24 Aug '12, 6pm

Lightning Fast, Dirt Cheap: Bitcoin Shows What Banking Could Be

And Bitcoin is a risky place to store large sums of money. Fanatics will argue it's a better long-term investment than the U.S. dollar, because of the predictable and fixed supply – the algorithm that creates bitcoins is programmed to stop once there are 21 million of them – and who knows how many greenbacks the Federal Reserve will unleash upon the world if the economy keeps limping along. (There are currently about 9.8 million bitcoins in circulation, trading at $9.99 apiece. The last bitcoin is expected to be generated years from now.) But even if the devotees are right, the Bitcoin "wallets" that store the currency aren't FDIC-insured. You can keep your wallet on your computer, where security is up to you, or in the cloud – and like in the pre-FDIC banking days, you choose your cloud wallet provider based on

Full article: http://www.americanbanker.com/bankthink/lightning-fast-di...

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