Bitcoin and cryptocurrencies – what digital money really means for our future

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Goldman Sachs Group Inc. China in recent weeks has banned exchanges that trade bitcoin, fearing the virtual currency could provide an avenue for capital flight. India and Sweden have mused about creating their own virtual currencies, and the U. Federal Reserve has studied both bitcoin and the technology underpinning it. Bitcoin is a digital currency that runs on a decentralized network of computers, rather than a centralized ledger under the control of a central bank or government.

Users can exchange value directly, without a bitcoin faces many rivals in virtual currenciesthe such as a bank. Big banks, including J. Morgan and Goldman, have dabbled in the technology behind bitcoin, known as blockchain, and opined on its potential to reshape industries. But they have been wary of venturing directly into a market whose early enthusiasts included anarchists and drug dealers. As digital coins proliferate and draw interest from professional investors, though, they become harder for Wall Street trading desks to ignore.

Its effort could eventually entail a team of traders and salespeople making markets in bitcoins much as they do Japanese yen or shares of Apple Inc. Keeping abreast of the day-to-day cryptocurrency market could also position Goldman to capitalize on further development of this market. Digital-currency proponents envision a world where coins will be widely accepted by online retailers and companies will use the tokens for cross-border commerce.

Already, cryptocurrencies are infringing on some traditional banking activities. Some startup companies that historically might have hired banks to take them public are bypassing Wall Street by selling digital tokens, rather than shares, to the public. Launched in bitcoin faces many rivals in virtual currenciesthe, bitcoin grew as a communal software project championed by cypherpunks, who embraced its technological promise, and libertarians, who cheered its independence from government influence.

In recent years, more sophisticated exchanges have cropped up to host trading, attracting professional investors. Exchange-traded funds meant to track digital currencies have so far faced pushback from regulators, but they could one day give a wider base of investors a way to indirectly own bitcoin and create new opportunities for savvy traders.

That is a role that banks could easily step into. So far, though, none of the big banks has dealt directly in bitcoin. For starters, bitcoin is highly volatile. That exposes dealers to bitcoin faces many rivals in virtual currenciesthe risk of big, quick losses. But it also offers an opportunity for quick-footed traders to profit by anticipating price moves and facilitating panicked trading. Goldman, once known as the nimblest trader on Wall Street, has struggled more than peers.

Already, some of the infrastructure for trading bitcoin is cropping up. The Commodity Futures Trading Commission this summer approved the first derivatives exchange for cryptocurrencies. LedgerX, founded by two former Goldman traders, will clear options and futures that would allow dealers to protect themselves from dramatic price swings and lock in profits.

Many prominent financiers, including Mr. Dimon, believe central banks such as the Federal Bitcoin faces many rivals in virtual currenciesthe will move to shut bitcoin faces many rivals in virtual currenciesthe digital currencies before they go mainstream enough to rival government-backed notes.

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