[heading]What Innovation Looks Like[/heading]
With commercial banks now hiring analysts to determine what exactly the market of Bitcoin means, there is growing understanding that the future of finance is here.
While at the same time Bitcoin poses numerous threats to the current banking system, it also provides numerous opportunities.
The banking community, despite its limited interest, still lags behind entrepreneurs, investors and journalists at accepting the implications of Bitcoin.
Those who have looked into Bitcoin readily believe that Bitcoin represents a new banking paradigm.
“Bitcoin is the most disruptive thing to happen to financial systems for decades,” says Nick Shalek of Ribbit Capital.
Bitcoin is new. This means greater potential for innovation. Rules can be created within the Bitcoin framework enabling two seperate organizations to stipulate that certain funds can only be accessed by each party together – that is, a Bitcoin trustee agreement.
“Bitcoin will eliminate many of those hurdles that are only there to create economic activity where there isn’t a real need for it,” he says