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