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The Brutal Truth About Bitcoin


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The Brutal Truth About Bitcoin

Whatever Bitcoin's eventual fate, its blockchain technology is truly ingenious and groundbreaking. Bitcoin has shown how programs running on networks of computers can be harnessed to securely conduct payments, within and between countries, without relying on avaricious financial institutions that charge high fees.

Eswar Prasad is a professor at Cornell University and a senior fellow at the Brookings Institution.

The total market value of all cryptocurrencies, including Bitcoin, now exceeds $1.5 trillion, a staggering amount for virtual objects that are nothing more than computer code. While Bitcoin's roller-coaster prices garner attention, of far more consequence is the revolution in money and finance it has set off that will ultimately affect every one of us, for better and worse.

From The New York Times
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