The Race Is On to Invent New Money

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Andrew Ross Sorkin has an interesting short piece on DealBook on something I have written about before: the future of money.

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An excerpt:

If the last three decades revolutionized the information and telecommunications industries, the next three may upend the basic tenets of finance: currency, credit and banks, as well as payment and transmission systems. Your children may even ask you, “What was it like to see that old-fashioned building called a bank?”

In recent years, we’ve already begun to see hints of an impending overhaul: the emergence of Bitcoin and the ecosystem growing around it; the adoption of peer-to-peer lending businesses like Lending Club; and the introduction of Square, the payment system, to name just a few.

And even if you believe Bitcoin is no more than a fad — and that may well be, given its volatility, security issues and potential regulatory challenges — it has raised the prospect of new virtual currencies and, at the least, cheaper and more efficient transaction mechanisms.

The entire piece is well worth a read:

http://dealbook.nytimes.com/2014/04/01/a-revolution-in-money/?rref=homepage&module=Ribbon&version=origin&region=Header&action=click&contentCollection=Home%20Page&pgtype=article

Past Reconnomics posts on topic:

https://reconnomics.com/2013/12/21/economist-bitcoin-only-the-first-of-many-to-come/

https://reconnomics.com/2014/03/30/vox-the-dollar-is-here-to-stay/

https://reconnomics.com/2013/12/28/the-snowden-affair-and-the-birth-of-datalism/

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