Venture Capitalist: Banks Are Oblivious to Bitcoin’s Best Feature

Venture Capitalist: Banks Are Oblivious to Bitcoin’s Best Feature


Advertised sites are not endorsed by us. They may be unsafe, untrustworthy, or illegal in your jurisdiction.

Investor Fred Wilson, co-founder of Union Square Ventures, thinks banks are missing the most important opportunity bitcoin offers by building private blockchains.

Fred Wilson

Speaking on a panel with Nathaniel Popper of The New York Times at the CB Insight “Future of Fintech,” he said the transformative value of virtual currency will be on a public blockchain, as reported by the Observer.

Private blockchains copy the distributed approach of public blockchains but hide it inside the servers that their creators have given permission to maintain a copy.

Private Blockchains? Think Compuserve

Wilson, a successful investor who has invested in Coinbase, Twitter and other technology companies, compared private blockchains to those who choose Compuserve over the Internet. “The transformative value of virtual currency will come from “a globally distributed, public blockchain,” he said.

Wilson is not impressed by financial companies’ interest in novel

Read more ... source: TheBitcoinNews

NO COMMENTS

Read previous post:
Silk Road 2’s “DoctorClu” Sentenced to Eight Years in Prison

The prosecutors in Silk road 2’s second highest admin “DoctorClu” case, got their wish as Brian Farrell was sentenced to...

Close