21 Jan 2014 / Forbes – Bitcoin has the potential to revolutionize the financial sector said the Montreal Economic Institute (MEI) in its latest economic research report.
The institute, an independent, non-partisan and non-profit research organization, released a report about bitcoin Jan. 15 and has now become the latest organization to highlight the cryptocurrency’s prospects in what has become a rapidly expanding sector.
David Descôteaux, associate researcher at the MEI and author of the report, said in an interview with Kitco News, that bitcoin has the potential to completely change the financial service sector.
Descôteaux said bitcoin is already seen as a revolutionary payment transfer system and it is growing in popularity because of low transaction fees, a major issue especially in developing nations.
“The use of bitcoins therefore has the potential to improve the supply of financial services insofar as transaction fees remain low and confirmation delays for these transactions remain short,” he wrote in the MEI report.
Bitcoin gained a lot of attention in the last few months as its value skyrocketed; on Nov. 29, the price of a single bitcoin hit an all time high of $1,242. The price of bitcoin has come down significantly and is now trading around $817….. Read more
