NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Thursday, October 17, 2013

Bitcoin is absolutely brilliant.

The insight behind this alternative currency is counterintuitive. Most everyone in payments sees cash as an inferior species. Cash is technologically backward and dirty to boot. It’s only bad habits that die hard that perpetuate anyone ever paying with paper. But Satoshi Nakamoto—the pseudonym for the anonymous inventor of bitcoin—recognized that people use cash because it has critical features that other payment methods lack.

Like being untraceable, for starters.