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Bill Gates has high hopes for digital currency as an important banking tool for the poor. But Bitcoin isn't one of those currencies, he said in a Reddit AMA today. At least not in its current form.

Gates extolled the value of digital currency in his AMA last year as well, explaining that since many poor people in developing countries don't have access to traditional banking, it's not financially worth it for banks to put branches in areas where the amounts stored and transferred are so small, leaving the poor at a huge disadvantage when it comes to exchanging, saving, and accessing money.

Mobile banking costs almost nothing to process, so it actually is worthwhile for banks to provide the service. That means digital money offers an opportunity for mobile banking, and hence the Bill and Melinda Gates Foundation is so gung-ho about giving people more ways to store their money.

So why not Bitcoin? The billionaire philanthropist and redditor called it "an exciting new technology" in today's AMA, but he doesn't think it's a very good tool to make banking easier in emerging markets because it's so volatile and because it's anonymous:

We don't use bitcoin specifically for two reasons. One is that the poor shouldn't have a currency whose value goes up and down a lot compared to their local currency. Second is that if a mistake is made in who you pay then you need to be able to reverse it so anonymity wouldn't work.
Bitcoin has been touted as a potentially revolutionary banking tool for the poor, and it's likely Gates' remarks will rankle the community. But he did offer an alternative, highlighting the uses of local digital currency like Kenya's M-Pesa over anonymous cryptocurrencies:

The foundation is involved in digital money but unlike Bitcoin it would not be anonymous digital money. In Kenya M-pesa is being used for almost half of all transactions. Digital money has low transaction costs which is great for the poor because they need to do financial transactions with small amounts of money. Over the next 5 years I think digital money will catch on in India and parts of Africa and help the poorest a lot.
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Kate Knibbs’s Discussions
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borabored
Kate Knibbs
1/28/15 4:06pm
I'm excited to learn from the comments how this latest news is "actually good for Bitcoin."
14
Reply5 replies

Jon
borabored
1/28/15 4:25pm
Here's why it is good for Bitcoin:

The two reasons Bill states are

1) anonymity

2) volatility

However, both of these are non-issues. Let me explain.

Bitcoin is not anonymous, but rather pseudo-anonymous. That is to say, it is anonymous, until you can attach a name to a wallet (public address). Once you do that, it's quite the opposite of anonymous; All of your transactions can be viewed in the blockchain. In fact, Coinbase and others are already making these associations. So, refunds are possible (though it would be a different procedure than the tradition system).

Second, and this point is more of my opinion, the current volatility that Bitcoin is experiencing is a function of market speculators. I'm talking about investors, Wall Street traders, and yes even Bitcoin enthusiasts like myself. Since more of these individuals exist in the market, rather than people that actually use Bitcoin to buy and sell things (65% of Americans have no idea what Bitcoin is), you see the "value" of Bitcoin fluctuate tremendously. Bitcoin is in its infancy, and guess what, volatility is a part of growing up.

If those two reasons are the only ones Bill can think of, Bitcoin is in fine shape.
8
Reply3 replies

Holdencannan
Jon
1/28/15 5:04pm
seriously when the gawker family sinks their teeth in something and say they hate it there is no letting up. Don't waste your time defending bitcoin. If they bought it at a dollar they wouldn't be bashing it. Also, they conviently leave out the, equally, bright people who love the future of bitcoin.
Reply1 replies

Kate Knibbs
Holdencannan
1/29/15 8:59am
(I don't hate Bitcoin)
1
Reply

Holdencannan
Kate Knibbs
1/29/15 11:10am
It's just an observation, I only see snarky, negative posts about bitcoin. Personally, I would still be living life paycheck to paycheck without it so I am very thankful for it. And I think the idea of it is very.. Grand. If bitcoin ultimately fails, crypto currency as a whole will not go away. The success it has had so far is very impressive and should be applauded. And, yes, I do realize there is good and bad that goes along with its success.
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International trade is one of the hot industries of the new millennium. But it's not new. Think Marco Polo. Think the great caravans of the biblical age with their cargoes of silks and spices. Think even further back to prehistoric man trading shells and salt with distant tribes. Trade exists because one group or country has a supply of some commodity or merchandise that is in demand by another. And as the world becomes more and more technologically advanced, as we shift in subtle and not so subtle ways toward one-world modes of thought, international trade becomes more and more rewarding, both in terms of profit and personal satisfaction.

