Disrupting the Banking System with Blockchain Technology: The Case of Bitcoin
8 Pages Posted: 18 Feb 2021
Date Written: December 18, 2020
Abstract
Bitcoin cryptocurrency appears to be a vital disruptive innovation that will transform the financial system. But the concern is the possibility of its wider acceptance and sustainability in the market. Due to several misconceptions about bitcoin and other cryptocurrencies, it is unclear to most people and businesses if they are secured and legal to use. This raises the question of if bitcoin can stand the test of time to come. Interestingly, a critical review of related articles, papers and journals have given staunch indications that bitcoin and its sister cryptocurrencies are the future. This is evidenced by the increasing number of accounts and transactions carried out by individuals and businesses today. However, there is a need to conduct more extensive academic research about bitcoin for accurate predictions regarding its future global adoption.
Keywords: Disruptive Innovation, Sustaining Innovation, Blockchain, Cryptocurrency, Bitcoin.
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