06 Dec '13, 11pm

Bank of America: Bitcoin Will Be 'Serious Competitor' to Cash

For the first time since the mysterious Satoshi Nakamoto created Bitcoin in 2009, a major Wall Street bank has issued an opinion on the cryptocurrency--Bank of America is betting on Bitcoin's legitimacy, according to a report released today . Bank of America Merrill Lynch claims Bitcoin may "emerge as a serious competitor" to cash in e-commerce and digital money transfers. The decentralized, peer-to-peer network, does not require a central clearinghouse or financial institution to clear transactions. All Bitcoin users need is an Internet connection and Bitcoin software to make payments to another public account. But will it become an internationally-recognized currency? In order to so, Bank of America says Bitcoin needs to become a "major player" in both e-commerce transactions and money transfers, and maintain an exchange value "close to silver." Bank of America says thei...

Full article: http://www.inc.com/will-yakowicz/bank-of-america-report-b...

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