Speaker: Dr. Tahir Mumtaz Awan, Director HATF Consultants & Advisors
A few years ago, a new type of currency emerged generalized as a “synthetic” currency. It is called synthetic because it is not operated by any state or even has any tangible value rather it seems to be a new asset that is trade-able resulting from an agreement between two individuals secretly and it is facilitated with the help of internet technology. Included in this synthetic currency is Bit coin (BTC) that has proved to be one of the most important one. BTC can be stated as “Digital money is simply the idea that, thanks to technology, money can now be a digital object, a unique serial number that can be directly exchanged anonymously and without accounting, just as one person would hand a dollar bill to another person, you had it, now they have it, Very simple”. There is already a lot of usage of digital money, for example when a person makes a transaction the system identifies the person and makes credit equivalent to the amount of deposit, which makes it digitally usable on ATM machines or in transfer from person to person or can be utilized to purchase goods or services. But this is not related to concept of digital currencies because a digital currency is more like a real form of currency with a characteristic of independence i.e. free from intermediaries such as central banks. Hence the whole system of digital currency is decentralized and there is no decision making involved by politicians or governments or banks. Such as Bit coins work through cryptographic algorithms to make the currency digitally usable. There are people who like the idea of currency which does not involve people in grey suits i.e. bankers and politicians who have had the system under control until now. In this talk, the focus is on the level of understanding or perception among the individuals regarding the bit coin currency in the domain of cryptocurrency.
(Type: Talk | Track: Blockchain | Room: Event Hall 2-1)
Produced by Engineers.SG