23 Oct '12, 8am

word "dongle" still makes me giggle every time I hear it #paymentsforum >> Bitcoin Doesn't Need A Dongle

word "dongle" still makes me giggle every time I hear it #paymentsforum >> Bitcoin Doesn't Need A Dongle

Bitcoin bypasses the need for an external dongle because it bypasses the existing railroad tracks of the entrenched legacy players like VISA and Mastercard. Just as the newly-funded VC favorites of Boku, Jumio, and CardSpring layer on top of the legacy network, Square and PayPal repeat the strategy of keeping the banks and credit card processors in the transaction loop, and the lion’s share of the revenue loop as well. This might be a good short-term bridge but the real action is taking place with solutions that route around the legacy networks by replacing the unit of account, or numéraire . The easiest way to circumvent the high-fee transaction networks is to utilize a different currency unit since it does not come with the same handicaps and legacy restrictions of a political currency unit. Erik Voorhees states that we need to advocate “the separation of money and state.”

Full article: http://www.forbes.com/sites/jonmatonis/2012/03/24/bitcoin...

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