Ric Richardson

Imagine that! You could send a twenty dollar bill to your mate or your Mum by email or SMS. A shop could show its SMS phone number and you could pay by sending the money from your phone. No card, no waiting to see if the card cleared... no merchant fees... no web site and forms to fill out. Web sites could have only an SMS number for you to send the money, your delivery address and the name of the item you want to purchase... a new age of simplicity and immediacy. What's more the Reserve Bank of Australia actually wants this to happen. Imagine what would happen to the value of the Australian currency if anyone in the world could use it for International transactions? Just imagine. No question as to the value of what's in your wallet.. er... ah phone. You pay $20 you get $20 worth... the real power of Bitcoin is when it is used as a token for a physical currency not as a currency in it's own right... Another opportunity for BitToken™.

This will no doubt end up being one in a series of postings about Bitcoin.. er um Blockchain... er um that new technology all the banks and finance investors are excited about. Try this quick quiz: Is Bitcoin different to Blockchain? If so what is the difference? Is one a currency and the other a trusted ledger? How irritating all this is... here are some quick facts. The Bitcoin system, uses both Bitcoin's (as the item of value that is traded) and Blockchain's (that is the ledger that keeps track of who owns each individual Bitcoin at any given time. So why use the term Blockchain if it's simply a part of the Bitcoin system? Because people hate associating a fantastically powerful mathematical system of trust with the baggage now heaped on the shoulders of Bitcoin due to it's association with Drug Dealers, Terrorists and the Dark Web. Most of the noise surrounding Blockchains is the rudimentary and rather boring excitement around using the blockchain for...