Bill Gate: bitcoin is currently three crisis the poor cannot rely on BTC

Bill Gate: bitcoin is currently three crisis the poor cannot rely on BTC

Recently, Gates launched since 2015 annual letter, Bill Gate news. This year, the open letter stressed, the next fifteen years, people living in the poorest areas of the world’s living standards will be improved.

One of them is to improve the living conditions of the mobile phone bank. Some people in the bitcoin community assumption, which means Bill Gate is bitcoin fans, this is not entirely correct. In a recent interview with Microsoft tycoon, asked bitcoin, Gates specifically, he will share three of bitcoin and the public crisis.

At present, the poor can not rely on bitcoin

“You must ensure that bitcoin is not the supplier before you get lost, and you have to understand bitcoin volatility, it is hard to say, it is ready. As we all know, the poor will be due to one or two factors, does not stop the transfer of funds. “Oh, I was in the Mt.GOX exchange, now is not good. Now, I am on the XXX exchange. “”

Gates believes that the first bitcoin can be divided into two different categories: bitcoin bank theft and volatility. The main benefits of encryption currency should be, you have the right to have their own bank. The main problem is that in any poor country, need to have the right tools to protect their digital bank. These kinds of tools, including multi signature address and hardware wallet, but may take quite a long period of time, can be widely used in developing countries can afford. Of course, it should be pointed out, bitcoin bank if they security when, should not face so many problems.

Gates did not trust another reason bitcoin is volatility, at the present time, the reason is perfectly logical and reasonable. Although many bitcoin community enthusiasts pointed out in Venezuela, Russia and Argentina, also has the problem of legal tender. But the reality is that bitcoin for people rely on a strict budget of life, to provide living improvement, at least for now. The future, it is possible for bitcoin will establish intelligent contracts, limiting volatility but obviously, we have not reached that bitcoin assume income and savings point.

The lack of the transaction reversed

“This kind of basic technology that digital can reduce the cost, and over time the cost will not increase, even for small transactions is the same. When you put money into the wrong account or the account balance with different expectations, someone will call you to prevent fraud, and can return the money.”

Irreversible bitcoin has its advantages and disadvantages, but it should be pointed out that the possibility of establishing a refund based upon agreement funds. If someone is willing to pay the extra cost of intermediary services, to ensure that the transaction is issued to reverse the transaction, the future no matter what can prevent such a platform is established. Bitcoin has a feature that will separate escrow agent and payment platform. Under normal circumstances, if you use PayPal payment, you must also use their hosting service. But in the use of bitcoin case, intermediary service competition is infinite. Multisignature transactions can also ensure that the escrow agent can’t take money, although he or she can still collude with one side.

Anonymous potential

“And for most transactions, the government will attribution, that is to say, you can’t build a perception system, involving money laundering drug money, hiding them? There should be a tax? You will feel a little nervous system of attribution, like credit card or debit card system, you can see the employment record. If I know someone is out of bounds, through government regulation and support we can go back, see who is doing the deal.”

Although there is no political statement said the anonymous digital transactions whether it should be allowed, Gates believes that the transparency of regulatory agency payment system will be preferred. The feasibility of the government banned bitcoin digital currency but has yet to be tested, the government will certainly wish other forms, such as mobile debit card Gates system, it is closer to the encryption currency.

Overall, made some fair assessment of Gates or bitcoin, at present these problems still need the related technical personnel with tens of thousands of digital money spend some time to solve the project of.

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