Chamber to explain Bitcoin bit by bit

The question is what are they backing? Is Bitcoin the future and should we be paying more attention to this?

According to Derek Fox, executive member of Aerotropolis Chamber Of Commerce (formerly Greater Boksburg Chamber of Commerce and Industry), the Chamber will on Tuesday, September 26 be unpacking Bitcoin in more detail during an open presentation.

The presentation starts at 6.30pm for 7pm at The Function Inc Function Centre, corner 2nd Street and Gelofte Avenue (7th Ave), in Boksburg North.

“Digital or virtual currency is not new to us. Even though we never knew it, we all use digital currency daily, with our credit cards, debit cards, online payments and receipts into our bank accounts. Paying salaries and wages or bills using your phone or computer, is digital currency. It is a form of a payment which is administered by banks and financial institutions,” said Fox.

“Enter Bitcoin, which is another payment system with a difference. It is person to person, cellphone to cellphone transaction with no bank or financial institution being involved.

“It is quicker and cheaper as there is no ‘middle man’ in the form of a bank or financial institution involved. Bitcoin is another option. It is another payment method or system.

“The hype being created around Bitcoin’s value and making money with Bitcoin, is based on the simple mathematical principle of supply and demand. There will only ever be twenty million Bitcoin released. Currently there are 16 573 000 of the 20 000 000 in circulation. The more people know about Bitcoin, the more people want Bitcoin. The demand they create for a limited supply then forces the price of Bitcoin up.”

He said unlike central Banks who print money when demand increases, Bitcoin cannot increase supply.

For more information, contact Fox on 082 886 0651 or at admin@gbcci.co.za