The Criminal Intelligence Service Canada states that financial crimes committed by organized crime groups are costing Canadians around $5 billion a year. They further state that every one of these groups in Canada participates in some form of financial crime. Using the internet, they can actively and successfully reroute money to foreign countries, or try to legitimize it (launder it) through the stock market, online gambling sites, and anywhere else that presents an opportunity.
Many government officials are pointing a finger at digital currencies such as bitcoin as a haven for money launderers, even though it has an open, permanent, immutable ledger of every transaction that has ever occurred.
As the years go by, we tend to forget that digital currencies have been around for quite a while now. For some of us, it is a technology that almost feels like a habit. We can’t imagine the world without it. However, to people who have not yet been introduced to the finer details, cryptocurrencies remain a grey area – something that certainly seems interesting but, at the same time, feels just a bit dangerous. It is our mission to help them understand one simple truth: digital currencies are the single, safest option for our future.
The 21 Bitcoin Computer has attracted a great deal of excitement, and its parent company, 21 Inc., has already pulled together $120 million from such investors as Peter Thiel, co-founder of PayPal, and Andreessen Horowitz. So one of the most well-funded Bitcoin startup yet allows the user to buy a chip that allows for the creation of bitcoin. The amount right now is small — about 10 cents per day if you leave it on — but the potential applications are significant, beginning with the future of micropayments and then potentially moving into larger payments as well.