31 Jan '14, 3pm

How governments choose to respond to Bitcoin could change global finance for good.

Why all the fuss? Much of it has to do with Bitcoin’s pure novelty and its wild price fluctuations (from under $20 per bitcoin at the start of 2013 to a high of $1,203 in December to around $925 now). But above all, it is because Bitcoin is an extraordinary idea -- one whose ramifications no one can fully foresee. Its foundational premise is that monetary systems do not need a central government. Instead, Bitcoin relies on clever mathematics to ensure that everyone plays by the rules. In theory, at least, no one can control Bitcoin. And this means, of course, that nobody can tell Bitcoin users what they should and shouldn’t be spending their money on -- for good or for ill. That presents regulating agencies with difficult questions: Should they try to control Bitcoin? Can they control it?

Full article: http://www.foreignaffairs.com/articles/140702/yuri-takhte...

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