Entrepreneur interviews Wences Casares, CEO of Xapo, regarding Bitcoin and his personal journey from being a skeptic a few years ago to running a company providing secure Bitcoin wallets. "I truly believe bitcoin is the best hope for the 5 billion people who don’t have bank accounts to take part in the global economy.” is a powerful statement about the future.
An early bitcoin adopter and bitcoin miner himself, Casares told Entrepreneur he went into the bitcoin business because he thinks bitcoin “may be the best form of money we have ever seen in the history of civilization.” Its value lies in its ability to be transferred for free, in real-time and without an intermediary, he says.
According to Forbes in 2012, "One in four (28.3%) of all U.S. households conduct some or all of their financial transactions outside of the mainstream banking system." Wow! That's a lot of people depending on check cashing, money orders, and pay as you go credit cards. Bitcoin could change all that and replace expensive money services for a huge section of the US and global population. The Entrepreneur article goes on to say:
Those properties resonate with him particularly given his childhood roots. “It gave me hope for the 5 billion people in the world who have cell phones but don’t have a bank account or a credit card, who have to live mostly with cash and are terribly taken advantage of in the process, neglected people who would die without a bank account if they relied on the traditional banking system.”
Bitcoin crosses borders easier and faster than traditional fiat can, add that to it's mobility and lack of intermediary Bitcoin comes out ahead to me!
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