Bitcoin has been in the news in 2013. 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 97% of money used today is already digital.)
Governments are now taking an interest in Bitcoin; the first formal presentation of Bitcoin to the UK Government was made at the BIS sponsored ‘Future of Money’ conference on 13 May 2013.
But what, exactly, is Bitcoin?
Who invented it and who controls it?
How is it created?
Will Bitcoin replace state-sponsored currencies?
Is it a threat or an opportunity for governments?
Can a state 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?
To find out answers to these questions, examine what money really is and gain further insight into Bitcoin join us at at the Real Time Club dinner and debate on 18th June 2013
Michael K Parsons FCA
Michael Parsons is an independent Bitcoin Advisor, Shaper, Educator and Presenter, who has featured in TV and Radio programmes, and film documentaries, on Bitcoin. He has a strong interest in, and passion for, alternative value-transfer systems.
In 2012 he was asked to, and presented, Bitcoin to one of the leading UK clearing banks and credit card companies. In May 2013 he made the first formal Bitcoin presentation to the UK government, attended by about 50 senior civil servants.
His Bitcoin knowledge is supported by 25 years’ experience of traditional banking, money and finance. In 1993, Michael designed and introduced the first Western Bank accounting database system to Russia (in Kemerovo, then Sberbank, Moscow), as it emerged from the former Soviet Union.
He is currently leading the development of a professional authorised Bitcoin Exchange.