Bitcoin, which first made headlines in 2009 as one of the digital currencies is today making a buzz than any other digital currency. The coin has in recent times garnered attention globally even as its enthusiasts boast that it is certainly the future.
Many events have already been organized by experts and technology enthusiasts interested in the digital currency and the debate is mostly centered on the next phase of digital currency and the future of Bitcoin. One of those events was the Bitcoin 101 session which brought together marketers and software developers with the majority of participants attending to get a better understanding of Bitcoin. The experts present steered discussions and analyzed issues relating to regulation, privacy and processes involved in execution of transactions using the digital currency.
Participants in Bitcoin 101 conference unanimously agreed that for Bitcoin to be widely accepted, it must be comprehended by many and generally accepted by all and not just the technology savvy guys and those with exposure to the internet.
What is Bitcoin for the laymen who have no idea of what it is? This is a noble question that kept cropping up at the Bitcoin 101 conference. As a matter of fact, Bitcoin is now the leading digital currency that is not regulated by any central bank and which offers a means for individuals to track, keep and issue payments online. Bitcoin is not regulated by any Government either and it is a currency thriving on the global network of computers situated all over the world. Individuals buy and manage Bitcoin accounts through some privately held online exchanges.
Key issues highlighted during the Bitcoin Conference:
• The science behind Bitcoin has opened the door for many new digital currencies joining the market. For instance, a guy in a small town of Washington, N.C called Christopher Franko just created a new digital currency, Frankocoin. Bitcoin technology is considered a breakthrough for those looking for opportunities to set up Bitcoins.
• The idea behind not being regulated by any central bank or government is that many businesses operating crypto currencies are not incorporated as legal entities and in most cases they are just referred to as projects. People get paid in Bitcoin and majority of them don’t even pay taxes. In jurisdictions where the tax authorities have moved in to tax gains paid in Bitcoin, an equivalent of what is received is subjected to tax.
• An innovative technology has also emerged called Bitcoin 2.0 which allows Bitcoin to be transferred securely in an encrypted, traceable and transferable manner from one person to another. This technology can be widely used to transfer business documents like tenders, real estate documents, and business contracts among other things.
A new software powered by Bitcoin and developed by Bitshares seeks to provide businesses with a virtual bank-like platform for Bitcoin which allows people to transact and exchange Bitcoins. This platform gives users a chance to buy and sell anything they have and receive payment in Bitcoin with the option of withdrawing it in Dollars. Any person or organization selling digital products or services that do not require a physical form can use this platform to receive payments.
