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Bitcoin and
Payment InnovationKurt Thams
@thams
Visible because of huge growth
Appreciated 36,000 percent in 2.5 years
Total value of coins: $1.2 billion
Open systems are attractive
Precisely because they are open
First wave of systems restate the functions of fiat money
Currency Exchanges
Securities Markets
Gambling Facilities
Second wave is infrastructure
Online Merchant Services
Vaults
Other security measures
Where would Bitcoin thrive first?
Where other payment infrastructure is lacking
Where money controls or debasement hinder commerce
Will Bitcoin be adopted?
Will it take root quickly enough to gain traction?
Payment System Taxonomy
Push or Pull?
Real-time?
Anonymous?
What is the trust model?
Bitcoin is:
Push
Real-time
Semi-anonymous
No trusted parties
Two-sides problem
Merchants needs payers or they won’t participate
Payers need merchants or they won’t participate
What happens when:
Payments are nearly-free?
Payments are irreversible?
Payments are instant?
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