The success of cryptocurrency — a medium for making and receiving payments over a network using digital bits and encryption — is inevitable.

The reason is simple. The Internet has spawned a global electronic marketplace delivering unprecedented speed, choice and competitive pricing. Yet payments are still made using technology developed by banks to let their customers charge purchases at participating retail stores. Cryptocurrency eliminates the infrastructure and costs associated with storing physical money, authorizing credit and transferring funds between financial institutions in different countries. And cryptocurrency is arguably the solution to online credit card fraud.

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