Bitcoin as currency of future prospects & challenges

Locals attend the opening of the first bitcoin retail store in Hong Kong in 2014.Because Bitcoin does not rely on centralized authorities for administration, it appeals, philosophically, to a certain segment of society.Even worse, the banks have no idea when they can again issue cash, despite their promises to the contrary.As an industry we need to recognize there are more challenges than just.

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Opinions expressed by Forbes. and how the related issues influence the future.

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Ask the average person on the street about Bitcoin and you will be see lots of blank stares because it is not a mainstream phenomenon.

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Bitcoin is a currency, or medium of exchange, that lets buyers and sellers exchange goods and services without using cash issued by the government.

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After the great recession, where trillions of dollars of asset value were vaporized by greedy self-serving bankers - and none have gone to prison for it - what other than yes can any thinking person answer.But any commodity market - and money is a commodity - is subject to manipulation, as the recent energy trading and LIBOR scandals remind us.And it may be that in the future,. and some of those challenges. this is not about Bitcoin.Chief among them is the fact that there are no credit card fees and, for merchants, no chargebacks.The collapse of Lehman Brothers has almost nothing to do with the value of US currency as a medium of exchange or a store of value.

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Beyond Bitcoin: The blockchain revolution in financial services. Subscribe.Mobile Payments Mobile banking PayPal BlockChain Bitcoin Bank of America Apple payments fintech Wells Fargo.

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Although Bitcoin will retain utility as an efficient currency transfer mechanism, the days of Wild West freedom operating outside the law are over.

Aug 04 2016. 0. Blockchain. to discuss the future of Bitcoin, the digital currency community. economic challenges.

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Stay current on your favorite topics. in real-time, currency, cryptocurrency,.

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Once speculation subsides and financial laws are in place, Bitcoin will survive as a niche source of barter, purchase, and exchange.Robin Harris: The US banking system has become an extension of the NSA and the surveillance state.Key Presentations The event allowed to discuss the prospects and technical. presented her vision of cryptocurrency future:.Certain statements contained in this release are forward-looking statements and are based on future expectations, plans and prospects for. currency and foreign.Robin and Michael did a great job and I hope have given you an idea of what Bitcoins really are.

Without government backing, Bitcoin is subject is to wild swings in valuation based on speculation and greed.Prospects and Perspectives, Speech at. D., 2013, Is Bitcoin a Real Currency.

Bitcoin Business – Page 107 – Bitcoin Isle

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Internet-based disintermediation has hit virtually every industry.BitCoin looks like it was designed as a weapon intended to damage central banking and money issuing banks,.

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We need a currency that allows citizens to keep their private affairs private.Potential challenges. bitcoin or another virtual currency has the potential to cause the.

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Although we suspect the government has access to all Internet traffic, Bitcoin encryption remains uncracked to date.

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Barring the governmental takeover and destruction of the Bitcoin infrastructure, Bitcoin will most likely see slowly declining value as demand drops and the number of vendors accepting it declines.Money today is a medium of exchange and, to a lesser extent, a store of value.

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