And that is potentially worth trillions. Which is why a 'fake' currency created by a shadowy Japanese professor and used heretofore primarily as a payment conduit for the illegal drug trade is now getting some serious attention. The 'legitimate' governments of the world having drained themselves of almost all credibility have made Bitcoin possible. Bloody amazin'.
Submitted by Tyler Durden on 12/27/2013 - 19:59
Bitcoin is rapidly becoming part of the everyday lexicon. Following David Woo's investigation, National Australia Bank's Emma Lawson looks at its creation, use, and quality as "currency," and find that
Bitcoin meets most, but not all the conditions required to be a currency. Lawson concludes Bitcoin may not be the most efficient monetary system, given the costs to create, and that the supply set-up can be seen as both an advantage (hyperinflation is not possible) but also a disadvantage (there are conditions which may create deflation). But, if enough people believe in it, and use it, it
may be here to stay as a payment system. Simply put, its success (or failure) will depend on establishing trust and adoption.
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