Virtual currencies are currently a fringe phenomenon in the U.S., accounting for a tiny fraction (less than 0.001%) of all U.S. retail transactions

In the five-year period ending 2016, more than half a billion retail payments were made in Bitcoin or cryptocurrencies that include Bitcoin, Ethereum and Litecoin, according to the most recent estimates.

Virtual currencies' (including Bitcoin) are a way to transfer value, but there is no established mechanism or legal framework in place to protect users.

Virtual currencies could lead to financial services for individuals and corporations that wouldn't be possible otherwise. Bitcoin itself could become the most prominent example of just such a new kind of "money"