Imagine a world where your credit card is a distant memory, where all of your accounts are stored in your phone instead of a bank, and where everyone pays for their purchases with a new global currency that was designed exclusively for the digital age.

According to the developers of Bitcoin, this future is no fantasy.

Over the past few years, the peer-to-peer currency they’ve created has gained a surprising foothold in the global market.

There are now multiple Bitcoin processing apps for Android and the iPhone as well as an online payment system similar to PayPal.

At least one Forbes columnist seems to applaud Bitcoin’s separation of money from the state.

But does the ambitious new project really have what it takes to change the world?

Its fun to hope so, but don’t bank on it. Here’s why.