Joey Zervoulakos is a sometime computer geek, tech and gameplayer, but these days he’s staking out territory as a promoter and counselor on the new frontier of Bitcoin, the “cryptocurrency” which is quietly gaining a foothold in Guam, Asia and the rest of the world.
There’s a learning curve to Bitcoin. Zervoulakos first read about it in PC Gamer magazine. “I thought it was currency for a stupid game,” he said, but a knowledgeable friend later filled him in on the details and potential.
It’s what’s known as a “peer-to-peer” system. Two parties anywhere in the world with smartphones and “wallet”’ applications can transfer Bitcoins instantly without going through a bank account or other money transfer service, avoiding the steep traditional fees for such transactions. As this suggests, there are no actual physical coins involved.
At the same time, while serving as a currency, Bitcoin is a speculative investment, which despite occasional hiccups has been expanding in value for those who hold on to it. “I invested when [a Bitcoin cost] roughly around $200 and now today’s price is fluctuating between 16-hundred and 17-hundred,” Zervoulakos said.
Given the appreciation of Bitcoin he has experienced, Zervoulakos is hanging on to his holdings as an investment, rather than using the currency to purchase goo