Maybe you've never heard the word Bitcoin, but what is the meaning of the Bitcoin? What is the difference Bitcoin currency Bitcoin usual and when they should be used? The question was answered in the first discussion in Fintech Stage Tech in Asia Jakarta 2015 (12/11), which is filled by Antony Lewis, CEO of Open Trade Docs.
Antony Lewis himself been poor across the world fintech. For more than ten years, sharing his ideas and experiences about digital currency Bitcoin to various communities.
Previously he had been a Business Development Director itBit in Asia, President of The Association of Crypto-Currency Enterprises and Startups, Singapore (ACCESS). Currently, he is focusing on teknologiblockchain.
Transactions more quickly to anywhere in the world
Antony explained that a major advantage over traditional currency Bitcoin is the ease of shipping to anywhere in the world. The benefits will be felt in the areas of international banking transactions rules are complex.
Antony pointed out that he stayed at a hotel in India. When they want to transfer using his bank account, he was asked to fill in personal data, including your full name, parent's name, home address and others. Worried data stolen, he eventually chose to use Bitcoin.
This capability is of course also true in countries that are experiencing conflict, when the bank operations hampered, or even not operate at all. Another plus is that we do not need to register the complicated like when you want to use Bitcoin bank. We just need to download the program and then create a Wallet from there.
We can also use Bitcoin as an alternative to credit cards to purchase goods online. It's certainly interesting for those who do not have access to credit cards, such as students who do not have a fixed salary.
Security is guaranteed at less cost
In addition to helping speed transactions, Bitcoin offers a higher security level, especially in countries that have a less stable financial infrastructure. In the traditional currency, there are times when the system is owned by banks down so we were not able to transact, for example due to a technical fault or because of government regulations so that banks can not operate a maximum (as in Greece yesterday).
Not so with Bitcoin. Because of its peer-to-peer, Bitcoin system has no single point of failure, both technically and systems. It makes us not worry can not access the Wallet and our money. Decentralization makes Bitcoin to be safe.
Another plus is the transaction costs tend to be inexpensive, especially for interstate transfer. Bitcoin position is between fast but expensive services such as bank transfers, and services are cheap but slow as Western Union.
Transactions with Bitcoin only takes about one or two days with simple steps. First, if not already, we buy local currency Bitcoin with us. Then, we send Bitcoin via the Wallet. After the transfer, the recipient can immediately redeem the Bitcoin with local currency.
As a medium of exchange or as an investment instrument?
Answering a question on whether Bitcoin is more suitable as an investment instrument or a mere instrument transactions, Antony revealed that no major from both. All depends on the needs of the Bitcoin users.
In fact, the two can go hand in hand: the more you transact with Bitcoin, the higher the price increase. The higher the price increase, of course the higher the incentive to invest in Bitcoin.
But indeed, invested with Bitcoin high risk because of the volatile nature of its value (rapidly changing). At its peak, Bitcoin never reached a price of up to $ 1,200 (about Rp16 million), but now only exists in the $ 300 (about Rp 4 million).
Another challenge mentioned is still poor user interface padasoftware Bitcoin. Antony replied by saying that Bitcoin is still "young" so that the user interface is also not designed well. But he hopes the increasing number of users, there will be startup is compelled to fix it.
