Electronic money, or e-money, has arrived. It can be transferred through smart phone, tablet, computer, or other ways. This way, people can make quick payments with their phones -- even in physical settings like the grocery store. Will cards be replaced by e-money, the way cash has been mostly replaced by cash?
Once you look under the hood of bitcoin you realize that there is an expiry date given the maximum limit of 21 million bitcoins that are "mined" in an increasingly expensive process presently done in massive mainframes the size of football fields. It is also true that the infamous website known as the Silk Road, which trafficked all sorts of illegal goods such as drugs and guns, used bitcoin as the main currency.
The imminent arrival of compliance requirements to the virtual currency industry means that bitcoin businesses starting up in Canada should set up their business model and practices in ways that facilitate compliance with not only anti-money laundering laws, but privacy and consumer protection laws as well.