Bitcoin has been a big feature within the news in 2014. To understand Bitcoin, you must understand money. Bitcoin, like gold, has properties that make it an excellent form of money. However, unlike gold, Bitcoin can actually be used in our modern economy for making digital payments.
Bitcoin has the potential to be the third ‘major way’ to buy and sell goods and services that the world has ever known, after bartered goods and government-backed (fiat) money. (It is important to understand that 95% of money used today is already digitised, held in the banking system. Bitcoin is however, truly digital, and held individually like cash)[Governments are now taking an interest in Bitcoin; the first formal presentation of Bitcoin to the UK Government was made by myself at the BIS sponsored Future of Money conference on 13 May 2013. In June 2014 The Isle of Man outlined its plans to welcome Bitcoin companies, provided they are compliant and operate to best standards. And, on 11th June 2014, Expedia announced it would accept Bitcoin for hotel bookings.]
But what, exactly, is Bitcoin?
Who invented it and who controls it? How is it created?
Will Bitcoin replace state currencies? Is it a threat or an opportunity for governments? Can a state or company adopt its own cryptocurrency?
In an age of e-commerce and electronic trading, where transactions are performed with a credit card, computer or a mobile device, could currency as we know it disappear altogether?
Find out answers to these questions, examine what Bitcoin really is and gain further insight into its future adoption by the airline and travel industry at the World Low Cost Airline Conference at 17.20pm on September 16th 2014.
About the author:
Michael Parsons is an independent Bitcoin Advisor, Shaper, Educator and Presenter, who has featured in TV and Radio programmes about, and film documentaries on, Bitcoin. In 2012 he was asked to, and presented, Bitcoin to one of the leading UK clearing banks and credit card companies. Follow Michael on Twiiter: @BitcoinByte @ BreakingBit @ Bitc01n
If you would like to hear more about how the aviation industry is planning to adopt Bitcoin, then please join us at our World Low Cost Airline Conference in September. Michael shall also be delivering a 3 minute pitch at the event, as part of our disruptive technology session.