The promise of Bitcoin – the innovative virtual currency that operates without governmental support – is dazzling.

Money effortlessly moves across international borders (Bitcoin by definition is universal) and it also is a stake aimed at the heart of credit card companies because its transaction fees are negligible, compared to the above 3% usually imposed by MasterCard and Visa.

What's exciting about the peer-to-peer based Bitcoin, said Carol Van Cleef, head of emerging currencies at Washington, D.C., law firm Patton Boggs, is that "it is a movement towards frictionless payments. Bitcoin is a cash equivalent."

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