Irving Wladawsky-Berger writes:
Ever since I joined Citigroup as a strategic advisor in March of 2008, I’ve been spending a lot of time thinking about the ongoing transition toward a global digital money ecosystem. For over 2,500 years, money has played a central role in the rise of civilizations and in human affairs of all kinds. As a result, the historical transition to digital money is among the most exciting and important societal challenges in the coming decades. Its impact might well be up there with that of other major technology-based societal transformations, including electricity, radio and TV, and the Internet and World Wide Web.
The cryptographic advances and technologies underlying Bitcoin will likely play a major role in the development of the Internet of Money, that is, an Internet era, digital money ecosystem. But, as is the case with all complex platforms, its architecture, protocols and governance will have to evolve. It remains to be seen whether the resulting platform will still be called Bitcoin or something else will have taken its place.
For the foreseeable future, the bulk of the money flowing through such a digital money ecosystem will continue to be based on existing currencies. Digital currencies may play important niche roles. It’s not clear at this point whether Bitcoin itself will be one of the surviving digital currencies.
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