16 Jun '13, 3pm

Bitcoin, the Two-and-a-Half Party Model, and New Payment Rails

One of the immediate applications for Bitcoin and the math-based currencies that are emerging in its wake is its potential as a new set of payment rails. Rather than the incumbent industry’s reliance on the four party model and its hierarchy of providers, authorization messages, and settlement steps that are necessary to connect the payer and the payee, Bitcoin and other math-based currencies promise a simpler cash-like push payment. It’s not quite that simple of course but it’s not far off. Call it the two-and-a-half party model. There are, of course, the payer and the payee. The other half provides services such as currency exchanges, cash-in services to purchase bitcoins, trading desk, secure storage, and more. Bitcoin is all about push payments between two end points. The facilitators of the Bitcoin ecosystem avoid settlement risk because of Bitcoin’s funds push nature...

Full article: http://paymentsviews.com/2013/06/16/bitcoin-the-two-and-a...

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