Digital currencies: how do they work and what makes them different? - Quarterly Bulletin article

This short video explains: what are digital currencies such as Bitcoin? How do they work to make payments in a decentralised way – without the need for banks? And how does this differ from making electronic payments using traditional currencies? The video also considers some more far-reaching potential applications of the ‘distributed ledger’ technology underpinning digital currency systems. A Quarterly Bulletin article explores these issues in more detail, as well as other topics such as how fraud-proof digital currency schemes are. http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q3digitalcurrenciesbitcoin1.pdf Filmed by James Oxley

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