Kevin is the founder and CEO of idu Software. He has degrees in Commerce and Accounting, and started idu with partners James Smith and Wayne Claassen in 1998. Kevin is fast becoming a thought leader in his field, and makes regular comment in the media about current affairs affecting business, as well as accounting, finance, budgeting and software. He is a columnist for Accountancy South Africa and Tech Leader, and has been featured in Sunday Times, Business Day, Enterprise Risk, Succeed and Entrepreneur. He is also a guest speaker on Radio 702, Kaya FM and Summit TV.
Established in 1998, IDU was created by accountants and financial systems specialists to deliver smart software solutions for budgeting and financial reporting across all standard ERP and financial systems. The flagship product, idu-Concept, is specifically designed to overcome issues that get in the way of effective budgeting, forecasting and reporting.
The article is not about really about bitcoin, apologies if that was not clear. The article is really about systems and processes. if Blockchain is accepted as reliable and trustworthy and can effect transactions, of a financial nature, in a short time frame at a low cost is it not highly likely that this will become the system of choice when transferring money? The current process of seeing your money vanish from your account only to re-appear a few days later in another account with no compensation for the use of that money but, by contrast, an exorbitant bank charge seems to take advantage of the consumer. If nothing else Blockchain and the acceptance of more efficient transfer methodologies will drive the financial sector to re-evaluate their process to the benefit of all, mark you it may dent their profits! The banking sector as a whole is slow to innovate, and the UK is particularly poor I would have to say, and Blockchain and the threat of crypto-currency may well be the catalyst to spur that innovation..
Bitcoin is the best known of the crypto-currencies and their price is widely circulated. However there are actually currently more than 2 000 different crypto coins and tokens in circulation, and this is increasing as new schemes, through initial coin offerings, are continually launched. The available measures to determine the exact size of the crypto assets market are limited. A tool often used by industry players is the price checking website, Coinmarketcap, which indicates a perceived market capitalisation of about US$200 billion for all crypto assets. Governments are still trying to understand and adapt to a highly innovative and rapidly changing market space and to work out how to regulate it.
Your comments regarding the misuse of crypto-currencies for illegitimate purposes are fair however there are more and more regular people using these tokens and coins in everyday life and it is therefore not a phenomena to be ignored or dismissed, one would do so at their peril. Indeed this is precisely why governments are investing time and energy into understanding them.
As an aside I personally think Bitcoin is a bit like a stalking horse, it is the first and will not be the last but will help pave the way for a more robust and accepted, probably regulated, crypto-currency to come. Like most innovations the first attempt is almost certainly destined to failure.
PS I have never bought bitcoin