If businesses and governments are able to take full advantage of the innovative features digital payment systems make possible, a bitcoin based society would allow a far more interconnected globalized economy while the speed of exchange between businesses and individuals would reach escape velocity.
In comparison to today’s so-called global economy, the behavior of resources would operate on a friction-less, apolitical system of wealth transfer. Because bitcoin transactions do not concern themselves with the agenda of governments, currency could become detached from political institutions and their related procedures. While bitcoin for the time being remains outside the realm of feasibility for citizens who are not computer competent, they may opt to trust external institutions to store and manage cryptocurrency on their behalf, be these institutions private or government establishments. Because of this, regulation would largely be targeted at the exchange and money services businesses in order to control the identity and flow of cryptocurrency.
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Topic: Promises & Perils of a Bitcoin Based Society (Read 265 times)
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