“Already, some retailers are paying 1 percent to process transactions in Bitcoin, improving profit margins. Taking debit or credit cards, they may pay more than 3 percent to issuing banks. Bitcoin transactions log immediately, and are confirmed in as little as five minutes.  A lower-cost virtual currency-driven payment system could take business from companies like Western Union that specialize in foreign remittances, as well as Visa and MasterCard Inc.  Businesses paying suppliers through the automated clearing system to which all U.S. banks belong have no guarantee that payments will clear the same day, and the process uses a 40-year-old software protocol.”

http://www.businessweek.com/printer/articles/664579?type=bloomberg

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