To continue

Cryptocurrencies are a form of money specifically designed to take advantage of the architecture of the internet. Instead of relying on a standard financial institution to guarantee and verify transactions, cryptocurrency transactions are checked, or "confirmed," by the computers of the users on the currency's network. The computers that verify the transactions usually receive a small amount of currency as a reward. The process of receiving rewards in exchange for verifying transactions is called "mining," and it is the main way that new currency is produced. Mining works differently for different currencies.

Because cryptocurrencies are completely digital, they can be used in ways that ordinary currencies can't; primarily, they are used like the digital equivalent of cash. Unlike credit or debit cards that are issued by banks, you don't need an account or good credit to use cryptocurrencies, yet you can use them to buy goods and services from an increasingly diverse selection of retailers and individuals. For instance, Overstock.com and Newegg.com accept Bitcoin as payment. There is typically a very small fee for almost every transaction, but it's typically much lower than credit card processing fees and interest, and the fees support the network.

Another common practice is to use small amounts of cryptocurrencies to "tip" people on IRC chat, social media and blogs. For instance, independent developers have designed "tipbots" for Reddit, Twitter and other social platforms that allow you to send money to a friend or anybody you feel has made a tip-worthy comment. The amounts you can send can be very small, like fractions of a penny, or quite substantial.

Cryptocurrencies can be converted at lightning speed or used to represent things that aren't normally currencies, such as domain names or consumer goods. Depending on the currency being used, it is also possible to anonymize transactions, turning cryptocurrencies into a form of discreet online cash. Most importantly, cryptocurrencies can be sent anywhere in the world, almost instantaneously, enabling users to deal directly with each other over the internet, rather than through a third-party financial institution, paying currency conversion fees or waiting for a bank to release funds.

While they are not entirely immune from fraud or theft, they are generally safe to use and difficult for malicious hackers to steal. As with cash, you'll need to take some precautions to protect your coins. For one, you'll want to encrypt your wallet with a very strong password and take regular backups, and it's a good idea to keep the backup and a written copy of your password in a remote location. Never give your password or wallet to somebody you don't trust, and keep the wallet software up to date at all times. Just like cash, if it's lost, damaged or stolen, you can't recover the funds. It's also a good idea to keep the bulk of your money offline, either in a "paper" wallet or on a storage device that may be disconnected from the internet when it's not in use. Three of the top cryptocurrencies are Bitcoin, Darkcoin and Nxt.

Cryptocurrencies: What to Look For

Cryptocurrencies use a number of different algorithms and are traded in different ways. Here are the main characteristics that you should consider.

Market Capitalization and Daily Trading Volume
A cryptocurrency's market capitalization is the total worth of all coins currently in circulation. A high market capitalization can indicate a high value per coin or simply a lot of available coins. Perhaps more important than market capitalization is daily trading volume: the value of the coins that exchange hands every day. A high daily trading volume relative to the market capitalization indicates a healthy economy with many transactions.

Verification Method
One of the major differences between cryptocurrencies is their verification method. The oldest and most common method is called proof of work. To gain the right to verify a transaction, a computer has to expend time and energy solving a difficult math problem. The trouble with this method is that it requires a massive amount of energy to operate. Proof-of-stake systems attempt to solve this problem by letting the users with the largest share of the currency verify the transactions. These systems require less processing power to operate and claim faster transaction speeds, but concern over security means that few coins use an entirely proof-of-stake-based system.

Retailer Acceptance
A cryptocurrency isn't much use if you can't buy anything with it. That's why it's important to know who accepts a currency before you invest in it. A few cryptocurrencies are widely accepted, even boasting partnerships with major retailers. Most, however, have more limited acceptance, and some can only be exchanged for other cryptocurrencies. Some coins simply aren't designed to be exchanged for goods and are built for other purposes.

Cryptocurrencies are an exciting new development in the world of finance. No one is quite sure yet where the technology will lead, but the fact remains that these new currencies offer possibilities that traditional cash can't.

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