Is Bitcoin Disruptive Innovation?
It is well known that the increase of the cryptocurrency, Bitcoin has made remarkable changes to the banking industry, but are those changes so remarkable that they were disruptive? Bitcoin would probably be an example of new-market disruption because although there are already monetary products available, the nature of the game is changed to be something intangible. There are also some concerns due to the authenticated cryptology that is used in the transactions, specifically the ability to ask for a refund in the case of fraud. Additionally, the places that accept Bitcoin is very low compared to traditional stores. This creates a barrier to entry due to the need for an increased knowledge of the technology related to the cryptocurrency. I do not believe that Bitcoin is a true example of disruptive innovation, but I do believe that with the addition of block-chain technology, the banking industry could be changed. Is Bitcoin disruptive innovation? Will block-chain technology change how we view the banking industry? Will Bitcoin overtake the banking industry or not due to barriers to entry?