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25 Aug '12, 12am

Marc Hochstein - Bitcoin Shows What Banking Could Be #bitcoin

Marc Hochstein - Bitcoin Shows What Banking Could Be Marc Hochstein (@MarcHochstein ), executive editor of American Banker, describes how Bitcoin is setting a bar that banks may be hard pressed to meet. Excerpts: “In addition to being a store of value, [Bitcoin is] also a means of exchange, a payment system that can perform many of the same functions as banks and as financial services companies like Western Union, PayPal and Visa. And its efficiency as such is arguably a more important reason for bankers to pay attention to it.” - “A few restaurants and bars take it. You can even donate bitcoins to WikiLeaks. But you can’t spend bitcoins at Amazon or Wal-Mart or McDonald’s or pay your electricity bill with them.” - “Linking [Bitcoin] to a prepaid card, [Bradley Leimer] says, is ‘a little bit of a game-changer,’ since it’s ‘a much more mainstream way to move the value withi...

Full article: http://www.bitcoinnews.com/post/30119696001/hochstein-rai...

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