Bill Gates: bitcoin is exciting, because of its low transaction costs

Bill Gates: bitcoin is exciting, because of its low transaction costs

Beijing time on October 3rd hearing, Bill Gate told Bloomberg in the “street smarts” program in an interview, answered questions about bitcoin and its potential for innovation in the payment industry problems.

As a technical consultant for Microsoft, founder of Bill and the Melinda Gates foundation, Gates recently once again topped the world’s richest man. Gates said bitcoin is exciting, because it can provide a relatively low-cost trading network, Gates told Bloomberg said: “better than the traditional currency bitcoin, you do not need to store them in the same place, but also for large transactions, the use of traditional currency trading is very inconvenient.”

Although the view appears to be a positive, then Gates believes that payment solutions that the world needs low cost, bitcoin may not be the best. Gates believes that bitcoin may not appeal to the mass market, because of its relative anonymity, and issues related to terrorism and money laundering also makes bitcoin’s reputation is not very nice.
He added: “most of what we know to the client does not want anonymity, they are more willing to know each other’s identity, so that bitcoin technology is the key, you can use it, or the establishment of a similar technology, then any money laundering and terrorism and disassociate themselves, make people feel it is acceptable.”

The interview took place in Boston in 2014 Sibos (International Conference of SWIFT held the annual financial services industry), Gates also discussed the financial sector and non banking business challenges. The thought of evolution although this Gates speak about bitcoin is very short, but he also marked a change in the attitude of bitcoin.

In February this year, the technical experts and philanthropist launched a AMA in Reddit (ask me anything), many users ask him to bitcoin view.

At that time, Gates avoided this problem to a large extent, but choose to praise the digital currency network, such as the concentration of mobile services in Kenya, M-PESA.

At that time, he only mentioned a bitcoin, he said: “the foundation relates to digital currency, but is not this kind of anonymous digital currency bitcoin.”

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