Bitcoin revolution could be the next internet, says Bank of England

[Guido]

Bitcoin revolution could be the next internet, says Bank of England


http://www.telegraph.co.uk/finance/currency/11434904/Bitcoin-revolution-could-be-the-next-internet-says-Bank-of-England.html

[A.F.K]

Very interesting article! I of course wonder if this also means that the next revolution will be the internet.  Sumtimes i guess it pays to be dyslexic. 

[ajareselde]

Bitcoin revolution could be the next internet, says Bank of England


http://www.telegraph.co.uk/finance/currency/11434904/Bitcoin-revolution-could-be-the-next-internet-says-Bank-of-England.html

this could be a very nice icebreaker for bitcoin, since alot of problems were caused by banks with blocking and even terminating bitcoin associated accounts.

<cut> " it would also affect companies like Western Union.” - Well thats the point gentlemans, and anyone who paid fees using wu will agree that this nonsence needs to stop.

cheers

[steeev]

It's reached the point where the reactionaries at the BOE and the readers of the increasingly irrelevant Telegraph are having to pathetically try to pass off Bitcoin memes and lines as though they were their own ideas...

[mlferro]

Very interesting article! I of course wonder if this also means that the next revolution will be the internet.  Sumtimes i guess it pays to be dyslexic. 

That's right, there is no doubt about it. BTC will rather a new revolution.

[HarmonLi]

Very big words... I gotta say I don't know about "big as the Internet", even Facebook isn't as big as the Internet. Either is email. But I think Bitcoin may play a very important rule as a backbone technology of some sort. And of course as a store of value.

[koelen3]

Big words! it would be amazing if bitcoin really gets so hardcore for everyone

[Hamuki]

Lets see how this goes..

There has been a lot of big news lately, but I havent seen any effect :/

[Q7]

Bitcoin revolution could be the next internet, says Bank of England


http://www.telegraph.co.uk/finance/currency/11434904/Bitcoin-revolution-could-be-the-next-internet-says-Bank-of-England.html

Well it's interesting to have a financial institution expressing their interest in combining digital currency into existing payment system. I bet when you read further you will see that they have also acknowledge that the main market is actually on the money remittance business. Let's see what develops from here onwards.

[uki]

Good that even ol' Bank of England is getting aware of Bitcoin. For now I wouldn't call for more. These are very big words about the next 'Internet', but it is good that such a connection is made in the press. It will keep the pressure on the regulators to ease the adoption.

[cellard]

Even BOE acknowledges this objective fact. Meanwhile we have clowns like Notalambchop hopping around like a beheaded bunny all over the forum.

[freedomno1]

It's good to see Central Banks starting to change their tune on Bitcoin
Remember when it was mostly fear FUD and misunderstanding

Now that they have had a better look at it those opinions are changing fast
Would be strange to see this part a year ago

Cashless forms of payment like the cryptocurrency Bitcoin “potentially combined with mobile technology, may reshape the mechanisms for making secure payments”, the central bank said.

While traditional currencies, including the pound, are backed by central banks, new alternatives have allowed individuals to exchange directly without any such third party.

The Bank could itself create digital currencies, making the new system available as it does with banknotes today. Research would be necessary to develop the technology “without compromising a central bank’s ability to control its currency and secure the system against systemic attack”, the Bank said.

(The main concern would actually be, perfect tracking of all transactions in the economy if this was implemented not if the bank could control the security itself lol)

[gentlemand]

Same old story. Dinosaurs skating around the edge of the technology and refusing to acknowledge the reasons that it's actually appealing to people - the lack of central bank and political meddling.

For the consumer the UK is already a banking paradise. It's light years ahead of the US. You have free banking, instant transfers, all sorts of fancy technologies.

Other than transferring abroad, UKcoin wouldn't do anything that you can't do already. It would have the same problems that the pound already has with the addition of probably being more controllable.

A UKcoin to BTC exchange? Awesome. And watch when your UKcoin wallet mysteriously refuses to send money there if it doesn't suit their plans.

[Bit_Happy]

Lets see how this goes..

There has been a lot of big news lately, but I havent seen any effect :/

Effect on price, you mean?
The "endless flood" of good news has kept Bitcoin more than 100x the last major low:
Last major low = $1.99998/BTC

[dothebeats]

Bitcoin already started a revolution. And that is nice to see though. We are slowly inching away from the control of banks. Adoption is needed for the revolution to see success.

[dothebeats]

Good that even ol' Bank of England is getting aware of Bitcoin. For now I wouldn't call for more. These are very big words about the next 'Internet', but it is good that such a connection is made in the press. It will keep the pressure on the regulators to ease the adoption.

Yup. Let's wait and see what would come out of it. This is good news. Good news = increased adoption. Well, let's hope for the best. As you've said, for now, let's sit back and wait.

[BillyBobZorton]

Bitcoin is the revolution of currency and Maid is the revolution of internet.. too bad both are crashing at the moment, but that doesnt matter long term.

[OpenOcean]

Well if it helps things like Maidsafe come to fruition, it might literally change the internet.

Insofar as this article is concerned though, it's coming from the central banks, so to the bank it's a relatively bigger deal. The internet is the greatest discovery since fire, I don't know if bitcoin could hold a light to that.

[bitgeek]

Bitcoin is the revolution of currency and Maid is the revolution of internet.. too bad both are crashing at the moment, but that doesnt matter long term.

Bitcoin is crashing at the moment? I must've missed something...

I wonder if the Bank of England is going to offer some bitcoin services in the future. If you can't beat them, join them.

[neurotypical]

Bank of England has a good vision on the future, smart guys, others should learn.