Bitcoin Versus Electronic Money

Bitcoin has had a volatile journey since it was launched in 2009, attracting attention among conventional investors as well as the black market. Regulators and policy makers are also following Bitcoin, raising the occasional eyebrow as they evaluate Bitcoin's risks and benefits and how to regulate this little understood virtual currency. Some media reports have confused Bitcoin with more popular electronic money (e-money) schemes used in many low-income countries to reach the unbanked. But the two are markedly different and should not be conflated. This brief provides information about Bitcoin and contrasts Bitcoin with e-money to avoid alarm about the former to the detriment of the latter.

Bibliographic Details

Main Author:	Rotman, Sarah
Language:	English en_US
Published:	World Bank, Washington, DC 2014-01
Subjects:	BARRIERS TO ENTRY, BLACK MARKET, BLOG, CENTRAL BANK, CLARITY, CLEARING HOUSE, COIN, COINS, COMMODITY, COMPUTER SCIENTIST, CONSUMER PROTECTION, CREDIT CARDS, CURRENCY, DEBIT CARDS, DEVELOPING COUNTRIES, DIGITAL MONEY, DIGITAL PRIVATE, E-MONEY, ELECTRONIC CASH, ELECTRONIC MONEY, ENCRYPTION, ENCRYPTION KEYS, EURO, EXCHANGE RATES, FIAT CURRENCIES, FIAT CURRENCY, FIAT MONEY, FINANCIAL COMPANIES, FINANCIAL INNOVATION, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL PRODUCTS, FINANCIAL SERVICES, FINANCIAL SYSTEM, FRAUD, GOLD, HACKERS, HARD DRIVE, INCOME, INNOVATION, INNOVATIONS, LEGAL TENDER, LOW-INCOME COUNTRIES, MOBILE ACCESS, MOBILE DEVICE, MOBILE PHONE, MOBILE PHONES, MONETARY VALUE, MONEY LAUNDERING, NATIONAL CURRENCY, ONLINE SERVICES, OPEN ACCESS, OPEN-SOURCE SOFTWARE, OUTPUT, PAYMENT SERVICES, PAYMENT SYSTEM, PAYMENTS SERVICE, PDF, PEER-TO-PEER, PEER-TO-PEER NETWORK, PERSONAL FINANCE, PRIVATE KEY, REGULATORS, REGULATORY FRAMEWORK, SECRET CODES, SETTLEMENT, SETTLEMENT SYSTEMS, SPECULATIVE INVESTMENT, TERRORISM, TRANSACTION, TREASURY, UNCERTAINTY, USER, USERS, USES, VIRTUAL COMMUNITY, WEB, WEB SITE, WIRE TRANSFERS, WORLD CURRENCY,
Online Access:	http://documents.worldbank.org/curated/en/2014/01/19539082/bitcoin-versus-electronic-money https://hdl.handle.net/10986/18418
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