Use for own judgement for a moment and forget about what you have read or have not read. Think concepts.
A Bill of Exchange is an IOU written by a drafter on a draftee to be paid to a third party. It acts like representative money because presumably it is backed by a full deposit at the draftee's vault, let's say gold. A representative currency scheme has two workable solutions in order to be sound: 1) You fix the exchange 2) You float the exchange and assure full redemption both ways by making it free, convenient and at the source
In the case of the Medici, Bill of Exchange were not backed by a full deposit and hence this system became a fractional reserve scheme which is conceptually no different than a fractional reserve lending scheme evolved later. As soon as you are dealing with a fractional reserve currency system 1) above is out of the question. That leaves 2) and 2) is what eventually brought down the Medici bank. In our current system 2) has been suspended. You cannot redeem FRN's for Treasuries either at the Fed or at Treasury, nor at a bank and after 1933 you couldn't redeem the domestic Dollar for gold and after 1971 you couldn't redeem the international Dollar for gold.
So, again, the upshot is that Bill of Exchange, like any representative currency scheme is not fool-proof and no more or less advantageous than what we currently have unless you either have a fixed or floating full redemption standard. If you have either, it doesn't matter what you use as trade money. Bills of Exchange, Bitcoins, seashells, rice, or salt, or digital gold.