Bill Gates on digital money

October 14, 2014

ill Gates has answered questions on bitcoin’s potential on Bloomberg TV’s Street Smart show at the recent Sibos event, saying bitcoin is exciting but still he is still wary.

Transaction fees were listed as one of the primary benefits of bitcoin long list of possibilities, with it being ‘better than currency in that you don’t have to be physically in the same place’, noting that for large transactions, currency isn’t always the best option, but that bitcoin might not be that great either.

He seemed to be suggesting that bitcoin’s associations with the underworld might keep the digital currency in a place where it can’t be enjoyed by the whole world, simply because authorities won’t allow it to be marketed and used freely without very strict legislation in place. This means the possibility of the BitLicence in New York, but extends to Russia’s stance whereby they have completely banned bitcoin and are intending to lay down harsh penalties for anyone found supporting or using it.

Gates talked about bitcoin’s use by criminals, saying: “The customers we’re talking about aren’t trying to be anonymous, they’re willing to be known, so bitcoin technology is key and you can add to it or you could build a similar technology where there’s enough attribution where people feel comfortable that this is nothing to do with terrorism or any type of money laundering.” This view seems to most to be somewhat outdated considering the sheer number of innovative new startups, however Bill Gates is now the richest man in the world, founding Microsoft, and popularising home computer systems with Windows, making his views at minimum worth listening to.

Bloomberg TV filmed the interview at the recent Sibos event, an annual finance and banking event hosted by Boston, where Gates was a guest speaker. Gates’ talk focused more on digital money as opposed to bitcoin money, including praise for services like Kenya’s M-Pesa, a money transfer system operated by mobile phone.



Startup challenge won by Epiphyte

October 11, 2014

he SWIFT Innotribe Startup Competition at Sibos 2014 was won by Epiphyte, a cryptocurrency finance company providing real-world solutions for using existing banking infrastructure to add in cryptocurrency payments.

The prize for the award is a substantial US$50,000, and the technology company won the Top Startup award with its product cBridge. cBridge is a cryptocurrency product for global banking and finance firms, offering distributed ledger solutions for mainstream finance. Epiphyte’s ult...

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