Microsoft co-founder Bill Gates has said digital currencies could have an impact on global remittances, but suggested that bitcoin isn't the best application of the technology.
When asked about digital currencies like bitcoin and the technology’s ability to deliver cheaper global transactions, Gates said he thinks bitcoin will not be the distributed payment system used in the future, but that it holds the potential to make a huge impact nonetheless.
Gates has offered a cautiously optimistic viewpoint on bitcoin in the past.
Barriers to adoption
Gates told Backchannel that while bitcoin and its underlying technology can make transactions easier to move – and cheaper to do so – he believes problems like the fluctuation of value and a lack of transaction reversibility within the network are significant barriers to broader adoption.
“We need things that draw on the revolution of bitcoin, but bitcoin alone is not good enough,” he concluded.
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