MOSSEL BAY NEWS - You've always thought money was money. Crisp notes and coins are familiar things, but what about digital, crypto and cyber money?
If you are confused, don't feel alone. Get the correct information from a fundi at the Mossel Bay Business Chamber gala function on Friday, 25 August at the Diaz Beach Hotel and Resort.
To inform you about the diverse types of monies that are taking the world by storm, is well-known economist, Dawie Roodt. Roodt, who is at present busy with his doctoral thesis on virtual money, will be the guest speaker at this function.
According to Roodt, the world is in a frenzy because of Bitcoin and other digital monies that are all the rage. Initially, people thought they were just another scheme, but it has become clear that these innovative technologies is revolutionary and here to stay.
"Chances are that we will soon see a dramatic change in banking. It might even be possible that banks and central banks will completely disappear soon!" he says. That's not all. Technology such as blockchain can also be used to disrupt and replace stock exchanges, deed registrations, insurance companies and much, much more. Many careers that are linked to these businesses, will fall victim to these developments."
"We are certainly at the beginning of a technological revolution and the sooner you master the technology and terminology, the quicker you will be able to take part in this exciting new world," Roodt adds.
Basically, there are two types of money: money that is distributed by a central authority such as a central bank and private money.
And then there is digital money. This is money that does not exist physically. Digital money is also called electronic money as it exists somewhere on a number of computers. We use digital money when we pay with our credit cards or when we make an internet transfer between accounts. Other than with physical money, two people do not need to be in each other's presence to exchange digital money from one individual to another.
Digital money can be transferred between people (accounts) even if the individuals are in various places in the world. The last type of money is virtual money. It is something that is like money but is, in fact, pretend money. The game, Monopoly's, money is an example of virtual money.
If you are totally confused now, you need to book your ticket for the gala evening. The event starts at 19:00 and tickets can be booked by calling 082 571 3220 or send an email to admin@mosselbaychamber.co.za
• Business of the Year: We are looking for the top businesses in Mossel Bay, the top businesses in the small, medium and large sectors as well as the Businessman of the Year. Please forward your nominations to admin@mosselbaychamber.co.za by 18 August. The top businesses in the small, medium and large sectors in Mossel Bay as well as the Business Person of the Year will be announced at the gala event at the Diaz Beach Hotel and Resort.
Read a previous article: Learn more about money at gala evening
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