This content was created by GHION.AI . This content was uploaded by GHION.AI . This is a YouTube video titled "Bobby Lee: Bitcoin's Success Lies in Full Buy In" created on May 13, 2016. It features a talk discussing the challenges and benefits of adopting Bitcoin, highlighting the friction between traditional banking systems and cryptocurrency transactions.
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Bitcoin itself. If we all had bitcoin in this room, any sort of commerce will be very fast, cheap, you know, cheaper, faster, better, cheaper, Right? But the problem is in this room, only a handful of us have bitcoin. The rest of you don't have bitcoin. How would the rest of you buy bitcoin? You have to go through bitcoin exchanges, bitcoin companies. And it turns out it's very cumbersome. And the reason it's cumbersome is it's not because of bitcoin. The reason it's cumbersome is because the existing money system is cumbersome. So in China, the process on btcc, to buy bitcoin, you have to transfer money from a bank account. The Chinese bank system is already quite fast, but the vast slowness of it is actually in the money transfer, in the real currency money transfer, the fiat transfer. And once you get to bitcoin, everything's really fast. So it's where the rubber hits the road, where the friction is, right? So that's inevitable. Until we're fully, fully cryptocurrency economy, we will always have the existing money system, US dollars, euros, Chinese renminbi, and then we'll have the super currencies, what I call the cryptocurrencies that can happen at speed of.
