Virtual Currencies – If you understand Bitcoins, you won’t fear them.
By Richard Forsyth
This paper is dedicated to Virtual Currencies—specifically Bitcoin. It is mainly focused on Bitcoin because of its recent growth, popularity and unique properties, and because of what its rise is going to mean for the financial system and banking; and also because it has become largely synonymous with the term “virtual currency” in the eyes of regulators, the media, and businesses. It will also address some other virtual currencies; some derivatives of Bitcoin, and others that are not cryptocurrencies, for comparison. There are a lot of virtual currencies out there—some have come and gone, but none have gained traction or garnered more media or government attention than Bitcoin. So I will address its brief history, its technical and economic underpinnings, its relevance..
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