10 minutes. By comparison, Visa can handle up to 56,000 transactions per second. So, bitcoin has a bit of a challenge when it comes to transaction processing speed.
There’s lots more bitcoin payments insight in today’s post.
Blockchain is busting out
Meanwhile, the blockchain technology behind bitcoin is having much bigger success in gaining acceptance. Blockchain business cases are popping up in many industries and experts expect many Innovations and disruption as new tools enable simpler and faster application of blockchain technology by developers.
Our blockchain post looks at efforts by Karma to build a peer-to-peer lending platform for SMEs challenged to find banking services in developing countries. The city of Tokyo has a new blockchain startup accelerator project. The CEO of China Renaissance says blockchain technology has great potential in China despite recent bands of bitcoin and ICOs. And, jaguar Land Rover’s venture capital group has $6 million in new ICO funding to innovate in the automotive sector.
Check out the latest blockchain technology and bitcoin posts on PaymentsNEXT. Subscribing at the top of the page also gets you daily business intelligence you can use, directly in your inbox.
Bitcoin as payment system? Not so much
When bitcoin was first created, the vision was it would soon become a currency and be used for payments or exchanging value. Just like other money, except better, faster and cheaper. The reality is it’s become more of an investment vehicle and has yet to show real promise as a payment system. We’ve got some answers why. Via paymentsnext.com
Blockchain business cases breaking out everywhere
Blockchain technology is everywhere in the business, banking and technology news. It’s not surprising given the advantages of the core technology originally used to create bitcoin and other cryptocurrencies. What’s surprising is the rapid pace of testing and adoption as the blockchain business cases grow in number, and in a wide range of applications. Via paymentsnext.com
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