29 Pages Posted: 28 Feb 2011 Last revised: 24 Apr 2014
Date Written: April 10, 2014
Bitcoin is likely doomed as an alternative to national currencies, but its key engineering elements offer us the possibility of imagining a radically different approach for architecting electronic payment systems. The technologies embedded within bitcoin have the potential for supporting the development of more open, contestable and interconnected ecosystems for the delivery of payment and financial services, much like the internet did for the delivery of communication and content services. By lowering costs and encouraging innovation, the adoption of bitcoin-like protocols could radically expand access and relevance of financial services globally, especially across borders and in developing countries.
Keywords: savings, access to finance, financial inclusion
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