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

Thursday, February 13, 2014

For some, it is only a matter of time before our global currency systems are replaced by decentralized digital currencies such as Bitcoin. In a recent radio interview, venture capitalist and Bitcoin evangelist Ben Horowitz even bet a pair of alpaca socks (the first item purchased with Bitcoin) that Bitcoin was going to change the way people buy and sell things on the Internet. Digital currency optimists like Horowitz believe that the inefficiencies of our current payment system, particularly for online purchases, will drive merchants and consumers to flock to alternative platforms where they can make purchases faster and cheaper.