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Bitcoin: The revolution of the payment system?

Author

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  • Wonglimpiyarat, Jarunee

    (Thammasat University, Thailand)

Abstract

This paper discusses whether Bitcoin could revolutionise our payment system and replace our cash-based society. The analysis, in an attempt to understand the process of technological change, is based on the technology S-curve. This paper discusses the problems that hinder Bitcoin’s achieving wide adoption, as it has not been well received by international government central banks. Interestingly, the swing of S-curves is not strong enough to cause a paradigm shift. The results have shown parallel S-curve trajectories of electronic money innovations, signifying a move from a cash-based economy toward a less cash-based society. The paper provides useful information to support the diffusion of Bitcoin innovation.

Suggested Citation

  • Wonglimpiyarat, Jarunee, 2016. "Bitcoin: The revolution of the payment system?," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 9(4), pages 230-240, January.
    • Handle: RePEc:aza:jpss00:y:2016:v:9:i:4:p:230-240
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    Cited by:

    1. Adheesh Budree & Tawika Nkosana Nyathi, 2023. "Can Cryptocurrency Be a Payment Method in a Developing Economy?: The Case of Bitcoin in South Africa," Journal of Electronic Commerce in Organizations (JECO), IGI Global, vol. 21(1), pages 1-21, January.

    More about this item

    Keywords

    revolution; Bitcoin; cashless; payment system; S-curves;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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