Posted by Carol Realini on Aug 25, 2014 in Bank Innovation, Bitcoin, featured | 1 comment
Software — not gold, silver, or paper — just might be the future of global currency. It’s a bold statement that’s starting to resonate within government corridors around the world. As recently as a few years ago, the “fad” of Bitcoin could’ve easily been dismissed. Today, this is no longer the case.
Known as a cryptocurrency, Bitcoin and other peer-to-peer virtual currencies, have achieved widespread global acceptance within emerging markets including in China, India, Brazil and Kenya. Within these countries, Bitcoins are considered by some as safer long-term investments than either stocks or the national currency.
While Bitcoin offers a number of attractive benefits, there are some downsides that shouldn’t be dismissed. Some of the main factors driving the growth of Bitcoin include the following:
These are just a few very appealing reasons businesses and individuals within emerging markets are turning to Bitcoin. It’s easy to use, it’s non-taxable and it’s lower cost. In countries where levels of distrust in government and financial institutions are high plus traditional high fee financial services have not scaled to meet the needs of all people and businesses, it’s easy to understand why. While the attraction is high, there are considerable risks Bitcoin users face, including:
On Sept. 9 at noon, I will be discussing the growth of Bitcoin within emerging markets and what it means for the future of global currencies. I invite you to join the discussion on Twitter and to share your experience and thoughts.
Image Source: Wikimedia Commons
I agree completely, I am considering raising capital thru bitcoin to start a pure fiduciary (trust company)for bitcoin and other SHA coins as well as connecting with visa etc… I believe bitcoin is the backbone of the global commerce – let me know your thoughts, thanks
Dan