Cryptocoin recently attended the inaugural Crypto World Summit in Perth, Australia. The event was held at the Perth Convention Centre on the 21st of August and presented by SwyftX. That such a summit was deemed viable to be held in a comparatively small capital city (Perth is the most isolated capital city in the world) speaks volumes to the spread of crypto over the past years. Interestingly, although still a male dominated field, there were more female attendees and speakers at the conference than expected, which is perhaps another sign that suggests crypto is slowly becoming more mainstream.

The summit primarily aimed at new users to crypto, and included various guests who were all willing to impart their knowledge and expertise to the crowd. These guests covered all things that a beginner might ask, such as how to analyse and select a coin, the potential tax implications of holding crypto and how to minimise the risks associated with volatility. The guests had a range of experience, from the new investor who trades in his lunch break at school/TAFE, right up to institutional and full-time traders.

It was great to see that a large component of the day was set aside in educating attendees about some rarely spoken about negatives, so those who have only just started their investment journey or are thinking about investing know that it is not always smooth sailing. Some of these topics that took centre stage at the Crypto World Summit included the prevalence of Ponzi schemes, and emotional investing due to recommendations from friends or influencers.

The Crypto World Summit was a sit-down style conference, with guest speakers attending virtually or in person. In addition to the speaker presentations, there was a panel component in which the MC asked many of the speakers and members of the Perth Crypto Crew questions related to their experiences. These chats were open, honest, and valuable to anyone in crypto regardless of knowledge.

Some of the highlights of the day included:

• Perth Crypto Crew full time trader Steve Bunn recalling his time in crypto, from his first trade right up to the current day. It was great to see Steve’s confidence in crypto helped him overcome the many mistakes he has had along the way, like buying at the peak…. again and again and again! Steve relayed many funny anecdotes and gave the crowd many important reminders that crypto is a long-term pursuit, and that chasing quick money is an easy way to lose your investment.

• Sheree Ip, who worked in bringing Perth’s first ICO, Power Ledger, to fruition. Sheree gave a wonderful look “behind the curtain” of a crypto startup, and the many stakeholders involved. Sheree detailed many of the differences between a crypto and traditional startup (hint: they are much the same but crypto startups are about 10x faster), plus the opportunities and challenges of working in the space.

• Michael Horn of DC2 discussing Proof of Work mining. Proof of Work (PoW) mining is used to mine Bitcoin and many other cryptocurrencies, and it regularly receives media attention as a contributor to greenhouse emissions. While this may be the case, Michael explained that PoW contributes far less than many people are led to believe, and that much of the mining is done through using excess power from facilities such as power plants or dams - energy that would otherwise be lost to the environment. In the quest to use the excess energy most efficiently, Michael explained how PoW mining has been a contributor to innovations such as power efficient, modular and mobile data center setups.

Overall, it was an enjoyable day and one that will hopefully become a mainstay on the Perth event calendar. As it was focused on the beginner, it would be interesting to see if some slight changes in format would create a greater encompassing experience for attendees in future years. Breakout sessions where attendees can ask questions to speakers directly, or choose to learn particular skills such as the basic vocabulary of trading could lead to a more intimate and memorable experience.