Zim to host bitcoin seminar

ZIMBABWE is expected to host a bitcoin seminar on Saturday aimed at promoting and educating the public on the advantages of cryptocurrency in the country.

BY TATIRA ZWINOIRA

Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds and operates independently of a central bank.

In statement last week, Liquidmoney Biz a South African-based bitcoin consultancy firm said they would be participating at the event.

Liquidmoney Biz said that an estimated 2% of the world’s population is aware of bitcoin, which is the world’s first cryptocurrency.

“Let’s put this into perspective, there are about 7,4 billion people in the world, and between 12-14 million people know and are using bitcoin currently,” Liquidmoney Biz said.

Bitcoin was created in 2009 by a Japanese national, Satoshi Nakamoto.

The central bank has in the past been wary of cryptocurrency due to the inability to trace the use of the currency to its owner, since it uses anonymous names and is independent of monetary authorities.

As it is independent of monetary authorities, the central bank fears that the use of the currency in the country could lead to a surge in cybercrime.

Founder of Liquid Crypto-Money Shireen Ramjoo, who is expected to participate at the seminar said Nakamoto created a cap on the number of bitcoins that is going to be released into the world.

“Twenty one million bitcoins will be created and it is estimated that by 2140, the last bitcoins will be dispersed. It is also scheduled to be released in tranches every four years, which is known as bitcoin halving,” she said.

Popularity for the coin can be seen in that there are about 12,5 bitcoins, being released every 10 minutes into the system.

Central bank governor John Mangudya told NewsDay yesterday that he was waiting to see if anything new would be discussed at the seminar.

“We stand by our position that we need to be very cautious in dealing with such type of payment systems because there is no settlement for those bitcoins. Caution needs to be exercised when dealing with bitcoins because there are settlement systems for those bitcoins and other international payments systems,” he said.

“Zimbabwe is in an infant stage as an economy to deal with such things.”

7 Comments

  1. steve blomefield

    Bitcoins are a pixel based currency, meaning you pay for an imaginary coin illustrated by computer-generated pixels. It is not backed by gold or silver or even us dollars.

    For example, the following bitcoin exchanges have been robbed [hacked]
    SIK ROAD [A FAKE SITE… 2.7 MILLION$]
    SHEEP MARKETPLACE 56 MILLION $
    SILK ROAD ..GENUINE SITE 127 MILION$
    mT gOZ -OVER 400 MILION$

    if government regulators ban the use of bitcoins and investors lose their confidence in bitcoins, no one will give you your money back because it is owned by the people on the internet, not banks.

    BE WARNED

  2. So there is a seminar on Saturday. What time? Where? Steve is in there with a warning. We would want to go appreciate whether Steve is scaremongering or Rashid is laying a snare. Hope to see Steve there! Now to go fire the journo who wrote such a bare story.

  3. Fuck Bitcoin its nonsense dont look for nonsensical solutions. First bvisai corruption, stupid populist policies and demagoguery then mozotsvaka zvimwe. You cant even have a currency maakuda Bitcoin get away!!

  4. This is bad newswriting can you not answer the simple questions Who What Where Why When and How? Is the story on bitcoins or the seminar ? Newsday is losing its touch with such shallow presentation

    1. Call 0608056190. Get more informed information on Bitcoin . Don’t suffer the same fate of meter taxi drivers in South Africa, who were invited to take up a new technology system, Uber, and they just didn’t believe in change.. Google them now, striking just because the system works and its flooded now to get much out of it. Get over yourself and this junk status of our financial system and get involved.

  5. it has been hacked a couple of times and in reality (known to IT professionals) it is all based on artificial economics (“mining,” monetary policy etc).

  6. Call 0608056190. Get more informed information on Bitcoin . Don’t suffer the same fate of meter taxi drivers in South Africa, who were invited to take up a new technology system, Uber, and they just didn’t believe in change.. Google them now, striking just because the system works and its flooded now to get much out of it. Get over yourself and this junk status of our financial system and get involved.

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