How Future Bitcoin Can Prevent a Future Greece

bitcoingreeceplanb12 July 2015 / Wall Street Journal – Bitcoin, the volatile digital currency, cannot help the Greeks of today. But it could mean a great deal to those caught up in currency crises to come.

Greece’s fundamental problem is that it cannot work its way out of its financial hole the way just about every other country outside the eurozone would: by printing money, and in the process making its goods and labor cheaper. With a freeze on transfers of funds out of the country and a daily limit on how many euros Greeks can withdraw from the bank, there is a very real threat that countless Greek businesses will go bankrupt and Greece’s people could become unable to buy the basic necessities of everyday life.

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For the average Greek, getting one’s hands on bitcoin requires buying it with euros—the last thing any sane Greek would give up. That’s why the bitcoin of today has no bearing on what could easily become a humanitarian crisis.

But Bitcoin is at an inflection point, and it’s evolving much more quickly than all but its most dedicated observers realize. Whatever happens to bitcoin itself, the technology underlying it opens up previously unimagined possibilities for the future of just about anything humans exchange.

You don’t have to take my word for it. Hardly a week goes by that a large institution doesn’t announce its interest in bitcoin, whether it’s the chief information officer at UBS saying it could lead to “massive simplification” of banking, or the Bank of England declaring it will someday have “far-reaching implications.” Deloitte recently issued a report on the potential for state-sponsored cryptocurrencies as an alternative to conventional money, and even Nasdaq is testing bitcoin technology for use on its stock exchange….. Read more

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