Bill Gates, founder of Microsoft, the world’s second-richest man has second thoughts over cryptocurrency. The wealthiest man alluded that the features of cryptocurrency and its ilk is super risky.
In recent media interviews, Bill Gate has quoted that Bitcoin is “better than a currency” and it is exciting because it is cheap.
In a 2015 interview with Blackchannel, Gates restated that Cryptocurrency like Bitcoin is a technology that can “make moving money between countries easier and getting fees down pretty dramatically”.
Another third Ask Me Anything session of Bill Gates on Reddit states:
“We don’t use bitcoin specifically for two reasons. One is that the poor shouldn’t have a currency whose value goes up and down a lot compared to their local currency. Second is that if a mistake happens in who you pay. However, then you need to be able to reverse it so anonymity wouldn’t work”.
Recent statement over cryptocurrencies entirely changed the crypto minds.
Bill Gates commented on the competency of Bitcoin, Initial Coin Offerings, and cryptocurrencies on the social media website Reddit AMA. He daunts the use of cryptocurrencies because of the anonymous feature of cryptocurrencies.
He said that cryptocurrency has “causing deaths in a fairly direct way,” observing the ease with which drugs like fentanyl can also purchase online using cryptocurrency.
One of the Reddit users replied to the statement saying you can buy Fentanyl with cash; Gate defended by stating:
“Yes – anonymous cash is using for these kinds of things, but you have to be physically present to transfer it which makes things like kidnapping payments more difficult.”
Gates Is Not Always Right
First and foremost, these cryptocurrencies are released on exchanges and distributed on exchanges. And the crypto exchanges can be regulating or even shut down. As the outcome, the exchanges have KYC (Know Your Customer) requirement as similar to the procedure of banks.
Hence, the cryptocurrency is pseudonymous which means transactions can be tracked by a forensic audit. Since they are records in the blockchain.