You may have heard about “bitcoins” but never explored how to use them. Well, a group of local business executives found out about the latest trends in what this cyber currency is all about.
Isobel Larkin reports.
It was a Governance Institute of Australia’s event and those here heard from the CEO of Bitcoin Group.
He says the technology increases transaction efficiency and is already used by corporations worldwide.
Sam Lee, CEO Bitcoin Group: “We do see the transaction volume in the bitcoin ecosystem doubling every year. And not only that, but, the liquidity of the currency also increases over time.”
Some restaurants in Melbourne’s Chinatown are already accepting bitcoins.
Sam Lee, CEO Bitcoin Group: “That is because instead of converting Chinese Yen to Australian dollars, which due to capital control is hard to do, a lot of the Chinese parents for instance send their kids bitcoins.”
Although Mr Lee cautions that there are risks.
Sam Lee, CEO Bitcoin Group: “There are many in an unregulated environment because bitcoin, at the end of the day, is not up to the government to regulate.”
You can find more information about bitcoins online.
The concept of bitcoin currency transactions hasn’t found a comfortable niche yet in Australia.
For many, it could just be a matter of buyer beware.
Isobel Larkin, QUT News.