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Wealth Professional | 22 Sep 2014, 12:01 PM Agree 0
Some advisors own it, invest in it and spend it while others may even be paid in it but when WP canvassed financial advisors across Canada, more than 50% hadn’t even heard of it. If you’re clueless about crypto currency, read on for a beginner’s guide to bitcoin.
  • Chris Nicola | 22 Sep 2014, 04:19 PM Agree 0
    I think one of the dangerous things about bitcoin is that people are often unable to separate what's innovative an amazing about it, that is the block-chain and crypto-currency technology that underlies it, from Bitcoin the currency.

    As a currency I think it's fairly obvious that it is a somewhat dubious, counterculture tool and likely to be a fad. Of course I could be wrong, but it isn't something I would be my hard earned "real" dollars on right now (though had a bothered to understand it a bit earlier I might have started mining it myself way back).

    Today there are literally dozens of alternative crypto-currencies based on the same or variations of the bitcoin block-chain technology. Things like Litecoin and even humorous ones like Dogecoin. The Icelandic government has setup Auroracoin as an official crypto-currency.

    I think it's clear that block-chain based transactions and contracts will be common in the future. However, whether or not a completely manufactured currency backed by no government whatsoever retains any real purchasing power has yet to be seen.
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