Adelaide based Inderjit Singh Chahota 'discovered' Bitcoins almost a year ago, and has gained expertise as an avid user and investor.
Speaking to SBS Punjabi he said, "Bitcoin is a crypto currency, and a global payment system."
"To put it in layman's language, it is a network that can host an App - and the first App that it is hosting, is money."
"So it is a currency which can be used to buy and sell, and the system works without a central authority - which means it is an autonomous system."
The Bitcoin was invented and released as an open source in 2009.
"The price of one Bitcoin back in 2009 was less than 1 cent and it has grown exponentially over the years. Going by it's current price in Australian dollars, 1 Bitcoin is valued at almost AU$ 13,000."
Inderjit lists the following as the unique features of Bitcoin are:
Source: Creative Commons
1. They are limited in supply to only 21 million in the world;
2. It is completely decentralised
3. It removes double spending
4. It is transparent
5. Bitcoin network is very expensive to hack and also eliminates the problem of fake currency.
So how does it work?
Inderjit explains, "The system is peer-to-peer, and transactions take place between users directly, without a third party."
"These transactions are verified by network nodes and recorded in a publicly distributed ledger called a blockchain. Bitcoin can be divisible upto 8 decimal points and smaller units call as ‘Satoshi’."
"Bitcoin payments are completely legal in Japan and almost every retailer in Japan accepts Bitcoin as a method of payment. Big tech giants like Microsoft and Amazon also accepts Bitcoin as a method of payment too."
Inderjit Singh Chahota - talking Bitcoins, on SBS Punjabi Source: Supplied
"One of Sydney pub accepts Bitcoin to buy a beer. We have Bitcoin ATM machines across Australia where you can buy & sell Bitcoins", he adds.
Click on the audio link above, to hear our interview with Inderjit Singh Chahota, about Bitcoins.
