Bitcoin

When Michael Faraday was asked by the British Chancellor of the Exchequer what good would come out of his research in electromagnetism he replied, “One day sir, you may tax it.” Looking at my recent electricity bill, I can attest that Michael Faraday was right.

A similar asked of Michael Faraday can be asked of Bitcoin, the peer-to-peer virtual currency. Bitcoin and similar virtual currencies, even thought they are decentralized, will not only innovate payment services but tax collection.