IBM Looking to "Bitcoinize" Fiat currencies
International Business Machines (NYSE: IBM) is using Bitcoin's blockchain technology to create a digital cash and payment system for major fiat currencies, according to a source associated with the matter. The proposed digital currency system will be built on the same lines as Bitcoin and will act in a similar way. The Bitcoin revolution has created a self-sustaining and unregulated economy parallel to the traditional, government-regulated economy. However, the new system will differ from Bitcoin in that it will be controlled by central banks, such as the Federal Reserve. Bitcoin users can....
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While bitcoin has been dubbed as the worst investment for last year, many enthusiasts still believe that the cryptocurrency can surpass fiat currencies as the main mode of payment around the world. Its scarcity and the use of the blockchain are its defining features but it could also be it source of weakness. Can bitcoin really replace the U. S. dollar or other currencies at some point? Fiat currencies draw their value from being backed by assets or by central banks. In contrast, bitcoin draws its value from scarcity in that there are only a limited number available in circulation or from....