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“Bitcoin is the end of traditional payment systems,” word of Lisa Ellis
“Bitcoin is the end of traditional payment systems,” word of Lisa Ellis
Bitcoin

“Bitcoin is the end of traditional payment systems,” word of Lisa Ellis

By Amelia Tomasicchio - 4 Mar 2019

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According to a recent interview conducted by Bloomberg with the MoffettNathanson analyst Lisa Ellis, using bitcoin as a payment method has something incredible about it:

“Why would I ever buy coffee with bitcoin? But it could eventually happen, as ludicrous as it may sound”.

Therefore, Visa, PayPal and Mastercard should keep an eye on bitcoin because it could lead to the end of traditional payment systems.

Ellis explains:

“Cryptocurrency systems (e.g. bitcoin, ethereum, ripple) are potentially disruptive to private payment systems. Their core design characteristics—which are aimed at enabling ‘freedom of money’—are in direct contrast to the characteristics of most traditional, private payment systems” 

For this very reason, again during the Bloomberg interview, Ellis suggests:

banks and payments processors could offset this risk by adopting crypto and blockchain technologies“.

Hence, the giants of the payment system should keep up to date and adopt new technologies, otherwise, they could disappear.

JP Morgan knows this well, that’s why they recently created a blockchain team and developed the JPM Coin, with the aim of starting to use crypto at least within the banking system itself in order to speed up transactions and cut costs.

 

Amelia Tomasicchio
Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for Cointelegraph and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist. She is also a marketing teacher at Digital Coach in Milan and she is about to publish her first book about Blockchain Marketing.

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