17 Oct '13, 12pm

Bitcoin Is A Remarkable Innovation, Here's Why It Will Fail

Bitcoin is absolutely brilliant. The insight behind this alternative currency is counterintuitive. Most everyone in payments sees cash as an inferior species. Cash is technologically backward and dirty to boot. It’s only bad habits that die hard that perpetuate anyone ever paying with paper. But Satoshi Nakamoto—the pseudonym for the anonymous inventor of bitcoin—recognized that people use cash because it has critical features that other payment methods lack. Like being untraceable, for starters. People like cash because it is anonymous. Once cash exchanges hands there is no identifying information concerning the payor. People also like cash because it’s is irrevocable. Once someone pays you with cash, they can’t get it back. Irrevocability also makes cash cheap. No one needs to maintain an infrastructure to deal with fraud and chargebacks. Counterfeiting is a relatively m...

Full article: http://www.pymnts.com/briefing-room/issuers/virtual-curre...

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Written by slezica and eordano © 2013 Tips @ 1Ksy5mTDsFVaXh9u63hLg9na5frW2veV7b

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