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Bitcoin akin to the Internet 20 years ago, digital currency executive says

Joab Jackson | April 8, 2014
The Inside Bitcoins conference focuses on work that must be done for mass acceptance. But is technology, versus consumer confidence, more important?

Eighty-five percent of monetary transactions today are done with cash, he noted, so it is essential to offer many choices to convert bitcoins into local cash currencies.

"Users will demand their money to be interoperable," he said. "It's not difficult to imagine every payment processor accept Bitcoin."

There is a "huge opportunity," for companies willing to get involved with Bitcoin, he said. Much like Versign and RSA emerged from the early commercial days of the Internet to provide secure technologies for e-commerce, so too companies will emerge to serve the Bitcoin market.

Allaire estimated that approximately 2,000 startups have already been formed around Bitcoin.

 

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