Banks loan money they don't have. Most hold a limited reserve to serve the few who decide to make redraws. When the majority decides to liquidate their bank accounts we have what is called a bank run.

In order to protect the banks, central banks were created to provide a gu...

Some of the reasons:

• Some see cryptocurrencies such as Bitcoin as the currency of the future and are racing to buy them now, presumably before they become more valuable
• Some like the fact that cryptocurrency removes central banks from managing the money supply ...

Decentralized consensus allows Bitcoin to govern itself without central authority. This unprecedented model:

• Eliminates single points of failure and control
• Aligns economic incentives of diverse participants
• Cre...