An event designed to publicise the digital currency Bitcoin is to be held in August.

Bitcoin, a form of cryptocurrency, is something that can be traded for goods or services with vendors that accept Bitcoin payment.

Bitcoiners from around the world are coming to the island to discuss Bitcoin and talk about the technology involved in it, teach beginners about money, and take part in activities such as treasure hunts, climbing walls and bowling.

Mark Chapman, organiser of the event, believes that just as the internet was significant in changing the way we communicate, Bitcoin can be significant in making payments.

The event is set to take place on August 11 to 13 at the Manx Fun Farm in Onchan.

The tickets are free.

Mr Chapman said: ‘If you go to a lot of Bitcoin events there’s a tendency for them to be up to £300 a ticket. We’ve deliberately not charged for tickets as we’re keen to have people who don’t have any experience just to come along and try it, enjoy it and learn a little.’

Mr Chapman added that the reason for him running the event is because he thinks people should be educated on money, especially in the current economic climate.

He said: ‘Some people are passionate about the environment, or animal welfare, or other things. What we’re passionate about is money and trying to make sure everyone has a fair form of money to use.

‘Within the current environment lots of people are having to cope with inflation, and the money they’re using is losing purchasing power, and that affects everyone.

‘It can affect you if you’re young and you’re not able to afford a house, or it can affect you if you’re old as you could’ve been saving for a pension and inflation hits and you realise you don’t actually have as much money as you thought you did.

‘We’re all suffering from inflation at the moment and the idea of Bitcoin, and it’s quite difficult to explain briefly, is it’s been designed as a better form of money. It has a more controlled inflation,’

There will be seven different Bitcoin enthusiasts talking throughout the event.

Mr Chapman added: ‘We’re going to start very simple as it’s for complete beginners who know nothing about Bitcoin and we will explain what money is and how it works. People just don’t get taught this at school and it’s sort of thing we all use every day but nobody really knows how it works.

‘Then after that we’ll discuss why there’s problems with that and why inflation occurs.

‘As we get through the event we’ll get progressively more complex, so you can come along and learn from scratch.

We’ll then go into why people are objecting to Bitcoin, what are some of the common misconceptions about Bitcoin, and how they can actually use it themselves.

‘We only have limited spaces. Our maximum is 200 people because the site will only hold that many.’

Tickets for the event can be found at bitcointakeover.flyah.co