“It took 11 minutes, tops, after I pushed the button for the equivalent of $5 to travel across the Atlantic. For this service I paid less than a penny. There were no banks involved. If there had been, it would have cost me at least twice the amount I was sending. Whoa. In addition to being a store of value, Bitcoin is also a means of exchange, a payment system that can perform many of the same functions as banks and as financial services companies like Western Union, PayPal and Visa. And its efficiency as such is arguably a more important reason for bankers to pay attention to it.”
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