Bitcoin Could Change the Future According to Goldman Sachs Analysts.The equity research analysts at Goldman Sachs have come up with the conclusion that cryptocurrencies like bitcoin are a megatrend that has the potential to change the fundamental principles and dynamics of transactions in the future.If bitcoin is couple with state of the art security, then the day we see revolutionary changes in the payment ecosystem will not be too far ahead in the future according to the report.
The report states that other factors that will contribute to the disruption in the $1.2 billion payment ecosystem is the converging trends in regulation, global demographics and growth of markets outside the borders of the United States.The report highlights that Africa and Asia are the best markets opportunities for cryptocurrencies such as bitcoin.Here are some words from the report itself, “Innovations in network technology and cryptography could change the speed and mechanics of moving money”.
This report from Goldman Sachs has been published very recently and has been titled, “The Future of Finance: Redefining The Way We Pay in the Next Decade.”James Schneider and SK Prasad Borra are co-authors of this report. They are both employed as payment analysts in the research division of the internationally acclaimed bank.According to these analysts, bitcoin will send out waves throughout the payment ecosystem by streamlining transfer of assets and eluding the authority of a central governing body.They believe that this move will be highly beneficial for some of the large companies such as the merchants, as they will be rewarded with savings on payment costs.
On the flipside, there will be certain firms that will suffer from the disadvantages of a boom in the Bitcoin following. These companies are likely to be the ones that are involved in traditional money transfers and will naturally include the likes of Western Union, Moneygram and Xoom.According to the report, Coinbase, BitPay and Ripple Labs have been named as the leaders among all the cryptocurrency companies.The report also discusses the effects of Bitcoin in the field of consumer to consumer payments.
Each and every single payment that is made between customers is a part of this market.The report further goes on to say that Bitcoin may change the landscape of global remittances. Bitcoin may have a lot to offer for people who opt for cash to initiate the transfer process. The report cites Bitspark as an example of a firm that is currently facilitating cash deposit funds among its customers.
This eliminates the need to have a bank account, which can be a hassle for many people especially those in rural and underprivileged areas of the world. Bitspark completes the transfer by converting the cash into bitcoin.Another notable piece of information from the report is about how The Ripple network could become a big player in the world of small banks. It has the potential to serve as a Bitcoin alternative, and hence capture the attention of the small banks.The report talks about how Ripple’s collaboration with banks like Fidor proves that institutions can carry out international money transfers without the assistance or authorization of large banking partners.
