Federal Reserve economist says bitcoin is a remarkable technical achievement
A member of the United States Federal Reserve banking system has written an analysis of bitcoin, stating that there are many positive aspects to it. François R. Velde, senior economist of the Federal Reserve in Chicago, writes in his paper "Bitcoin: A primer" that bitcoin is a "remarkable conceptual and technical achievement, which may well be used by existing financial institutions." "The bitcoin protocol provides an elegant solution to the problem of creating a digital currency-i.e., how to regulate its issue, defeat counterfeiting and double-spending, and ensure that it can be conveyed....
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It's not everyday that you hear some positive Bitcoin-related news coming from the Federal Reserve. So it may or may not come as a surprise to you that an economist at the Federal Reserve Bank of Chicago has come forth declaring the digital currency as a "remarkable conceptual and technical achievement." François R. Velde, in his report, acknowledges that bitcoin may very well be something that's used by "existing financial institutions," signaling widespread awareness in the financial community. Velde's report also acknowledges that bitcoin has been growing. He has a great point. This....
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