Imagine that there was a payment system that allowed you to instantly move money anywhere on the globe, between any currencies, securely, at virtually no cost—and without reliance on intermediaries, like banks. Now imagine that system only accepted one currency to mediate these transactions. Surely, that currency would have value, and, in turn, each unit of that currency would have value. Well, that payment system is the bitcoin network, running the bitcoin software, and the currency unit is bitcoins. Because bitcoin (the software, payment system, and network) has value, bitcoins (the currency units) have value.
Wednesday, December 11, 2013
Is Bitcoin a Viable Currency?
With JP Morgan patenting their "payment system", it seems that BitCoin may be coming into its own. Many are saying that BitCoin may be the "NEW CURRENCY" of the future financial system.