05 Apr '13, 5pm

Why I Take Bitcoin Seriously as a Venture Capitalist

Why I Take Bitcoin Seriously as a Venture Capitalist

Today, Bitcoin is the wild, wild West. But the sheriff is coming to town, and just like in the Old West, we'll see even more value creation once the law, the railroad and the homesteaders get here. For those who are not familiar with Bitcoin, it is a cryptography-based, decentralized, open source virtual currency and payment system started in 2009. The core attractions to Bitcoin are: Its value cannot be changed by the fiat of any single government or entity (unlike "fiat" currencies like the U.S. dollar controlled by the Federal Reserve Board) It is nominally anonymous (or more accurately, pseudonymous) in that transactions are tied to wallets (essentially numbered accounts with passwords), not to people It should be a "deflationary currency," meaning that its buying power should theoretically always go up over time Its transaction costs are zero (or close to zero) Its tr...

Full article: http://www.americanbanker.com/bankthink/why-i-take-bitcoi...

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