Bitcoins are Becoming a Virtual Reality

Have you heard someone talking about “Bitcoins” and wondered what they are? After I heard some friends talking about them, I wondered what they were, and if they were regulated in Canada.

Bitcoins are an electronic currency that change hands through computers or smartphones, without a central brick and mortar bank, and not backed by any government. Each Bitcoin user has a Bitcoin wallet app, and if you wanted to pay via Bitcoin, you could use your smartphone to access your wallet app, and scan to transfer Bitcoins, or transfer from your computer to anywhere in the world. Businesses are starting to accept Bitcoins as a form of payment, even here in Nova Scotia! Bitcoin machines are even starting to pop up, with the first to be installed in Vancouver in October.

The exchange rate of Bitcoins has been very volatile. Today, to buy one Bitcoin, it would cost you about $122 Canadian. Last year at about this time, it was $10. Bitcoins are not yet regulated in Canada. This means that just like anything else, people should do their research before handing over their hard earned money.