To become widely adopted, bitcoin and other alt-coins must overcome competition from existing, government-sponsored currencies and reduce the costs for consumers to switch to new payment systems. Until these challenges are met, digital currencies will likely persist only as niche monies or substitutes for very weak currencies.
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|Other Independent Review articles by William J. Luther|
|Winter 2014||The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White, and the Making of a New World Order|