by Nick Giambruno, Daily Reckoning.com:
When you are posed a question asking if something is a viable alternative to the money you have used every day for the last half-century, one has to wonder why that question is even being asked.
It’s not as if this is a bizarre, left-field question; everyone in financial markets, investments and banking is ‘bit-curious’ and wants to know what bitcoin and other cryptocurrencies really mean for our monetary and payment systems.
Together, bitcoin, its fellow “altcoins” and the technology underlying them, are now a serious competitor to payment systems. They significantly reduce the cost and time of global transactions and they remove the need for a third party. Now, it also looks like they may be a viable competitor to government-issued fiat monies when it comes to being a store of value and a unit of account.
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