Bit Coins – the digital future or a threat to mankind
April 21st, 2014 | Technology Times | No Comments
Q: Are 21 million Bit Coins enough to cater the needs for the whole world. Tell us about what are exactly Bit-Coins?
A: Definition of Bit Coins can vary from a person to other person. For some people, it is a currency, like for others its kind of a commodity and for the rest it acts as a digital gold, but in actual sense it is more likely to be taken up as “Digital Commodity” – as its value increases as per demand and supply ratio. Everybody now-a-days have a different view about Bit Coins and for me it is indeed THE FUTURE of digital world.
Q: How about you tell what Bit Coin is to a non-technical and kind of common person! Why should they care for, why should they take up interest?
A: I would rather not go into technical aspects, of course, and would define it as “Gold over Internet” or perhaps “Virtual Gold”. The answer to why should people care and take interest lies in the evolution of technology on human era, you simply cant just run away from technology, some day it will bring you in its grip as it has been doing for last two decades, I suggest its better to understand more rapidly than to take it up ahead in next time.
Q: What motivated you to start this movement of bringing in and promoting exchange of Bit Coins at Pakistan?
A: As an entrepreneur I saw a niche; it is an un-explored market where you give back financial power to people and at the back empowering yourself too.
Q: The political issues with Bit coins, can Pakistani government allow it for general public?
A: This is the biggest controversy that any political government can tackle; I would say not only Pakistan but around the whole world is resisting endorsing the use of Bit Coins, as this equates them out of the citizenry financial record and gives power back to people, so banking sector would not actually like to support it and thats the reason why Bit Coins hasnt attained the status of being NEXT BIG THING.
Q: How are you looking at the strategy to expand the reach and promotion of Bit Coins at Pakistan?
A: To expand, first you need to introduce it to every corner, and so is the case here in Pakistan. People have to have awareness for it, and thats where we are working to get this into knowledge of people as many as we can. We hold Bit Coins Meet-up here at Karachi; soon we shall be moving our feet to Islamabad and Lahore.
Q: Future of bit coins? Are there any entrepreneurial opportunities about bit coins?
A: Yes, indeed as I have said – Bit Coins itself is future, and its more like as in 1994 Internet used to be, so is the Bit Coins standing in 2014, the world is waiting for that next landscape moment, just one big app, may be one big service and here it goes the BOOM. Its not going to die, or obsolete, Bit Coin is here to stay. Its people who need to understand its worth.
Q: The absence of PayPal in Pakistan and how Bit Coin can fix that issue?
A: Just to add, the investors and people involved into PayPal has now been coming forward to Bit Coins as well. I mean people need some medium to transfer money online, if not PayPal then surely Bit Coin can alternate it, but the thing is, this would happen if Pakistani government and at first Pakistani citizens apprehend its worth.
Q: What would be the charges of using Bit Coins as compared to the other services such as Payonner, Alert Pay and Western Union?
A: The charges would be minimum I believe, as there are many other investors opening up Digital Coin services just like Bit Coins and indeed with different algorithms, but Bit Coins is kind of back-end technology and a foundation to all these digital money services. Comparison to others, Bit Coins just charge you for that transaction, and its quite low as only approximated to less than 8 per cent.
Q: How safe are the Bit Coins in terms of trading?
A: See the offline Bit Coins you purchase or in fact an online, it only happens with your private address for logging in to Bit Coins data base, and whenever you share or receive money via Bit Coins, it has a Private Key which is visible only to you and the other party, just to clear the key is delivered by the algorithm running behind. And thats the beauty out of it. No third party involves into. Technically we say it is a peer-to-peer network with a cryptographically deduced algorithm. Its not totally on self-trust, but the parameter which makes it more reliable is whatever you do with your Bit Coins and I guess whatever the world is doing with their Bit Coins is viewable to every person and the whole public.
Q: How can small businesses, students and teachers utilize this service for their own profits?
A: Its a simple transaction model, as many of us use Credit Cards for shopping and at the end we receive a bill with some transaction and service charges. With Bit Coins there is no such complexity involved. All you have to have is a Bit Coin address and you can do whatever you like to with it. Its again I would emphasize that people need to understand the worth and in corporate its uses, so they can occupy it to gain profits out of their own small ventures and initiatives.
Q: How to earn/buy Bit Coins?
A: There are several exchanges that are operating at the moment and you can register there and buy Bit Coins. A Bulgarian exchange btc-e.com makes the process very easier. There are few more like Hong Kong based exchange crypto-trade, btc-china, and bit stamp. You can also find people on localbitcoins.com who are willing to sell Bit Coins for cash and vice-versa. If you are inside Pakistan and do not have PayPal account or foreign currency accounts, you can buy Bit Coins from bitcoinpk.com as well. Just shoot us an e-mail.
Q: Any suggestions you would like to give to people who are working to start their own start-up?
A: For me, its been three years in entrepreneurship and it has been quite tough, but the key is just to be consistent with what you do, what you believe and how you are planning to take it, and thats why I suggest, in case if you feel low and plan to end it, just think and memorize why even you started it, what was the driving force which brought you in to this.
Published in: Volume 05 Issue 17
Short Link: https://www.technologytimes.pk/?p=11439