Bitcoins, Free Banking, and the Optional Clause
Ultimately only experience will tell us what kinds of niches Bitcoin will be able to fill, and how it will adapt.
Ultimately only experience will tell us what kinds of niches Bitcoin will be able to fill, and how it will adapt.
FinCEN’s guidance on the regulatory status of Bitcoin users and exchanges brings into sharper focus the nature of the conflict that is likely to ensue between governments and those who wish to exercise anonymity in online commerce.
The Bitcoin economy is unregulated and largely beyond the reach of law. Despite the problems that this causes, the Bitcoin-denominated financial services sector is growing, using solutions that are similar to those adopted by pre-FDIC 19th century banks.