05 Jun '13, 2am

Bitcoin's a Revolution, Not a Convenience via @zite

Henry Blodget has a post today in Business Insider applauding the rise of digital payment methods as alternatives to dirty, smelly, heavy cash. He has a point: Cash can be a lousy way to pay for things, and options such as credit and debit cards, PayPal and the digital currency Bitcoin can be a lot more convenient. A conversation about Bitcoin as a viable currency alternative inevitably also becomes a conversation about digital online payment systems, which have been getting extra scrutiny from federal regulator recently as fears of money laundering of digital accounts escalate. Yet as we hash out the merits and perils of virtual money, it's important to make a clear distinction between the digital payment revolution and the digital currency one. Digital payment technologies simply replace cash as a means of transfer; digital currencies recreate and modernize it. Bitcoin w...

Full article: http://www.bloomberg.com/news/2013-06-04/bitcoin-s-a-revo...

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