Bitcoin tech provides a good, cryptographically secure platform for exchange, Says FireEye Founder

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Ashar Aziz who founded FireEye in 2004 and served as chief executive officer until November 2012 says that the experience of the past several years shows that more and more of the traditional transactions have moved to the Internet and are leveraging Internet speed for what used to be typical offline transactions.

According to the FireEye founder, the value exchange is somewhat limited and primitive in their mechanisms, and Bitcoin’s underlying technology provides a good, cryptographically secure platform for exchange. He admitted that a lot of payment processing companies are in a phase of research and fact-finding and their decision to embrace Bitcoin may take some more time.

Earlier this year, Ashar Aziz became the world’s newest billionaire as shares in his company continued to skyrocket following a September initial public offering. Currently, he is FireEye’s largest individual shareholder and vice chairman with nearly 11 million shares in the company. His interest in Bitcoin goes beyond the business; he sees a lot of benefits for consumers from it.

Aziz believes that a lot of consumers don’t know too much about Bitcoin and transaction process; however, if the issue is addressed well and it is made easier for them, there is huge prospect for the digital currency becoming a mainstream payment option. He does not undermine the security issue that Bitcoin faces.

Legacy Systems and Bitcoin are Not competing, A lot of Space Available for Multiple Systems

Being a cyber-security entrepreneur and founder of noted malware protection solutions provider FireEye, his views on Bitcoin’s security are valuable. Ashar Aziz says that given the security problems dogging legacy payment systems, the people who are making payments will come to see the benefits that a digital currency-based system would offer.

He is confident that the nature of digital currency will spark a conversation about how people transact with one another on the Internet. However, he believes that there are going to be alternative mechanisms coming around, and other things building which users are already seeing as systems being built around alternative currency models.

He does not concur with the views that legacy systems and Bitcoin are competing; rather, he thinks that there’s room for multiple systems to exist. Bitcoin will expand further as the infrastructure develops and according to him a new approach has to be taken, and that Bitcoin may be the key to unlocking this future.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com