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Are Donations via Bitcoin a Legit Way to Sponsor Politicians? [Virtual Currencies]

Bitcoins Virtual Currency

Three recent high profile news put greater emphasis on the legitimacy of virtual currencies.  New Hampshire State Representative Mark Warden is now accepting campaign contributions in Bitcoin and hacker ransoms Romney tax returns for $1M in Bitcoins.

In the last few days, the (in)famous virtual currency Bitcoin received a tremendous amount of (unwanted?) publicity.

05 September
– Hacker holds alleged Romney tax returns ransom for $1M in Bitcoins
– Bitcoin value spikes after hacker demands ransom in the currency

04 September
– US State Representative Mark Warden has added a Bitcoin donation system to his campaign website
– Future of Bitfloor Exchange, top U.S. Bitcoin exchange, is in doubt as $250K in virtual currency stolen

Source: VentureBeat

Not familiar with Bitcoin?  Watch this short video available on Bitcoin’s official youtube channel.

Unarguably, four year ago Barack Obama revolutionized fund raising in politics, and he surely made it challenging for his competitors to innovate and attract the interest from the Media.  On that respect, Mark Warden was ‘successful’.  But, I will ask you: Are Donations via Bitcoin a Legit Way to Sponsor Politicians?

And over and beyond politics, what’s your view on the hot topic of democratizing an open -fully decentralized- virtual currency like Bitcoin?  Have you ever paid someone using this alternative mean of payment?  Finally, how big (or small) is Bitcoin’s adoption growth potential considering the security issue and the lack of trust and regulation?

Join the conversation here or on our facebook page!

What do you think?

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Written by Christophe Langlois

Based in London, Christophe is an entertaining social media keynote speaker and a trusted advisor to the global financial services industry on the topics of social media, social business and digital innovation.

Christophe has contributed to over 140 events in 18 countries.

Currently, Christophe is 'Social Media Senior Managing Consultant' at IBM Interactive Experience. He's also a Digital Advisor at the Financial Services Forum and the Moller Centre (part of the Churchill College in Cambridge).

Christophe's views on VisibleBanking.com are his own, not necessarily his employer's.

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