I recently spoke with Cameron and Tyler Winklevoss, whose new company Gemini offers a licensed and regulated exchange for bitcoin, the digital currency that has exploded in popularity (and skepticism) in recent years.
Here’s a transcript of our conversation, lightly edited and condensed.
Q: I buy a lot of stuff online. I have nothing to hide, but care about my privacy. I really have no problems with the current payment system. My biggest question about Bitcoin is that I’m still not sure what problem it solves for me. Where am I wrong?
A: People had the same questions about the Internet 20 years ago — how is this going to affect my life? The truth is, in the short-term it very well may not. But in the long-run, it will in more profound ways that any of us can imagine.
Bitcoin is Internet money. It is money purpose-built for the Internet. Credit cards and ACH, on the other hand, are payment systems that were invented in the 1950’s and 60’s before the Internet even existed.
Using them on the Internet is like trying to fit a square peg into a round hole. Bitcoin is a money protocol that has transformed money