Bitcoin is not a threat the United Kingdom’s financial system – yet – says a Bank of England report, but it could work to disintermidate traditional banks. Payment system under Bitcoin’s distributed ledger Money held in bank deposits are nothing more than digital records, the report noted, as it cited Bitcoin’s “distributed ledger” underlying the payment system as a significant innovation. It is this distributed ledger that allows the payment system to “operate in an entirely decentralized way, without intermediaries such as banks.” The Bank of England notes interest in digital currencies such as Bitcoin appears to be driven by…
Bitcoin Could Disintermidate Traditional Banks: BOE Report
Mark Melin
Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.