High: 18º Low: 7º
High: 26º Low: 6º
High; 23º Low: 14º
Bitcoin The New Online Form Of Currency
Twin Falls, Idaho ( KMVT-TV / KTWT-TV ) Doctor John Hurley is a Professor of Economics at the College of Southern Idaho. Lately, his time is being spent learning about a new type of currency.
"So what it is its digital money. There is actually nothing printed," sad Hurley.
Bitcoin. They're a virtual currency that was invented in 2008 by a mysterious hacker. According to CNN, angered by the 2008 financial crash, the hacker wanted to create a currency that would be independent of government.
"It's really interesting. You establish a wallet. That's kind of your personal, in your computer bank account. Now you have to make sure that you put that in there pretty secure," said Professor John Hurley.
Bitcoin remains unregulated and for the most part almost completely anonymous.
"The price changes constantly. And it changes in relation to the person that is selling it to you. There is no regulation here. And no one can identify to whom this is going to as far as a person or who is using to buy or pay anything," said Hurley.
Not knowing who you are paying can create problems. The risks and uncertainty with Bitcoin makes some consumers leery.
"No I probably wouldn't because I am really skeptical about using my debit or credit card online. I'm afraid that somebody might get it somehow, hack into it or something,” said Nicole Mezzapelle a skeptical consumer.
As to what's to come for this currency.
"I would keep an eye on it. It is moving, it has moved at a rocket pace," said Hurley.
Dr. Hurley thinks this may be the way of the future.