LRB John Lanchester When Bitcoin Grows Up: What is Money?

“there are at least seven billion mobile phone subscriptions in the world (four and a half billion people have access to a flush toilet). So more than twice as many people have a mobile phone as have access to a bank account. If your phone can give you access to the things you would need from a bank, well, you’ve just disinvented the need for banks, and fundamentally changed the operation of the money system, across whole swathes of the developing and emerging world.” – LRB · John Lanchester · When Bitcoin Grows Up: What is Money?

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