Photos from the UQ Bitcoin event

On Tuesday 21st Feb, I was asked to panel a screening of the documentary “Bitcoin; The end of money as we know it” at the University of Queensland. A quote from one of the guests.

“I thoroughly enjoyed your talk about bitcoin last night at the University of Queensland.

I started researching the currency from a legal perspective about two years ago and wrote a blog on my findings. I would like to retract my blog and write a new analysis of the currency after hearing your talk”

Here are some photos from that event.

Australian Local Weekly Bitcoin Trading Volume Just Surpassed 1 Million Dollars

According to Coin Dance, Australian weekly local Bitcoin trading volume just surpassed one million dollars.

Local Bitcoins is a global platform which is the equivalent of the ‘Gumtree’ of Bitcoin traders.

Local Bitcoins is a great way for individuals to start trading bitcoins, but before you start, you must be aware of the risks. Here is what you need to know.

Beware of Bank Transfers or ‘Man In The Middle’ Attacks

A Queensland trader had his life turned upside down by his bank and the Police after thinking he had received bank transfers from people he thought wanted to buy bitcoins.

Upon receiving the bank transfer, he would send out his bitcoins, completing the trade. But, the other person making the bank transfer was actually tricked by a malicious ‘man in the middle’ and upon realising this, they would reverse the payment.

The consumer protection built into the banking system allows for bank transfers to be reversed quite easily. These protections are being used to scam Bitcoin traders out of their bitcoins AND bank balances.

One method Bitcoin traders use to check who are legitimate buyers of Bitcoin is to ask them to take a photo of them holding their ID and a photo of the deposit receipt. However, a digital photo can be easily photoshopped and fake IDs are commonly used.

Unfortunately this is just one way that scammers attempt to get their hands on bitcoins. We will cover some other scenarios in upcoming blog posts.

So, if you’re looking to trade bitcoins – it may be safer to sign up with a reputable Bitcoin exchange, or attend your local Bitcoin meetup at meetup.com!

And if you don’t already have a meetup in your area, why not start organising one today?