Bitcoin Won’t be the dominant system for Moving Money, Says Bill Gates

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Bitcoin Won’t be the dominant system for Moving Money Says Bill Gates

Bill Gates says that if Bitcoin supporters are excited about the potential of the digital currency systems like these as a way to keep fees low and have the system work robustly in the global sense, they should know this won’t be the dominant system. He was talking at the occasion of the promotion for his Annual Letter.

Putting his views on Bitcoin Bill Gates said, “There’s a lot that Bitcoin or variants can do to make moving money between countries easier and getting fees down pretty dramatically. But Bitcoin won’t be the dominant system. When you talk about a domestic economy, you must have the idea of attributed transactions, where if you sent it to the wrong person you could actually get the transaction reversed.”

He further added, “A traditional system doesn’t have this huge fluctuation where the value of your account is going up and down by a factor of two. We need things that draw on the revolution of Bitcoin, but Bitcoin alone is not good enough.” Nonetheless, the critical views from Bill Gates have received mixed reactions from stakeholders.

Bitcoin Could be the Easiest Way to Transfer Money

Bill Gates is not new to Bitcoin. His views about the digital currency have been around for quite some time. He appreciates the revolutionary technology and says that the need to move money from place to place – the cost to do so: the overhead, as anyone puts it – makes him think, believe it or not, of Bitcoin.

According to Bill Gates, he believes that some people saying that Bitcoin is the answer to those problems sound right as well. He says that Bitcoin is exciting because it shows how cheap it can be. Also, Bitcoin is better than currency in that anyone does not have to be physically in the same place and of course for large transactions currency can get pretty inconvenient.

Talking about the digital currency, Bill Gates says that the customers he is talking about aren’t trying to be anonymous. In fact, they are willing to be known, so the Bitcoin technology is key, and everyone could add to it or could build a similar technology where there’s enough attribution that people feel comfortable this is nothing to do with terrorism or any money laundering.

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

  • Neal Palmquist

    I made a profit on the bitcoin crash. I sold my altcoins made out of thin air to people who paid real money for bitcoins. Now bitcoin is going up and I am able to sell to get my real money back plus more than what I spent in the first place!

    Taking real money from people who pay cash for bitcoin is like shooting fish in a barrel.