Suddenly, people are starting to talk about bitcoin. It’s all over the internet – with articles that are ebullient and some, that for whetever reason, are less so.
You’re either a believer or you’re not. Is it a fad? Or is it the real deal?
I’m just an advertising guy (and a biased one at that, in that I’m an ardent proponent of the currency) so what do I know?
Only the following, after spending some time this past week with a person who has a deep understanding of crypto-currencies, and who was in South Africa to meet with interested local parties – the American co-founder of BitClub Network, of which I’m an active member:
Bitcoin is currently used by a minute percentage of the global population, but is already priced at around US$740 per bitcoin (BTC).
The price of bitcoin is projected to go a LOT higher over the next few years. (With a fair bit of volatility on the way)
Bitcoin is being kept an eye on by Governments and banks around the world, who are trying to understand the implications of a quick and easy means of payment between individuals that can’t be controlled.
Bitcoin provides an incredibly inexpensive means of paying another person.
It is already accepted by more than 200 000 establishments in the US.
It can be used to purchase anything – from a coffee at Starbucks to airplane tickets on Emirates to a castle in Scotland.
Transactions are all recorded on the Blockchain, which is a public ledger open to all.
One can easily buy or sell the crypto-currency on any of these platforms.
Some people who DO know about bitcoin include:
Virgin’s Sir Richard Branson.
Founder of Microsoft, Bill Gates.
Ex US vice-president, Al Gore.
CEO of Google, Eric Schmidt
Venture Capitalist and founder of Netscap, Marc Andreessen.
Founder of McAfee, John McAfee.
Former CEO of Paypal, David Marcus.
Co-creator of Facebook, Tyler Winklevoss.
Well-known entrepreneur, Eric Voorhees.
Former Chairman of the US Federal reserve, Ben Bernanke.
Here’s what they have to say about bitcoin.
Sir Richard Branson “Virgin Atlantic is a bold entrepreneurial technology. It’s driving a revolution and bitcoin is doing the same when it comes to inventing a new currency” “
Bill Gates “Bitcoin is a technological tour de force” “
Al Gore “I think the fact that within the bitcoin universe, an algorithm replaces the functions of Government, is actually pretty cool” “
Eric Schmidt “Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value” “
Marc Andreessen “At our venture firm, we continue to see an escalating stream of fascinating new bitcoin uses, cases and applications from entrepreneurs”
John McAfee “ You can’t stop things like bitcoin. It will be everywhere and the world will have to readjust. World governments will have to readjust“
David Marcus “I really like bitcoin. It’s a store of value, a distributed ledger. It’s a great place to put assets” “
Tyler Winklevoss ‘We have elected to put our money and faith in a mathematical framework that is free of politics and human error“
Eric Voorhees “Economists and journalists often get caught up in this question: why does bitcoin have value? And the answer is very easy. It’s useful and scarce”.
Ben Bernanke “Bitcoin may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system” “
I don’t know about you, but I’d rather take a cue from people of this calibre than a broke next door neighbour who tells me that bitcoin is a fad and that I should stay clear of it.
Another clincher for me is something the co-founder of Bitclub Network pointed my attention to on the site blockchain.info – the number of reputable global firms and institutions that are actively – and currently – funding blockchain and bitcoin start-ups. One of which is The New York Stock Exchange, which for the first time in its 200 year history, is putting money behind an entity that is NOT listed.
Now THAT is interesting….
Gerard Kavonic is an experienced copywriter, conceptualiser of advertising ideas and co-ordinator of marketing projects, running a small – tiny – advertising agency in Johannesburg. He is also an ardent proponent of bitcoin and is an active member of BitClub Network. He can be contacted on 083 444 9888 and emailed on firstname.lastname@example.org