It was almost laughably easy for the thieves who stole the data from Target's computers. That's how obsolete our credit card system of paying for goods and services has become. It's just one of several reasons we're going to see merchants rapidly adopt the digital currency Bitcoin this year.
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- Why Using Bitcoin Could Make a Target-Style Data Breach Obsolete
- Bitcoin Is Defeating Governments (and Making Investors Rich)
- Five Surprising Places That Accept Bitcoin
The world's two fastest-growing economies came down hard on Bitcoin in recent weeks.
Dips followed, but ultimately the virtual currency began to slough off the news and continued to gravitate toward a loose, but tightening, trading range.
And as a former senior advisor to a Silicon Valley venture capital firm, I've seen a lot of opportunities to make a killing on technology over the years.
I'm talking about everything from ultra-fast semiconductors, to advanced sensors, to the rise of the Internet and today's mobile revolution.
But in all those years, I've never seen anything reach critical mass as quickly as Bitcoin.
Consider that less than three years ago, few but a small cadre of hardcore tech geeks had even heard of this new crypto currency.
Today, however, this virtual money is traded on roughly 80 global exchanges. It's also accepted at thousands of retailers throughout the U.S.
And it has handed some savvy investors gains of 1,000% or more in as little as a few months' time.
Yet, skepticism persists. Predictions of Bitcoin's imminent demise by a wide range of so-called "experts" have proved premature at best.
Fact is, Bitcoin to date has met every challenge thrown at it and come back stronger.
For Bitcoin's backers and investors, that's great news. Because Bitcoin is now defying a growing list of global governments doing their best to stop its advance...
For Bitcoin's backers and investors, that's great news.
You can use it to pay your way to the University of Nicosia in Cypress. You can even use it to buy a seat on a space flight aboard Richard Branson's Virgin Galactic. We're taking about Bitcoin, a digital currency once dismissed as a crazy Internet experiment best suited for buying illegal drugs on rogue Web sites.