Marc Hochstein, Executive Editor of American Banker, a leading media outlet covering the banking and financial services community, discusses bitcoin.
According to Hochstein, bitcoin has made its name as a digital currency, but the truly revolutionary aspect of the technology is its dual function as a payment system competing against companies like PayPal and Western Union. While bitcoin has been in the news for its soaring exchange rate lately, Hochstein says the actual price of bitcoin is really only relevant for speculators in the short-term; in the long-term, however, the anonymous, decentralized nature of bitcoin has far-reaching implications.
Hochstein goes on to talk about the new market in bitcoin futures and some of bitcoin’s weaknesses—including the volatility of the bitcoin market.
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