Bitcoin is big. But fedcoin is bigger.

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News Story Source: www.washingtonpost.com, By Campbell R. Harvey
And while many economists are cautioning against excitement about bitcoin — which is caught up in what may be one of the biggest speculative bubbles in history — it's important to note just how revolutionary the technology may be.

Indeed, the technology underlying bitcoin could fundamentally change the way we think of money.

It is only a matter of time before paper money is phased out. Sweden, where about 2 percent of value of transactions are done in cash, may eliminate physical money within five years. Most central banks are working on technologies to power a future digital currency.

Bitcoin and other cryptocurrencies are based on a complicated technology known as blockchain, which acts like a digital ledger of all transactions completed with the currency. It's somewhat similar to the serial number that you can find on every dollar bill, but it actually means something because it makes bitcoin nearly impossible to counterfeit.

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