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Tuesday, March 25, 2014

Bitcoin


Bitcoin is a digital currency, also called a cryptocurrency, that has been around for over five years. It is an online alternative form of money and is not created, controlled or regulated by a central body.

Without regulation, people anywhere in the world can transact business freely, with no fees and no bank account. The rules are set by the market. Freedom from politics and a limited supply makes Bitcoin more stable than currencies that are politically adjusted.

While not the first digital currency, in 2008, a paper was posted on the internet under the name Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System, that gave rise to what we have today.

Demand spiked 5,000 per cent in 2013, driving the price of a bitcoin from about $13 U.S. in January to more than $1,000 U.S. in November, largely because of demand in China.

China forbids banks from dealing in the currency. The U.S. seized $25 million in bitcoins from an online exchange for criminals. Most of the current attention comes from its sharp price appreciation and the host of merchants and venture capitalists engaging.

Starting in the last quarter of 2013 a number of organizations announced plans for Bitcoins, among these are Overstock.com, Zynga, The D Las Vegas, Golden Gate Hotel & Casino as well as a number of restaurants.

Is there a place in your business for Bitcoin?

 
Steve Koenig, SCORE Counselor


 

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