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 Can Bitcoin Replace Currencies?


François R. VELDE * Économiste, Département de recherche économique, Federal Reserve Bank of Chicago. Contact : fvelde@frbchi.org.

Can digital money replace existing currencies ? A detailed examination of the Bitcoin protocol shows that this conceptual and technical achievement is still far from becoming a full-fledged currency, but the innovations in financial technology that it spurred could have important consequences for payment systems.