WHAT IS BITCOIN?
The simplest explanation of bitcoin is that it is electronic
money, it’s a virtual currency. It is
decentralised, created and held electronically. It is not controlled by a bank
or government. Bitcoins aren’t printed
like the Fiat Currencies e.g. Rand, Dollars, Euros or Pound. They are produced by lots of people running
computers all around the world, using software that solves mathematical
problems. These people and their computers are called ‘Bitcoin Miners’. It’s
the first example of a growing category of money known as cryptocurrency.
Bitcoin is a currency for free. People know and realize that governments are
simply large cartels with no real authority. They magically make new laws, that
benefit themselves at the cost of their citizens.
Governments will always try to take a cut of your profit,
even when you do not consent. Digital currencies built with blockchain
technology prevent this.
But Blockchains provide transparency, right?
Yes, blockchains are transparent and allow anyone to see the
transactions. Governments may track and record Bitcoin transactions all day
long, but they can’t steal your account like they can with a traditional bank
account that holds fiat currency. With
Bitcoin you are in control. If you do not wish to send someone money, you don’t
have to. You hold the private keys.
It will be interesting to see what governments do when they
learn this. They still don’t understand blockchain technology, and will likely
never fully comprehend the tech as they will always be looking for a way to
control the entire currency system.
And with Bitcoin, it is almost impossible, as it
is decentralized or distributed. The only way would be to take over the mining
network with at least 51% of the total hashrate. At that point the attacking
entity could control the public ledger. In reality, they could only deny new
transactions and reverse new transactions. The blockchain history is still
immutable. The majority controller in this
situation would still not be able to reverse transactions from years ago, steal
coins from wallets, or create new bitcoins.
Bitcoin is used worldwide and accepted as a method of payment
by many big name companies:
·
Dell
·
Amazon
·
Microsoft
·
Wordpress
·
Paypal
·
eBay
·
Expedia
·
Virgin Galactic
·
Deloitte became the first of the ‘Big Four’
accounting companies to install a bitcoin ATM at its offices in Toronto in 2016
·
Lamborghini now accepts Bitcoin and is the first
car company to make this bold move
·
AirBaltic was the first airline in the world
to accept the virtual currency for payment.
Universal Air Travel Plan (UATP), a payment network owned by
major international airlines such as American Airways, British Airways
and Lufthansa,
have partnered with bitcoin payment processor Bitnet. The integration allowed over 260 of UATP’s
airlines to accept bitcoin through Bitnet.
The world is changing at a rapid pace and the face of money
as you know it is changing too. It’s
time for you to educate yourself about what is happening with money. It’s time to take action if you want your
financial situation to change.
Our next monthly
business presentation is on the 7th May 2017. Please click on the link below to
register.
Business Presentation:
Time: 09:00
to 10:30
Cost: FREE
Training:
Time: 11:00
to 16:00
Cost: R200 pp
Book your ticket:
Book your ticket:
Remember that nothing will
change unless you take action!!
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