Bitcoin could disrupt banks warns Westpac boss | afr.com

How long will it be until Bitcoin starts to make a real impact on the incumbent banks…???

Westpac Banking Corp chief Brian Hartzer describes bitcoin and the blockchain as “potentially disruptive” technologies which could be “quite powerful from an efficiency point of view” but says there’s no need for banks to panic about being cut out from the monetary system because any impact will only come in the long term.

The blockchain is technology that validates transactions made in bitcoin, digital money that is not controlled by any bank or government, but rather by an open network managed by its users. If it ever takes off, bitcoin could transform the movement of money and strip banks of their control of it.

Source: Bitcoin could disrupt banks warns Westpac boss | afr.com