Photo Credit: 7bucktees
Could bitcoin make it to Canada’s circulation to become a “common currency” among Canadians? Could it surpass the risk of its volatility characteristics? A prestigious Canadian economics institute has released a report suggesting that bitcoin could become a “common currency” and reduce payment costs, if only regulators would provide clarity.
Bitcoin’s big advantage is its inexpensive payment system, said David Descôteaux, the report’s author. This enables people to send payments to people relatively cheaply, the document said – especially overseas.
Inexpensive in a way that you can easily transfer and receive money for a very low transaction fee. Other than that, no central authority manipulated where in only the block chain has a report that you made the transaction. Every unique wallet ID, once made a transaction will be automatically recorded in the Block Chain.
As bitcoin is still in the midst of its popularity, many countries has positive outlook to fully accept the risk and privilege of having one of it.
More of this news at Coindesk.