Bitcoin: The Napster of Finance

Report Summary

Bitcoin: The Napster of Finance

Bitcoin challenges the way money moves on the Internet and proposes there is a better way.

Boston, December 18, 2014 – When controversial music-sharing service Napster stepped onto the scene in late 1998, it was arguably the first iteration of a digital content platform that was followed by the likes of Apple, Amazon, and Google, all of which legitimized digital content platforms for mainstream consumption. Likewise, although many see bitcoin as nothing more than a passing fad, the cryptocurrency could lay the groundwork for legitimizing cryptofinance in the financial services industry. 

Based on Aite Group interviews with bitcoin stakeholders, enablers, merchants, banks, and regulators, this research explains the basics of bitcoin, examines the ongoing evolution of cryptocurrencies, discusses platforms that have learned from bitcoin's downsides, and notes the continuation of criminal controversy surrounding bitcoin.

This 29-page Impact Note contains eight figures and three tables. Clients of Aite Group's Wholesale Banking & Payments or Retail Banking & Payments service can download this report.

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