The Digital Wallet Revolution

New York Times, September 10, 2014

3 Pages Posted: 13 Nov 2017

See all articles by Edward Castronova

Edward Castronova

Indiana University

Joshua Fairfield

Washington and Lee University - School of Law

Date Written: September 10, 2014

Abstract

THIS week Apple announced two new pieces of hardware, the iPhone 6 and a “smartwatch.” But as flashy as they are, neither item is as groundbreaking as a piece of software that will accompany them: a digital wallet, allowing users to eschew cash and credit cards for a quick swipe of their device at the register. Apple’s digital wallet, if widely adopted, could usher in a new era of ease and convenience. But the really exciting part is the fast-emerging future that it points toward, in which virtual assets of all sorts — traditional currencies, but also Bitcoin, airline miles, cellphone minutes — are interchangeable, opening up enormous purchasing power for consumers and creating tough challenges for governments around the world.

Keywords: virtual currency, digital wallet, bitcoin, blockchain

Suggested Citation

Castronova, Edward and Fairfield, Joshua, The Digital Wallet Revolution (September 10, 2014). New York Times, September 10, 2014, Available at SSRN: https://ssrn.com/abstract=3068296

Edward Castronova (Contact Author)

Indiana University ( email )

107 S Indiana Ave
100 South Woodlawn
Bloomington, IN 47405
United States

Joshua Fairfield

Washington and Lee University - School of Law ( email )

Lexington, VA 24450
United States

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