Bitcoin: The Decentralized Alternative to Cross-border Payments : What is Bitcoin position in cross-border payment market?

Abstract: The lack of innovation from banks in cross-border payments have led to the rise of money transfer services such as Western Union, MoneyGram, PayPal etc. These money transfer companies offer better services relative to banks in terms of costs, speed of transaction and convenience. Sending and receiving money has never been as easy as it is now. Bitcoin is a cryptocurrency that can be used in cross-border payments and claims to make the sending and receiver process simple and cost effective. The aim of the thesis is to research on Bitcoin and the traditional money transfer services such as Western Union, MoneyGram, PayPal, and Swedbank to evaluate Bitcoin position in cross-border payments. Furthermore, the Diffusion of Innovation and Technology Acceptance Model further explains the adaptation process of Bitcoin.