When I first became an intern for Copencoin I had never even heard of Bitcoin. I was very confused as to what it was and why someone would want to use it. I didn’t understand the benefits of using Bitcoin instead of charging purchases to my credit card. However, after working with Daniel and Santiago for a few weeks, I’ve learned that Bitcoin is a safe, easy, and efficient form of digital currency. Bitcoin has a very low transaction fee and is backed up online by code so that you never lose it and no one can steal it. It is a cryptocurrency that you can carry around on your smartphone or on a paper wallet if necessary.
Yesterday we hosted a meetup for DIS students, bribing them with free pizza to attend. We posted on the DIS Facebook group and were unsure of how many students saw the post and would actually attend. Minutes before the meetup was scheduled to start, approximately 20 students arrived, and a few more after that.We had many more DIS students attend than anticipated. Many had heard of Bitcoin prior to the event, and like myself, a few had never heard of this cryptocurrency. The students began to ask questions throughout the presentation and became very engaged with the topic of Bitcoin. Questions like ‘Why would you use Bitcoin?’ or ‘How does Bitcoin work?’ were asked by curious students, interested in learning more about the cryptocurrency. The students then got to witness Bitcoin in action, as Santiago paid for his friend’s meal all the way in Argentina, from our DIS classroom in Denmark. The students seemed quite impressed with the concept of paying instantly across countries and I assume this was something they had never seen before. We were able to see a transaction go through within seconds, when normally it could take hours or days. Santiago even gave us a few Bitcoin in order to show us how easy it was to send and receive Bitcoins between smartphones. He scanned my QR and within 10 seconds my account received Bitcoins. That transaction was much easier and faster than if my mom were to put money into my debit
account. That transaction would take hours, whereas if she used Bitcoin I could use it almost instantly.
Bitcoin also makes currency exchange easier because it is universal. Daniel gave the example that going through customs becomes easier with Bitcoin because it is digital and universal, therefore technically you do not have any currency on your person. It also is not specific to a single country so you are not taking their currency back and also do not have to exchange it for your own currency. You can use Bitcoin to buy Danish krone once you get to Denmark, and then when returning to your own country, you can use the krone to buy Bitcoin. Once back in your own country, you can use Bitcoin to buy your own currency again. Bitcoin is excellent for travelling, especially for DIS students, because it eliminates the high transaction fees at the money exchange that scam you for more money than you are actually receiving.