This morning I was listening to the CBC on my drive in to work, as I usually do, and after the sports report the host caught my attention by talking about ‘electronic pocket change’. The mention of that brought me back to an article I had read a few months prior about Bitcoin.
Bitcoin is a cyberycurrency that was developed in Europe and caught on quite quickly as the European financial crisis seemed to be coming to an end. The cybercurrency has existed for years as a kind of internet oddity, but has only become mainstream recently. A growing number of businesses started to accept bitcoins for a wide range of goods and services. And then in one day the currency came crashing down and landed at a less than a fifth of what it had peaked at.
Advocates for Bitcoin believe it is the currency of the future, a money that has “no borders, no change fees, and no closing hours.”
So here is some food for thought; would you trust electronic money that you could never physically possess? what about the danger of hackers and piracy? Is Bitcoin and ‘Electronic Money’ the future or is this just a fad that will pass?
Let me know what your opinion is!
Tyler Brown – Financial Security Advisor
CP: (519) 212-9859
FX: (519) 489-2740
244 Woolwich St. South, Unit #1 ~ P.O. Box 261 Breslau, ON ~ N0B 1M0