Could Bill Gates’ problem be solved by the Block-chain?

Could Bill Gates’ problem be solved by the Block-chain?

Could Bill Gates’ problem be solved by Block-chain?

There are very few technologies available in the world which are as popular as Bitcoin. Firstly, we have to know what is blockchain? Chain means connection. So, the blockchain means a connection between two blocks. Suppose, A has a block and B has a block. Those are full of data. Linking these two blocks is known as Block-chain. Block-chain is a record stored in the forms of blocks. The huge application of Block-chain is mainly found in the business. It is good for electronic currencies and payment. It is popularly known that this technology can be used to build cryptocurrencies. Bitcoin is one of the examples of this. Data sharing, copyright, and royalty protection, digital voting is the other example of blockchain technology.

Microsoft co-founder, Bill Gates has a strong belief behind cryptocurrencies is that it is not a good thing. He said about cryptocurrencies that it caused death. It is as harmful as drugs. He also said “Right now cryptocurrencies are used for buying Fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way. I think the speculative wave around ICOs and cryptocurrencies is super risky for those who go so long”. This technology does not provide any security. It can increase complexity. Blockchain entries do not last forever. One of the trusts fewer systems. It is a bad vision for the future. Gates said “There is a lot that bitcoin or Ripple and variants can do to make moving money between countries easier and getting fees down pretty dramatically. But bitcoin won’t be a dominant system”. He also shared that his company is interested in making and developing new transactions method which is more secure. He also explained that we, the people can not afford that much luxury of starting from scratch, so we have to manage the proper transaction system. Gates also added that poor people have their intellect, their labor, their savings. But they do not have the proper tools to capitalize on the resources. They are trapped in an inefficient cash economy that robs them of opportunities and also lifts them out of poverty.

Gates said “I see two priorities for the immediate future. First to drive the policy changes to make sure that the poor can not be engaged at this level, and second, we need a measurement system that tracks the progress towards drawing people in, not just to have accounts, but also to benefit from financial activity”. The future of money is a digital currency.

The main point of Gates’ opinion is that the privacy features allow the hidden money departure, terrorism funding, drug bargaining. Crypto assets are a high-risk investment. Bitcoin is controlled by owners while cash is controlled by the banks. Many cryptocurrencies’ fans think and trustfully that low-cost global money transfers are a good feature of cryptocurrencies. But as bitcoin is on the internet, it is easier to steal. But it is secure as the wallet storing them. There is no physical money is attached to cryptocurrency. Bitcoin is a more confidential transaction.