The first transaction involving bitcoin was reported on May 22, 2010, when a programmer identified as Laszlo Hanyecz said he “successfully traded 10,000 bitcoins for pizza.” As of today, 10,000 bitcoins are worth about US$120 million. A very expensive piece of pizza.
Worldwide, there are currently only 180 recognised paper currencies, but a staggering 1,500-plus cryptocurrencies have emerged, with Bitcoin being the largest in market capitalisation with each coin valued at US$12,000.
Is this a business opportunity that many of us have missed? And what do the experts consider about this as a real way for investors and business owners to make some money?
Our income ideas panel generally sees Bitcoin and cryptocurrencies as the future, once the kinks are worked out of the system.
UWI researcher Carolyn Hayle says, “This reminds me of the product adoption life cycle: early adapters, early majority, late majority, and laggards. It also underscores basic principles of economics namely the interaction between supply, demand, and price.”
Hakeem Goldbourne, a member of a group of 20-something Forex Traders headquartered in Kingston, explains, “First, let me say I am not a Bitcoin or cryptocurrency professional. I am just a rising millennial understanding the Forex industry, which includes Bitcoin, that empowers six billion plus people, many of whom have no access to a bank account, allowing them the opportunity to do local and global transactions. I am very awake now and so are those six billion people that are understanding the economy and strengthening their households.”
Dino Hinds, director of Micro Financing Solutions, adds, “As it stands now cryptocurrencies are more investment instruments for us as Jamaicans as opposed to being legal tenders. As such you will not find companies accepting them as payment for goods and services locally as is currently being done internationally.”
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