CRYPTOCURRENCY, THE EMERGING BUSINESS TRANSACTION USING BITCOIN

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Crypto currency is a new digital system of money that is associated with the internet for purchases and transfers. It is the first decentralized digital currency. Transfers are made directly from one person to the other, there are no prerequisite as in banking.
It is also generated from the internet through a digital wallet. It is with elements of mathematical theory and computer science to become a way to secure communications, information and money online. Mr. Soukouro Mahama explained on RadfordFM Agenda Friday last week. Crypto currency was known in 2009 where bitcoin as value is represented by a certain amount of money by a group of people in it.
He added that crypto currency is mined in a form of gold but cannot be touched but purely computer programming which uses a code which has an agreement between two or more people on its value determination.
The money increases as many people keep joining. The system is been check by an IT expert and can be traced with their headquarters in the United States. This is a financial revolution and completely different from sakawa and DKM and other financial institution when he was asked whether this was another scheme to rob the people. Mr. Soukouro Mahama discloses and added that owner of Virgin airline Richard Branson and Bill Gates all invest in bitcoin. He concluded up by saying crypto currency will soon take over the world and banks will convert to the system because that is the future. He cautioned banks to place themselves strategically to see the trend of a new financial revolution coming in the wake of bitcoin. Many countries are adapting different ways in digital currency trade and says it might become common very soon in Ghana as it’s now accepted in payment of goods and services in certain countries.
The BBC Kamal Ahmed reported the regulator in London warned buyers of bitcoin to be ready to lose everything if they invest due to volatility and the fact that it’s not regulated. The report said further that a year ago one bitcoin sold at £580 on coindesk but sells today at £12,400
CNN,Daniel Shane reports of how bitcoin future trading got a lot bigger over the week end with backing of the world`s biggest exchange operator CME Group.
Mr. Soukouro said he was however not encouraging anybody to invest in it but to share the information he has about crypto currency, he told RadfordFM.
MEMUNA/MBS/RADFORDFM

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