bitcoin, blockchain, super computer Simon Dixon, the CEO of BnkToTheFuture.com and Funding Manager of Bitcoin Capital was hosted in an interesting interview on Money Talk, a program broadcast by Radio Television Hong Kong. Simon explained bitcoin in a simple way to the listeners who might have never heard about bitcoin before and commented on the enormous computing power endorsing the blockchain. Here are a few interesting quotes from that interview: There are 3 fundamental properties that are different when depositing your money at a bank rather than convert your money to bitcoin: When you deposit your money with a bank, the bank becomes the legal owner of your money, so in countries like Cyprus, they experienced what happened when banks reclaimed ownership of your money; you deposits vanish! With bitcoin, you actually own your own money, so it is much like storing cash or gold under a mattress!! It is on your smartphone; on your computer; on your hard drive, you own it and it can’t be taken from you. With banking, when you deposit your money at a bank, the bank spends this money and speculates on it and if the bank’s speculation go wrong, then your deposit is actually is at risk and it has to be guaranteed by the government. With bitcoin, you spend your money as you wish directly from person to person, there is no bank in the middle and no governmental intermediary; you just transfer value from one person to the other. The monetary policy. With banks, they create money when they issue loans and so, most money are created privately by a bank. With bitcoin, it is created in a very geeky, hard to understand way. Basically, hundreds of thousands of computers, all around the world, are connected to the blockchain network […]
