Payments markets should expect Bitcoin-related technologies to cause long-term disruption, two analysts with Wedbush Securities concluded in a research note.

Gil Luria and Aaron Turner wrote in the note they expect Bitcoin disruption will take longer than expected to have an impact, but it could eventually be a more profound one than anticipated.

"We believe bitcoin adoption is going through the 'adoption chasm,' making the timing of broader implementation of the technology still one-to-three years away," they wrote. "This is congruent with a bitcoin release version 0.9 (not even 1.0), the recent Mastercoin issuance and early stages of the Ethereum release."

The analysts believe it is too early to determine Bitcoin's value proposition and that aspect will play itself out over time.

"We believe the bitcoin value proposition will become more apparent as applications currently in development come to market with longer-term concerns being quelled as the ecosystem matures," they wrote.

The analysts believe Bitcoin can have an impact in the emerging area of machine-to-machine communication, also known as The Internet of Things.

"We believe M2M communication will require mechanisms for prioritizing resources and allowing Internet-connected devices to transact," they wrote. "Since there are no restrictions on bitcoin wallets being owned and operated by a device, we believe bitcoin and Ethereum may become enabling technologies."