Would you as the person with fiduciary responsibility and corporate governance work with BitCoin, and if yes, why; if no, why; and if ever, when?
With the demise of Mt Gox......
Answers
Wayne:
Way before Mt. Gox I was advising my clients to avoid Bitcoin and other such programs. Little upside, substantial downside. Bitcoin is a solution looking for a problem. Not really sure why a corporate would be attracted to these programs.
Why never: no transparency in the underlying program, no government guarantee of settlement, total liquidity
David
Consultant in
Absolutely...if it is in the best interest of my client or company, and can be done in a manner that eliminates or mitigates risk.
Why - Bitcoin or digital currency is no longer theoretical, its happening and we can choose to either take the time & effort to figure out how to make it work with our businesses, or ignore it and (seemingly conservatively) advise our clients and companies to avoid it. I agree that there is risk, and I would caution the company or client to only work with trusted counter-parties that have knowledge in this space, but it is an incredibly useful tool.
When- Now...why: we're at the early adoption stage of something that is changing the way we process payment transactions (and so much more). Just yesterday the WSJ reported that Overstock.com handled over $1mm of sales conducted in Bitcoin within the first 2 months of accepting it. Overstock.com's
This is just one small example of this type of story being reported by a wide range of businesses from small mom & pop cafes to large web based retailers. Its still relatively early, and we need to find trusted reliable counter-parties to work with when it comes to Bitcoin, but if done properly, the potential is enormous.