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Business21C Weekly is broadcast on Sydney’s 2SER 107.3 fm radio station at 9:00 am each Monday morning.
In recent months, online blogs and technology trackers have started speaking about a virtual currency called BitCoin. These online tokens can be exchanged via Peer2Peer for goods and services at places that accept them, and in some instances they can even be converted to real money.
The website bitcoinme.com claims that BitCoin is the world’s first completely decentralised currency. The transaction process is not guarded by legislation, government or banking regulation, or backed by reserves. So are there risks involved? And what is BitCoin ‘mining’?
Business21C Weekly explores the business of BitCoin with Bruce Wagner who hosts an online TV show about BitCoin, and economist Adam Cohen who is a hobbyist tracker of financial currency.
Gabriella Lahti and Kirsten Lees discuss if there is a foreseeable future for such a currency, or whether it’s just another online scam.
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