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Currency Events, Financial Fundamentals

Is Bitcoin and Electronic Money the future of currency?

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.

electronic-currency-trading

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
tylerb@riskman.ca
WP: (519) 648-9580

CP: (519) 212-9859
FX: (519) 489-2740
http://www.riskman.ca
244 Woolwich St. South, Unit #1 ~ P.O. Box 261 Breslau, ON ~ N0B 1M0

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