Bitcoin: Risks and Controls

Abstract

Proponents hype the benefits of Bitcoin transactions as being faster and cheaper than traditional methods; however, concerns around the lack of a central governing agency, lack of controls over Bitcoin exchanges, and the volatility of the virtual currency persist. Therefore, a company's use of Bitcoin, as a medium of exchange or as an investment, involves risks and internal control concerns that merit careful consideration. © 2015 Wiley Periodicals, Inc.