A true understanding of Bitcoin (uppercase "B" for the payment system and technology, lowercase for the currency) means looking beyond its potential as an alternative form of money. The Bitcoin network's rails one day could conceivably provide a means of exchange for a whole lot more than a stateless, digital currency — think stock certificates or property titles. For financial services, an industry predicated on trust in third parties, the long-term implications of Bitcoin's underlying decentralized technology are staggering.Bitcoin has near real-time settlement, for one starters. That's something the Fed says is "desired increasingly by end users" and is "generally lacking in many legacy payment systems." Savvier observers Bitcoin aspects like this as a global, frictionless payment system . . . one that offers an elegant answer to many of the questions raised last year in a paper released by the Federal Reserve, in which it called for public comments on how to modernize the country's disco-era infrastructure for moving money.
Read the full American Banker story here.
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