Bitcoin is most often discussed as a volatile digital currency, with a value that seesaws depending on the latest news — good and bad. It's beloved by some, derided by others. But where Bitcoin's real value lies is as a payments technology that has the potential to revolutionize the legacy payments industry.

Bitcoin offers merchant and individuals an extremely low-cost, virtually frictionless payments system. Value can easily be transferred around the world without transmitting sensitive information that could be used for fraud, and without forcing merchants to pay extortionate transaction fees.

But, while the emergence of Bitcoin brings with it numerous advantages, it also faces incredible hurdles.

In a recent report from BI Intelligence, we explain how Bitcoin works, from the moment when local currency is exchanged for bitcoins, to the moment when it reaches the electronic wallet of a receiving party. We look at the key advantages of Bitcoin compared with the legacy players in the payments industry and examine the challenges that Bitcoin faces as a payment network.

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Here are some of the key elements from the report:

In full, the report: