“Try moving dollars through your bank. You have to fill out forms, show ID, and have a human being input data. Then more of the same happens on the other end — when the bank opens, that is. Bitcoin has shown the Federal Reserve how it’s done.  The central bank wants to see ‘a ubiquitous system for near-real-time payments.’  End-users, the Fed points out, want real-time validation of payment and posting, assurance the payment will not be returned, timely notification, and ‘masked account details, eliminating the need for end-users to disclose bank account information to each other.’ This sounds familiar to anyone who uses Bitcoin.”

http://dailyreckoning.com/bitcoin-the-prison-cigarette-of-global-currencies/

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