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Bitcoin opens for Knowledge Week

08 Apr 2016

Bitcoin opens for Knowledge Week Image

By Ella Gibson

“Connecting minds and creating change” – those are the values behind Melbourne Knowledge Week. The festival runs from May 2 to 8 and revolves around exploring innovations, collaborating with experts and grappling with the interconnected challenges and opportunities our city is facing.

And on May 3, the festival will come to Southbank when the Melbourne Bitcoin Technology Centre on City Rd hosts a talk on the many aspects surrounding its groundbreaking crypto currency technology.

The talk will discuss the ways in which Bitcoin is changing the landscape of electronic trade and payment and what Bitcoin has to offer individuals and groups in the local community.

Having spent the last 18 months pushing for a listing on the Australian Stock Exchange (ASX), Bitcoin business development manager Martin Davidson said the group was now looking to engage more with the local community.  

“That is a real opportunity for us to really leverage our success because while we didn’t list on the ASX it’s a huge sign that people want to invest in this technology,” he said.

“We’re now consolidating our output and looking to re-launch the website and articulate the value proposition of what we’re trying to develop for small businesses and the local community.”

After launching a replacement prospectus on September 4, Bitcoin Group (BG) managed to raise $5.9 million in the IPO. However, due to regulatory hurdles it wasn’t accepted, and has suspended its offer until it’s able to apply again.

A Federal Senate inquiry last year into Bitcoin resulted in the Australian Digital Currency Association (ADCA) suggesting that Bitcoin should be treated as a currency rather than a tangible asset subject to GST.

This is good news for potential Bitcoin adoption, as merchants are far more likely to accept a currency they don’t have to pay tax on.

Mr Davidson said the centre was now looking to open its doors to the community in an effort to educate the public about the advantages of Bitcoin technology.

“As more people start to use the technology and become more educated about how it works then regulation will hopefully accommodate that,” he said.

“Per capita users are high, but population-wise it’s still quite low,” he said.

Within the Southbank community centre, Bitcoin has 20 co-working spaces available for public use and the centre hosts a number of regular events and workshops as well as ongoing RMIT student projects.

During Knowledge Week, the centre will host an open day including information sessions and workshop presentations.

To find out more visit www.bitcoingroup.com.au

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