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Cryptocurrencty Bitcoin Discussed at EMU

The Eastern Mediterranean University (EMU) Business and Economics Faculty Dean’s Office organized a conference title “Cryptocurrency Bitcoin” at the Prof. Dr. Mehmet Tahiroğlu Hall. The conference speaker was Cryptocurrency Expert and Software Engineer Engin Güzelsoy. Engin Güzelsoy who is continuing his career by travelling the world and providing education on the cryptocurrency “Bitcoin” stated that “Bitcoin” is the new form of money. Güzelsoy stated that “Bitcoin” which entered our life in 2009 with 10 cents has today reached a value of 11500 US Dollars.

What Is Bitcoin?

Cryptocurrency Expert Engin Güzelsoy noted that “Bitcoin” is a software that was written in 1993 by seven people as an “unbreakable software.” Indicating that “Bitcoin” is comprised of 21 million codes Güzelsoy stated that there are 21 million “Bitcoins”: “If this new currency is increasing in value why hasn’t most of it been bought up by multimillionaire businessmen? This is because “Bitcoin” gains its value from the balance of supply and demand. If just one person owned all “Bitcoins” there would be a monopoly and the money would have no value. Unlike normal money, “Bitcoin” isn’t linked to any country. Therefore it is not affected by any countries’ operations. Unlike money that can be pressed in a country “Bitcoin” is not limitless. There are 21 million “Bitcoins” and they are not all introduced to the market at the same time, they are gradually put on the market. The last “Bitcoin” will be put on the market in the year 2140.”

“In Some Countries Wages are Being Paid in Bitcoin”

Güzelsoy stated that in Japan wages have started to be paid in “Bitcoin” and that “Bitcoin” is the only currency accepted in all countries. In January 2017, the daily transaction volume was 15 thousand dollars and today approximately 500 thousand transactions take place in a day. This shows that the rate of supply and demand is constantly on the rise. I predict that in the next three years, banks and money systems will disappear and ‘Bitcoin’ will be the only accepted global currency.” Gülersoy also relayed his surprising experiences relating to ‘Bitcoin’ in the many places he travelled: “In India people are begging for ‘Bitcoins’. In Japan, the government collects taxes in ‘Bitcoin’.  Recently a transaction worth 174 million US Dollars took place between China and Japan. The transaction was broadcasted live on the internet. The processing fee of the transaction was just 0.4%. If this money was transferred from a different financial platform the processing fee would be between 10% and 35%. Today the market value of ‘Bitcoin’ is approximately 200 billion US Dollars and this market value will continue to increase.”