Barter exchange of chickens for a newspaper subscription (Photo: US Library of Congress)
A large rai stone on the island of Yap (Photo: Bartak Cieslak)
A 100 quintillion pengo note issued in Hungary in 1946 was the largest denomination banknote ever issued (Photo: Timur Lenk)
Bitcoin replaces trust with cryptography to provide a monetary system without surprises
Bitcoin, the digital cryptocurrency designed to enable anonymous peer-to-peer financial exchanges without the involvement of third parties, is having serious teething problems. However, most such problems are associated with bitcoin storage or conversion, and should settle down as the currency is more widely accepted. Assuming this happens, let's look at the strengths and weaknesses of a mature Bitcoin currency in a modern economy.
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