Bitcoin buzz growing in Regina

REGINA – You could buy a car, or even an acreage – but the currency of choice is virtual.

Five years into existence, one Bitcoin is worth nearly $700 CAD.

“I kind of kicked myself for not putting in the extra half hour of research to figure out how to do mining (years ago),” said John Klein, a Regina blogger and IT pro. “I might have ended up with a few thousand dollars in the bank.”

Klein has doubled his own investment in just one year. He’ll be speaking at a Bitcoin symposium in Regina on March 11.

The mining he refers to is software used to verify Bitcoin transactions, which pay out a small reward.

“They’re completely decentralized, which means they don’t rely on a government or precious metal to be worth something,” said David Gerhard, a computer science associate professor at the University of Regina.

“They’re worth something because the system decides they’re worth something.

More and more online retailers are taking digital currency, but you’ll have trouble finding a store in Regina.

“Currently, nowhere in town will accept Bitcoin,” said John Kozan, a Bitcoin advocate who will also speak at the symposium.

Kozan is lobbying Regina businesses to change that. The virtual cash has already caught on in larger cities, even inspiring Bitcoin ATM’s. Kozan wants to take it a step further and run his own exchange through a device similar to a debit machine.

“The machine will buy and sell Bitcoin,” Kozan said. “It’s hooked up to an exchange. You can set your own markup. I hope to sell Bitcoin here in the park.”

Bitcoin banks have been hit by hackers, but advocates like Kozan maintain your digital wallet is safer than the physical money in your pocket – managing it yourself is key.

The hope is the more people spend Bitcoin, the more retailers will accept it.

No matter what you’re buying.