26 Nov '14, 4pm

Who will benefit from digital currencies?

One hypothesis is that MIT undergrads might think that Venmo and cash are perfectly fine for their money transfer needs, and they don’t really need a digital currency. The other hypothesis is that digital currency does provide a lot of value and if a lot of your friends have it, you’ll find it even more convenient to use. One of the issues with Venmo is that you still have to get the cash in and out of Venmo [into or out of your bank account]. Now, with Bitcoin that’s also a problem, but if a lot of your friends have bitcoins, they can buy and sell them from each other. Imagine just sitting in your dorm room, looking on the internet and seeing what the exchange rate is and saying, ‘I could use some bitcoin.’ I might respond, ‘Oh, I have some bitcoin to sell,’ so I could just sell you some bitcoins and get cash right away. You could hand me a $100 bill and I can use my phon...

Full article: http://www.forbes.com/sites/laurashin/2014/11/26/who-will...

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