October 5 - Bitcoins!

Steve Wilkinson of Austin Bitcoin was our speaker on October 5 and gave us some background about about Bitcoins. With bitcoins, there is no middle man needed and there are no transaction fees. The use of bitcoins reduces fraud - like cash, and helps stop identity theft. Bitcoins have a global reach and you can get access to funds immediately. Bitcoins started in 2009 and are still in their infancy. $200 million has invested in this new process. The mechanism cannot be copied and there is a finite supply of 21 million bitcoins. Bitcoins are accepted mostly by on-line businesses, but 45 retailers in Austin accept them. Since bitcoins are relatively new, it will be interesting to see how they develop in the next few years. For more information go to austinbitcoin.com.