Bill Gates Responds On Bitcoin: We Do Not Use Bitcoin and Here's Why

bill gates bitcoinBill Gates got an AMA (Ask Me Anything) on Reddit now and was questioned by dirtbikerr450 on Bitcoin for 3 hours ago. He has recently said that Bitcoin isn't good enough alone. The Reddit user asked:

What is your opinion on bitcoins or cyptocurency as a whole? Also do you own any yourself?

Bill Gates responds and gives us a more detailed answer:

Bitcoin is an exciting new technology. For our Foundation work we are doing digital currency to help the poor get banking services. 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 is made in who you pay then you need to be able to reverse it so anonymity wouldn't work.

Overall financial transactions will get cheaper using the work we do and Bitcoin related approaches.

Making sure that it doesn't help terrorists is a challenge for all new technology.

Also Read: Bitcoin Alone is Not Good Enough

What do you think of Bill Gates issues with Bitcoin? And is it solvable?

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Jonas Borchgrevink
Jonas Borchgrevink

Founder of CCN.com and Hacked.com. Passionate about how technology can empower people to create a more just and sustainable world.