NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Payment Industry Doesn’t Have to Worry About Bitcoin: Citigroup

Gautham
Gautham
4 years ago
2 mins read
citigroup

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The rise in Bitcoin adoption and companies offering Bitcoin-based payment products is not going to affect the conventional payments industry anytime soon. The leading players in payments industry will continue to enjoy their dominance, states a recent report by Citigroup.

The report, released a couple of days ago analyzes both payments industry and the digital currency industry to conclude that Bitcoin is not a threat to the likes of MasterCard and Visa. However, the report does not dispute the fact that the use of blockchain technology will open up markets for financial services, helping them reach new customers.

Bitcoin and Existing Payment Solutions

Bitcoin currently has a market capitalization of over $10.8 billion, making it strong enough to be taken seriously by the banking and financial services industry. Many banks and financial companies consider the digital currency to be a threat. However, the current state of bitcoin payments leaves much to be desired. The Citigroup considers Bitcoin to be a successful proof of concept for decentralized peer-to-peer fund transfer and payments network. According to the report, the only benefit offered by the Bitcoin network over existing payments solutions is anonymity (let’s make it clear that bitcoin transactions are pseudonymous at best).

While Citigroup dismisses bitcoin and other cryptocurrencies by saying it doesn’t see any potential for disruption, it states that the digital currencies issued by central banks may change the whole payments industry. However, there is no indication of any central bank issuing digital currency any time soon.

The report also touches upon the role of bitcoin in remittance. Bitcoin is known to offer a faster and much cheaper mode of remittance compared to conventional remittance services. But Citi lists last mile delivery as an issue as the conversion of bitcoin to fiat currency may turn out to be costly for recipients and remittance companies transmitting fiat in the form of digital currency over Bitcoin network.

Even though the Citi analysts state that the digital currency and digital currency based financial services companies are not a threat to the traditional ways, they acknowledge few rising startups in the sector which have already made a name for themselves. The business models adopted by Circle, BitPesa and Abra are also discussed in detail in the report.

It is also worth noting that Citigroup is also heavily invested in Blockchain technology. The financial giant is part of the R3CEV led international banking consortium for blockchain technology.

Image: AOL

Tweet123Share196ShareSend
Gautham
Gautham

Gautham

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Ethereum

Ethereum Indecision Masks A Bullish Setup – Here’s Why BTC Holds The Key

CRYPTOWZRD, in his latest update on X, highlighted Ethereum‘s indecisive close, suggesting the market is still searching for clear direction....

Godspower Owie 3 hours ago
Bitcoin

Here’s What Will Happen If The Bitcoin Price Can Manage A Clean Break Above $108,500

A crypto analyst has forecasted a powerful Wave 3 Bitcoin price rally that could take it toward new all-time highs...

Scott Matherson 4 hours ago
gamestop-inspired-a-lingerie-mma-league-to-buy-bitcoin-subbd-token-soars

GameStop Inspired a Lingerie MMA League to Buy Bitcoin: SUBBD Token Soars?

Shaun Donelly knows a hot item when he sees one – and Bitcoin’s the hottest item of them all. The...

Aaron Walker 5 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

TRON Shows Adoption Strength As Volume Still Led By Big Transfers – Details

Tron Shows Adoption Strength As Volume Still Led By Big Transfers – Details

Sebastian Villafuerte 21 minutes ago
Bitcoin

Bitcoin Price Risks Market Crash After Closing Below Final Weekly Resistance

Scott Matherson 1 hour ago
bitcoin

Bitcoin Network Volume Echoes Mid-2021 ‘Stable Equilibrium’ – Is A Big Move Brewing?

Ash Tiwari 2 hours ago

Premium Sponsors

Press Releases

  • Hledáte nejlepší kryptoměny k nákupu v roce 2025

    Hledáte nejlepší kryptoměny k nákupu v roce 2025? Tady...

    1 hour ago
  • Cauți cele mai bune criptomonede de cumpărat în 2025?...

    2 hours ago
  • Tražite najbolje kriptovalute za kupnju u 2025. 4 top izbora za vaš portfelj

    Tražite najbolje kriptovalute za kupnju u 2025.? 4 top...

    2 hours ago
  • 今が狙い目の割安アルトコイン特集|注目すべき銘柄をチェック!

    ...

    6 hours ago
  • 仮想通貨プレセール終了間近|上場価格で購入できる最後の7日間がスタート

    ...

    6 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.