Financial institutions have a vested interest in adopting bitcoin, which has a number of attractive characteristics when compared with other currencies such a fixed money supply, being not government mandated, fast, digital, cheap and decentralized, according to Daniel Lipshitz, CEO and founder of GAP600.
“I do not subscribe that bitcoin will replace existing money systems, but it will become part of the financial landscape and add value,” Lipshitz told CoinJournal. “It will potentially change dramatically the financial and economic landscapes.”
“There is a massive opportunity for a financial institution to lead this process [of adopting bitcoin]. Currently, the players are trying to recreate bitcoin by controlling their own blockchain. I think there is a massive gap for players to embrace bitcoin and have the advantage by being ahead of the pack.”
But for bitcoin to gain mainstream acceptance, there are a number of challenges to overcome, Lipshitz said. One of these challenges is the bitcoin confirmation time, which Lipshitz has set to solve in the beginning of 2015