Geoff Augutis from Queensland Computers and local businesses talk about Bitcoin in Bundaberg, what it is and how it works.
Over the past few years there has been increasing talk about what we now casually refer to as crypto currency.
The most popular and well known is Bitcoin and the growth in this space has been astronomical.
“Crypto”, as its known, has expanded in the past couple of weeks to a player in the market that we know a lot about, with Facebook announcing its own currency called “Libra”.
When we talk crypto (Bitcoin, Libra, etc) we are referring to a digital currency that uses encryption to regulate its quantity, transfer and overall operation.
This is done through “blockchain” to remove the need for a central authority/bank.
Crypto currency to become part of everyday use
Bundaberg local Scott Brown has been keeping a very close eye on crypto currency for the past few years and sees a strong future ahead of it – and he isn’t alone.
“I foresee blockchain and crypto becoming part of everyday use,” Scott said.
“Bitcoin has become a digital store of value (like gold) and will likely continue to grow in transactional use such as using it to buy coffee.
“We are still in the early days in this space and are starting to see the next big leap in technology.
“Combining the tech side of crypto with the finance aspect has really merged two areas of interest for me.”
Bitcoin Bundaberg example
Justin Esse from Bug Me Pest Solutions in Bundaberg says crypto currency is good for business.
“It's great for us as a business because we want to go digital; all our invoicing, scheduling, everything is digital,” he said.
“Crypto currencies make it a very simple way to do that, it makes payments so simple.
“It's free and instant anywhere in the world.”
Justin says it can be confusing and recommends that people research to learn as much as they can.
Not everyone has had a smooth ride with these currencies.
Last year much media hype lead to a lot of rush get-rich quick investors entering the market, many of whom got burnt as the volatile nature of this currency fluctuated (down) and caught people out.
Scott Brown warns that it's not always smooth sailing.
“There is huge potential from an investment point of view still in the space, however you have to have a high tolerance for risk if you are looking for the reward. We are still very much in early stages,” he said.
One thing is for sure, as more big players such as Facebook put their focus and money into this space, there will be growth.
While this doesn’t indicate whether prices will go up or down, it does tend to point to the fact that crypto currency and Bitcoin probably aren’t going away any time soon.
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