Will Petrobitcoin Replace Petrodollar Anytime Soon?

Will Petrobitcoin Replace Petrodollar Anytime Soon?

Last year, in June 2014, Kuwait Financial Center better known as Markaz released a report on bitcoin. The report titled - Disruptive Technology: Bitcoins, Currency Reinvented suggested the use of bitcoin as a mode of payment for petroleum trade. This report caused a lot of debate among economists and the bitcoin community. Even though Markaz's proposal sounds attractive, it is not a feasible option at the moment. There are number of factors that will hinder the adoption of bitcoin as a payment mode/mechanism for international trade. Creating petrobitcoin by removing petrodollar from the....

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