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ARTICLE · 03 OCTOBER 2014

Everything You Always Wanted To Know About Bitcoin - But Were Afraid To Ask

Aird & Berlis LLP
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This article provides a brief overview and discusses Bitcoin’s usage and character as a financial instrument.

CanadaFinance and Banking
Aird & Berlis LLP
Aird & Berlis LLP
Liam Tracey-Raymont
Liam Tracey-Raymont
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Bitcoin has arrived in Canada!

For those who have been waiting for a primer on the much-discussed virtual currency, this article provides a brief overview and discusses Bitcoin's usage and character as a financial instrument.

What is it?

Bitcoin is an anonymous digital "currency." It can be used by marketplace buyers and sellers as a means of exchange to sell goods and services. It can also be converted to a more traditional form of currency, as well as bought and sold on a Bitcoin exchange.

Purchasing Bitcoins can be risky. The exchange rates fluctuate significantly, and buyers and sellers often disagree about the valuation of the digital currency. Indeed, the sharp spikes and drops in the various Bitcoin exchange rates have been cited as one of the major risks associated with Bitcoin.

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