Bitcoin, a digital currency that is not controlled by any central authority, has been growing in popularity lately. The idea of this so-called “cryptocurrency” first came from the financial crisis of 2008 and was later introduced on Janurary 3rd of 2009. Just last month, the world’s first Bitcoin ATM went live in Vancouver.
Michael Bliss ,the co-founder of Bitcoin Ltd, calls it the “Money of the future” and describes it as “A money that could only be brought to existence at a predictable rate” in an interview. The anonymity serves as a benefit to protect users while transactions and exchanges are made. In addition, the low fees in payment processing also poses a competitive advantage for the company. The main weakness now for Bitcoin, however, is to gain acceptance. Because there are still people such as Ben Bernanke, chairman of the Federal Reserve, who is “weighing in on the hearing, saying that it has no plans to regulate the currency.”
Despite the fact that some are still skeptical about the stability and viability of Bitcoins, many sides with Michael Bliss who sees it as an opportunity, including The Department of Justice and Securities of US.
Sources:
http://www.cbc.ca/news/business/world-s-first-bitcoin-atm-goes-live-in-vancouver-tuesday-1.2251820
http://www.bloomberg.com/news/2013-11-18/u-s-agencies-to-say-bitcoins-offer-legitimate-benefits.html
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