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Bitcoin is Technology - Presented to Bank Negara


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This presentation was given to representatives from Bank Negara on the 4th of November, 2013 in their first official public meeting with local Bitcoin enthusiasts. Let's hope that Malaysia has the courage to make change and embrace technology...

Bitcoin is Technology - Presented to Bank Negara

  1. 1. BITCOIN IS TECHNOLOGY -- Presented to Bank Negara on November 4th 2013 --
  2. 2. Is Bitcoin a Commodity, Currency or Technological Community? • Bitcoin is a technology – the start of decentralized ideals • It uses a public ledger to enforce transparency & consensus at a time where distrust for institutions is at an all time high • It uses private peer-to-peer networks to transfer value directly from one person to the other within seconds • Every transaction is broadcasted to every user in the network • There is no authority, hierarchy or single institution in control, nor is there a single point within the ecosystem to control • Transaction fees, identification and registration are optional • Over 100 million people are already using Bitcoin
  3. 3. Bitcoin is an OpenSource Global API for International Payments • There are no sign-up, registration forms, nor application fees. Adding payments to your website takes 5 minutes • Used for authentication & messaging too – not just payments • Germany have classified Bitcoin as Private Money (with capital gains tax if held longer than 12 months) • Canada is not only taxing Bitcoin transactions, but is also developing its own National Digital Currency • French banks work in partnership with Exchanges • The UK & Singapore Governments publicly announced they have no plans to tax or regulate the space for at least 18 months so lots of new exchanges in UK, Europe & Singapore
  4. 4. AMERICA, CHINA and KENYA LEAD THE WAY • Over US$50 Million in US VC Investments for Bitcoin Startups (same laws apply as traditional money transmitting businesses) • • • Google has already invested into Y-Combinator & Fred Wilson invested into Ashton Kutcher & Max Keiser invested into • More Kenyans have Bitcoin than have Bank Accounts – TBC • 4 US-Based Companies Contacted Betanomics seeking compliant Malaysian Partnerships – currently impossible • In the past 3 months, China became largest global player (and several US companies moved to Singapore)
  5. 5. PERSPECTIVE IS EVERYTHING – ASK KENYA OR CYPRUS • For the world’s un-banked, there is no other choice • For small businesses, freelancers and startups in developing nations, there is no other choice • When you have choice, it’s hard to imagine those without • With Bitcoin, a Sarawakian Pepper Farmer could create global commerce relationships in the US without ever leaving their Kampong or needing to open a bank account • With Bitcoin technologies, a developing nation could create their own decentralized currency that built transaction tax directly into the currency itself
  6. 6. What does the future hold for those that are bold …? • The future of Bitcoin is uncertain at best • The future of digital currencies is a certainty - as are the more important needs for decentralized stores of value • National adoption of decentralized currencies would lead to political transparency and economic neutrality • Developing nations that seek to curb corruption and break-free from a US-Based economy (in the same way that China is now doing) are in unique positions that actually allow them to make the necessary change • Bitcoin started as an experiment in 2009. That experiment is over. Decentralized public trust works …
  7. 7. Public Consensus Agrees – Neutrality Trumps All
  8. 8. THE FUTURE – PROJECT KEYHOTEE Communication and Payment as One -
  9. 9. Bitcoin is a techno tour de force -- Bill Gates Bitcoin will do to banks what email did to the postal industry -- Rick Falkvinge
  10. 10. MARK SMALLEY