Tuesday October 20, 2020

Pennies from heaven, or a bucketload of magic beans?

Bitcoin has taken the financial world by storm during 2013. But is it truly a quantum leap in currency terms, or merely another opportunistic Ponzi scheme? Barry J Whyte reports.

Barry J Whyte

Chief Feature Writer

@whytebarry
8th December, 2013

When it comes to investing in something new, it's worth bearing in mind Warren Buffett's often quoted, more often forgotten, words: ''If you don't understand the business, don't buy it.''

The recent volatility in the price of Bitcoin, the much-talked about virtual currency, is evidence yet again of the truth of the Sage of Omaha's words.

In short, Bitcoin is the virtual, purely electronic currency of an online payment system currently being created through...

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