People often discuss Bitcoin in terms of its price volatility: Is it up or down? Is it a good investment or a speculative bubble?

But at BI Intelligence, we believe Bitcoin's real value is as a payments network. Bitcoin offers merchants 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 exorbitant transaction fees.

In a recent report, BI Intelligence explains 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 to 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:

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