Travel Blog 4 A2

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Why is canada integrating the currency, Bitcoin into their government economy and Mainstream?

http://www.nytimes.com/2013/10/31/technology/bitcoin-pursues-the-mainstream.html?_r=0

Canada has recently decided to integrate a fairly new form of currency called Bitcoin for Mainstream uses. Many investors and Merchants have taken intrest in Bitcoin a Decentralized Virtual Currency which has many uses. Using Bitcoin instead of their normal currency the Canadian Government is able to complete transactions more securely and spend less money to use. This is very beneficial for Canada because it would lower the amount of taxes and also they would have no risk of inflation. There would be no inflation due to the fact that Bitcoin is capped at 21 million.

It seems that Canada is adopting Bitcoin due to the fact of its ease to use. Also because the Government realizes that there is no risk for inflation. They also are going to continue using it because retailers and merchants would gain from this and would not have issues. They also seem to use it because they realized Bitcoin is controlled due to the limit of 21 million. On the other hand, normal currency or Canadian dollars which are printed when they need money and can be printed at will. This will lead for them to have a more stabilized Economy.

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