Bitcoin and crypto currency craze taking off in Nimbin
PEOPLE are coming from near and far to take part in bitcoin seminars held in Nimbin, with the crypto currency craze taking off in the Northern NSW town.
Interested travellers are coming from places outside Nimbin including Lismore, Byron Bay, Brisbane and even the Sunshine Coast, seminar organiser David Hyett said.
"There is not many places offering what we offer in the way of providing advice," Mr Hyett said.
Crypto Currencies are a peer to peer virtual currency, which means there is the removal of an intermediary from point to point transactions, usually occupied by banking institutions who can control and manipulate the market.
Monthly crypto currency seminars started about three months ago in Nimbin but due to popular demand weekly workshops are also in place.
Mr Hyett said about 30 people show up weekly for the meetings.
"A number of people in Nimbin were early into the crypto currency space and had a fascination with it before I thought it would be a good idea to educate people...it's quite complex."
"We are getting bombarded with people...some people are new, some have been going the whole time."
He said most people come to the meetings with the "intention of entering into the crypto currency world".
"It allows people to pick up knowledge from a lot of other people who have knowledge in the space."
Mr Hyett said he decided he wanted to learn more about the currencies and has done a lot of research on the matter.
He said retailers in town don't currently accept bitcoin as payments due to a few issues with the network.
"It's not suitable as a currency for purchasing smaller items, it's more a store of value."
The seminars look at how to secure your investments, how to store your currency, how to trade your currency, and how to evaluate the potential of the various currencies.
The great thing is you can participate without having a lot of wealth.
But Mr Hyett said it goes beyond investment.
"The impact of the block chain on society is going to be massive - very much like the agricultural or industrial revolutions, the petrol engine, the internet."
"It's one of those major events that happens which will have an incredible impact on society.
"A lot of it is about the sharing economy which is particularly well suited to Nimbin.
"When you're investing into crypto currencies you're actually investing into future technologies.
"In a way it's a bit like crowd funding...people buy into someone's idea."
The next monthly crypto currency seminar at the Nimbin Bush Theatre will be on Saturday Febuary 3 at 11am.
The meeting is suitable for both beginners and experts, with the first half of the meeting dedicated for the learners, and the second half aimed at more seasoned crypto traders.
Weekly seminars are held on Wednesdays at 11am.