Have you heard of a “Bitcoin” and wonder what it is?
Bitcoins are an electronic currency that change hands virtually without a central brick and mortar bank, and not backed by any government.
Each Bitcoin user has a Bitcoin wallet app, this allows you to pay or transfer your Bitcoins using your smarphone. You can also transfer Bitcoins from your computer to anywhere in the world.
Businesses are starting to accept Bitcoins as a form of payment, even here in Nova Scotia! Bitcoin machines are even starting to pop up, with the first to be installed in Vancouver in October 2013.
The exchange rate of Bitcoins has been volatile. Today, to buy one Bitcoin, it would cost you about $122 Canadian. Last year at this time, it was $10. Bitcoins are not yet regulated in Canada. This means that just like anything else, people should do their research before handing over their hard earned money.
On September 11, 2013 the Nova Scotia Securities Commission (NSSC) issued an investor alert about two companies: Strategic Global Investments and Norwick and Crowley. These companies are violating securities laws by soliciting in a province where they are not registered.
The companies are cold calling Nova Scotians asking for them to invest in gold options. What are gold options, you ask? Gold options give investors the option to buy or sell gold bullion on a future date at a set price. With all of the talk about the record-breaking prices of gold, this may sound like an opportunity to get in on the money train! But be careful – as with any investment, options carry a certain level of risk, and they may not be the right investment for you.
Nova Scotia investors should never invest in a company that is not registered with the NSSC, and be sure to research the product being offered before you invest.
You can check registration on the Canadian Securities Administrators’ National Registration Search page
The Community Economic Development Investment Fund (CEDIF) program has operated for more than 12 years in Nova Scotia and during this time has evolved through the commitment of four organizations: the Nova Scotia Departments of Economic and Rural Development and Tourism; Energy; and Finance and the Nova Scotia Securities Commission (NSSC). The CEDIF program is a demonstration of interdepartmental cooperation for the attainment of the multiple goals and objectives of promoting and of regulating the application and capital raising process in Nova Scotia.
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Resources Quarterly is a digital magazine, published by Spring Digital Media, which seeks to promote those who explore, develop and advance our natural resources and energy sectors.