Before we move on to talk about Bitcoin exchange Ruxum, we first need to understand exactly what Bitcoin is. If you do a Google search, you can find several interesting articles about Bitcoin here and here.
Bitcoin is basically a peer-to-peer virtual currency created by Satoshi Nakamoto who wrote an extensive whitepaper about it. There are strictly 21 million such Bitcoin available after all the coins are mined. This will happen in 2040. Bitcoin isn’t controlled by the government or third party-financial institution. The whole trust cycle is largely managed by a peer-to-peer structure to ensure that Bitcoin aren’t double spent or that Bitcoin ownership isn’t double counted.
There are a lot of questions and skepticism about Bitcoin. But for now, they are pretty hot. The NPR Planet Money podcast recently discussed the booming prices of Bitcoin – it was just a couple of dollars a few months ago and after a seeing much growth in May and June, it stands at $14 today. The prices are pretty much driven by demand. You can either buy them from other Bitcoin owners via a exchange like Ruxum, or “mine for Bitcoin.” They are essentially used to help people do transactions online without any extra charges and hassle. Here’s a video to help you understand a little better:
So now you’re better equipped to plunge into the world of Bitcoin, Ruxum, will launch its Bitcoin exchange to Asia and trading will start on August 3. Bitcoin users in Asia can now buy, sell and trade Bitcoin in HKD, SGD, JPY, and THB. Ruxum is the first Bitcoin exchange in Asia and will allow Asian currencies to trade without having to suffer losses in a double currency conversion. Ruxum’s user interface is simple and extremely friendly for both traders and layman users looking to buy or sell some Bitcoin.
Chad Pankewitz, CEO at Ruxum, says that he and his team are very bullish about Bitcoin in Asia and are dedicated to provide the best Bitcoin services for customers in the region.
Ruxum is still in private beta, but lucky for you, we have 500 special beta invites just for Penn-Olson readers. You can log on here to sign up and use the code “pennolson” (without the quotes). Try the service and let us know what you think.