The Digital Conglomerate Magazine Inc June 2014 Issue | Page 18

Bit Coin
Changing the Face of Finance through Digital Technology

By Garland L. McLaughlin
With the economy constantly in the news it
is becoming harder and harder for individuals
and business to convince themselves that
investing for the future is the way to go.
People are struggling out there trying to save
for retirement, or just trying to save. Trusting
the financial markets to do their job
and
balance the
scales to
produce
positive
yields is
almost
starting to
look like a
thing of the
past. The
overall
growth for
the output
of domestic
growth this
year has
been a
pathetic .
01% and
economists
do not
foresee any
dramatic
signs of
growth.
There has been an option available to the
average investor, but lack of oversight and
regulation has investors shivering at the
thought of loosing it all to another financial
technology instrument. Bit Coin is like no other
type of currency solution on the market today.
Even consumer brands are paying attention to
all the buzz and they are allowing customers
to pay for their products and services by using
pg. 18

the digital currency. As an option consumers are
taking advantage of this not so new digital
payment solution. Consumers and businesses
alike are beginning to trust the web based
platform which is changing the way currency,
saving, as well as investing is conducted.
A few months ago there were widespread
reports that the Bit Coin banking system was
hacked. A large Japanese banking institution
which allowed depositors to convert their
currencies into Bit Coin currency lost it all and
went bankrupt due to the
hack which specifically
targeted the Japanese bank.
As a result of
the disruption
depositors lost
their money
which they
saved as Bit
Coins. It is
pretty amazing
to find out that
the digital
currency has
no regulatory
oversight. It is
also amazing to
know that with
the growing
demand of the
Bit Coin
solution
average savers and
investors in Bit Coin
are seeing real time
currency conversions that make the United
State’s current GDP growth look like chicken
stool.
By taking a look at this free market system it is
obvious to see why an investment in Bit Coin is
so rewarding. The higher the risk of an
investment the higher the reward will be, and the
risk is quite high. For example if the system is
not regulated there is always a chance that the
system will collapse. Sure collapses make since
due to non oversight, but take a look at all of the
financial systems around the world today.