The cryptocurrency Bitcoin has been prominently featured in the news recently. Its ascension in value has been nothing short of extraordinary. This article briefly explains what Bitcoin is and how it works. The more challenging question is what Bitcoin — this cryptographic breakthrough —...

Economists define money as anything that is generally accepted in payment for goods and services or in the repayment of debts.1 Paper money and coins clearly fit this definition, but deposits in checking accounts are so widely accepted that they are also considered in the narrowest definition of...