Virtual Money / Do not See Bitcoin As Money But Digital Gold

This week, for the first time Bitcoin prices become more expensive than the price of one ounce of gold. Based on CoinDesk's Bitcoin Price Index, the price of one Bitcoin is equivalent to $ 1,276. Meanwhile, according to APMEX precious metal retailer, 1 ounce of gold is equivalent to $ 1,234. The rise in the price of digital currency has been going on since the beginning of the year, until finally could exceed the price of gold in early March.

Vinsensius Sitepu a lecturer and observer Bitcoin admitted not surprised at all with this development. Vinsen which since 2009 began to follow the development of Bitcoin and Blockchain technology, it has long been predicted that the popularity of Bitcoin can skyrocket and will be a high value commodity.

Bitcoin is electronic money that can be transferred without the need to go through any intermediary including the bank, so the transaction costs so much cheaper. However, many people who respond negatively Bitcoin since first launched last 2009.

A number of countries even openly issue a rule that rejects the use of this digital currency in the country. For example Russia, which in February 2014 banned its citizens using Bitcoin. According to the Russian government, the use of Bitcoin can be a source of disaster because it can be used for financing terrorism.

"Any system for anonymous payments and cyber currencies that are in great circulation, including the best known Bitcoin, are not monies and can not be used by any individual or legal entity," the Russian Attorney General's Office said as quoted by Antara.

United States (US), through its financial authority, the Securities and Exchange Commission (SEC) in May 2014 also issued a warning to investors not to use virtual currency such as Bitcoin.

Two months later, the Central Bank of Latvia asks its citizens not to use Bitcoin, because they do not consider Bitcoin as a legitimate means of exchange. Previously, Japan also did the same in March 2014.

As reported by Antara, the Japanese government also had firmly refused to consider Bitcoin as a currency. All these countries have the same reason, that Bitcoin has more adverse effects in the velocity of money and business.

However, some of them began to change their minds and gradually accepted Bitcoin's presence. Japan is one of them. Last February, his government began to recognize the existence of Bitcoin and Blockchain technology. The US SEC has also included Bitcoin in the commodity category, likening it to gold.

Controversy is still coloring the use of Bitcoin. In a survey conducted by The Street in 2014 ago, as much as 76 percent of respondents are not familiar with Bitcoin. While 79 percent even never wear bitcoin and do not intend to wear it. As many as 38 percent believe that Bitcoin is bad for the dollar, and 80 percent of people prefer to have gold over Bitcoin.

While those young, aged 18 to 24, 33 percent believe that Bitcoin can help the dollar, and 15 percent want to have Bitcoin rather than gold.

This figure indicates that at the beginning of its appearance, the older people do not see a bright future in Bitcoin. While young people, showing the opposite attitude.

One of the optimists is Vinsensius. He said, technological progress should be interpreted positively, including in interpreting the existence of Bitcoin. According to him, the fear of many countries should reflect on Singapore that has adopted Blockchain technology-Bitcoin transaction system-in its banking system. Singapore has already claimed to be the first country to implement Blockchain technology in its banking system in ASEAN last November 2016.

Besides having weaknesses, according to Vinsen, Bitcoin also has many benefits. Blockchain technology actually makes transfer transactions more quickly than the bank used today. "If the transfer abroad even the bank takes 2 to 3 days. Use Blockchain in seconds, "Vinsen told Tirto.

In the article titled "Babak Baru Bitcoin" published in the Analysis, Vinsen is also optimistic that the use of Bitcoin in the future will inevitably continue to increase. Along with the payment system through mobile (mobile payment) is also increasing.

"The Indonesian government itself seems the next five years still can not match the technology Blockchain Singapore. But want baseball want, the government will definitely adjust, "predicts Vinsen.