“Bitcoin is a digital currency. Unlike traditional currencies, bitcoins are “mined” by individuals and companies running sophisticated computers solving mathematical problems. Bitcoins have a number of defining characteristics including:
• It is decentralized meaning there are not any institutions controlling the currency.
• It is transparent because of blockchain technology.
• It is fast way to transfer funds and the transaction fees are diminutive.
While bitcoins are used as currency to purchase services and products, they are also a potential asset class. According to Angelo Robles, founder and CEO of the Family Office Association, “We’re seeing a growing number of single-family offices – especially those with greater assets – invest in less traditional assets such as bitcoin….”
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