Gold Magazine January - February 2014, Issue 34 | Page 35

opinion

The Bitcoin
Adventure
A virtual currency is the way forward but it
needs to be coordinated and controlled by
central banks all over the world.

D

uring the last few weeks we have
been bombarded with information regarding Bitcoin, the “new”
virtual currency. There are those
who believe that Bitcoin is the way
forward, a currency impenetrable by external political
factors and safer than conventional means of transacting. In fact, several Cypriot enterprises are taking
steps to introduce Bitcoin to consumers by making
the virtual currency an acceptable means of payment.
At the same time, investors have been fascinated by
the returns that Bitcoin promises to pay as a result
of exchange rate fluctuations among conventional
currencies. It would be unwise, however, to rush into
the adoption of a virtual means of payment without
knowing the plagued history of Bitcoin.
Bitcoin was first introduced to the world in November of 2008 when the global recession was a fact.
The founder