Is Bitcoin the bank of your future? - News - iTnews Mobile Edition

Thought for 2013: Is Bitcoin the bank of your future? @BrettKing #Bitcoin #banking #payments

Millions of people won’t require a bank account in the near future, according to finance entrepreneur Brett King, as technology solutions continue to disrupt the role of funds distribution traditionally controlled by banks. King’s comments come after the company that operates an exchange enabling the trading of digital currency Bitcoin was licensed as a payments services provider through a partnership with two French financial institutions. Bitcoin is a decentralised digital currency that instead of relying on a central authority like the Reserve Bank to issue new money, relies on individuals “mining” their own coins and trading them via peer-to-peer networks. “It doesn’t matter whether it’s Bitcoin or someone else, someone will break the back of this,” King said. “With the digital world you can’t hold currencies to a single geography any more. You’re going to have a bette...

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