One of the main concerns regarding Bitcoin is the current price volatility. As a result, merchants are not keen on denominating prices in Bitcoin value and offer the customer a conversion from fiat value to Bitcoin value during checkout. Once a payment has been received in Bitcoin; it will most likely be converted to fiat currency immediately. But that situation could be about to change, assuming banks will embrace permissionless blockchains.
Current Financial Ecosystem is Hindering Growth
Fintech is one of the hottest topics in the world of finance these days. The financial sector is struggling to innovative and exploring the mobile space seems to be the way forward for the time being. But, to date, there is one inherent flaw with nearly all mobile payment solutions: they rely on aging infrastructure.
Regardless of whether a consumer pays with a credit card directly or links that card to a mobile application to pay for goods and services, the result will be exactly the same. Payments remain subject to an average 3% fee, it will take a long time until balances are settled and there is still a huge risk for fraud and