Australia's Bitcoin Group is less than a month away from debuting on the ASX as the bitcoin mining firm hopes to bring validity to the cryptocurrency and earn its share of what the CEO called a billion dollar opportunity.
Bitcoin and its underlying blockchain technology is a billion dollar opportunity, rather than a million dollar opportunity, according to Bitcoin Group CEO Sam Lee.
The Melbourne-based bitcoin mining firm is days away from listing on the Australian Securities Exchange (ASX), with Lee believing the cryptocurrency has a very promising and profitable future.
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According to Lee, Bitcoin Group powers over 6,000 machines across seven locations that perform calculations on the blockchain. Lee said this is done by confirming the validity of bitcoin transactions that people make on the network.
"This process is called mining, and for our contribution, we are rewarded bitcoins by the network which can be exchanged into any major currency," he said.
"The company operates current generation machines in locations with reasonable electricity prices combined with the number of bitcoins mined being mathematically predictable means we have turned a profit in 2015, which was our first year of operation, and I believe we can continue to operate as a going concern."
Lee believes that in order for something to have long term value, it must solve a real world problem. He said that bitcoin does just that by making financial transactions at a fraction of the cost of traditional payment systems -- which he said is similar to how the internet made accessing information virtually free for everyone.
"Every day more stores are adopting bitcoin as a preferred payment method over systems such as Visa, Mastercard, and PayPal, as merchants don't need to pay any transaction fees to receive bitcoin," Lee said.
"Bitcoin is like digital cash, so once the merchant has received the bitcoins, they can spend them within a matter of minutes and unlike bank transactions, credit cards, and systems like PayPal, there is zero risk to merchants from fraud or charge-backs when using bitcoins."
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