Beyond Bitcoin: A new case for novel payment systems

Wednesday, October 14, 2020

The cryptocurrency Bitcoin has become a center of excitement, mystery, and controversy. Boosters have viewed it as an investment opportunity, a financial innovation, and a rival to state-controlled currencies; skeptics think it is an energy-wasting market bubble.

MIT economist Robert Townsend sees things differently. To Townsend, Bitcoin, for all its novelty, is part of a larger family of financial innovations, known as “distributed ledgers,” which allow people to perform financial activities without requiring a central authority to keep a master copy of those transactions and while minimizing the need for individuals to trust each other.

Read more at MIT News