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What Bitcoin is NOT and What It Actually Is?

What Bitcoin is NOT and What It Actually Is?

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Another day, another event in the crypto community. This time around, we had the opportunity to join Bitcoin Malaysia’s event, “What Bitcoin is NOT, and what it actually is,” which took place at WeWork EQ Plaza, Kuala Lumpur on 22nd January 2020.

Hosted by Jason Chew, Managing Partner of Bitcoin Malaysia, the event constituted about 80% of attendees that are new in the cryptocurrency and blockchain community.  It was a refreshing and fruitful gathering, to be able to witness attendees that range from generation Z to boomers, came together to learn something foreign to each one of them.

Apparently, 99% of Malaysians still think that Bitcoin is a club, company and a get rich quick scheme. Which it is not, as typical get rich scheme would have a business model that targets greedy and desperate people, with over the moon promises like fixed 25% monthly profit.

Why Does Bitcoin Matter?

As the world’s first and longest functioning decentralized money, Bitcoin is known as open and transparent, all thanks due to its blockchain platform. Also, the cryptocurrency Bitcoin is global and borderless, where the usage is not limited to any region or country. Having run for 24/7 for 11 years and 6 days now, Bitcoin proves to be the strongest example of what blockchain technology can do.

Besides, the emergence of Bitcoin and its blockchain platform has successfully inspired thousands and more blockchain and cryptocurrency projects, which is apparent now as we have over 2,000 different cryptocurrencies available in the world. Remarkably, although Bitcoin’s blockchain is hackable, the estimated price per hack attempt is $10,000,000,000 which needs to be completed within 10 minutes, which makes it very difficult to think about.

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About Bitcoin Malaysia

Founded by Colbert Low in 2012, Bitcoin Malaysia began as a blog website and has since grown organically to become the largest crypto community in Malaysia with over 50,000 members. Having delivered tons of meetup and events, the firm is now aiming to spread the knowledge of cryptocurrency and blockchain in the community by running a monthly free awareness talk. Do not forget to catch them at the next event, happening on 5th February 2020 at Innovation Lab, Found8 KL Sentral where they are going to talk about ‘What Bitcoin Did’.

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