Microsoft co-founder Bill Gates hasn’t been too vocal on the subject all these while, but he has expressed a cautious opinion in 2014 that worth much consideration.
“Bitcoin is exciting because it shows how cheap it can be,” the self-made billionaire told Bloomberg in 2014. “Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.”
Cryptocurrencies like bitcoin and can be used to make purchases without an intermediary, in other words there’s less need for a bank. While the traditional banking system can charge high transaction fees, bitcoin can allow global transactions to take place at a lower cost. The banks are acknowledging this fact, and many have hopped on.
In a 2015 interview with Backchannel, Gates reiterated that bitcoin is a technology that can “make moving money between countries easier and getting fees down pretty dramatically,” but, he said, “bitcoin won’t be the dominant system.”.
By way being “better than currency” doesn’t necessarily mean cryptocurrencies will replace fiat currency totally.
One will need to tread carefully and understand cryptocurrencies’ fundamentals before they dip deeper into the world of fast transaction without seeing cash. It was once thought, a cashless society is possible. we are getting there.