A local business owner says he's not discouraged by the recent shutdown of Flexcoin, a bitcoin bank in Edmonton.
The digital currency, which is not tied to physical assets or controlled by any country's central bank, has suffered a number of security breaches in recent days, including a major theft that led to the bankruptcy of the world's largest bitcoin bank, Mount Gox.
Edmonton's Flexcoin announced Tuesday it had been hacked and robbed of more than $600,000.
Bennett Hojka, an Edmontonian who sells and trades bitcoins with his firm Bitcoin Brains, still believes the future is bright for the digital currency, which proponents says is a way to do business without interference from governments or multinational corporations.
"Kind of got to look past [currrent problems]," he told CBC News. "I mean if Mt.Gox was going to happen sooner or later it's good that it happened. It helps bitcoin get past it and grow."
The currency "is vulnerable to security hacks, right? Hojka added, "I mean security is I think the biggest thing with bitcoin, and educating the people to secure your [digital] wallet. I don't want to say you can't trust everyone but you never know, right?
Edmonton police say they are still investigating the theft at Flexcoin.