A Quick Overview of our Best Quotes from Bitcoin Believers:
- ✔️Bill Gates
- ✔️Richard Branson
- ✔️Al Gore
- Eric Schmidt
- John McAfee
- Nassim Taleb
- Peter Thiel
- Milton Friedman
- Jeff Garzik
- Peter Diamandis
Bitcoin is not a new concept, the opposite is true in this regard, as there are very few people involved with the financial world that do not know what Bitcoin is, or what it entails.
It has been around for more than a decade and yet, its value keeps soaring for a variety of reasons. It was the pioneer in cryptocurrency and a monetary revolutionary icon as the move towards a more digital world continues and there is mass speculation whether Bitcoin and other cryptocurrencies, could potentially replace fiat currency.
However, this is a notion that cannot fully be entertained, yet, as fiat currency still serves as the foundation of trade and exchange, although Bitcoin has challenged it on various levels, and even supersedes it in numerous areas as the stronger currency.
Numerous prominent figures have quite a lot to say about Bitcoin and there are equal parts good and bad in this regard, however, it is imperative to look at the positive side, and focus on what these figures have to note about the most popular cryptocurrency in the world.
The reader needs to note that the following quotes and sayings have been quoted verbatim and that they do not represent the views or opinions of the writer or any affiliated parties.
“Bitcoin is exciting because it shows how cheap it can be. Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.”
Bill Gates, born in 1955, an investor, American business magnate, software developer, and philanthropist. He is famously known as the Co-Founder of Microsoft Corporation where he held the position of chairman, CEO, president, and chief software architect. He was also the largest individual shareholder of Microsoft until 2014.
“Well, I think it is working. There may be other currencies like it that may be even better. But in the meantime, there’s a big industry around Bitcoin.
People have made fortunes off Bitcoin; some have lost money. It is volatile, but people make money off of volatility too.”
Sir Richard Charles Branson, born in 1950, is not only an English business magnate, investor, and author but also a former philanthropist who founded the Virgin Group during the 1970s.
Virgin Group controls more than 400 companies in a variety of fields to this day. Branson wanted to become an entrepreneur from a very young age and subsequently, his first business venture, a magazine called Student, was when he was only 16 years old.
“When Bitcoin currency is converted from currency into cash, that interface has to remain under some regulatory safeguards. I think the fact that within the Bitcoin universe an algorithm replaces the function of the government… is actually pretty cool.”
Al Gore, born in 1948, is an American politician as well as an environmentalist who was the 45th Vice President of the United States of America between 1993 and 2001.
Gore had been Bill Clinton’s running mate during the successful campaign that they had in 1992 followed by their re-election in 1996. Closer to the time that Clinton’s second term was ending, Gore had been selected as the Democratic nominee for the 2000 presidential election.
However, he lost the election to a Florida recount. After serving his term as Vice President, which ended in 2001, Gore remained a prominent figure as an author and environmental activist.
“ is a remarkable cryptographic achievement… The ability to create something which is not duplicable in the digital world has enormous value… Lots of people will build businesses on top of that.”
Born in 1955, Eric Emerson Schmidt is an American businessman as well as a software engineer who currently serves on the board of the US Department of Defence’s Defence Innovation Advisory.
Well-known as the CEO of Google, a position that he held from 2001 until 2011, and executive chairman of Google from 2011 to 2015, he was also the executive chairman and Technical Advisor at Alphabet.
In 2017, Schmidt was ranked the 119th richest person in the world by Forbes with an estimated wealth of around USUS Dollar 11.1 billion.
“It is not a speculative investment even though it is being used as such by other people. As the Bitcoin network grows, the value of Bitcoin grows. As people move into Bitcoin for payments and receipts, they stop using US Dollar, Euros, and Chinese Yuan which in the long-term devalues these currencies.”
John David McAfee is an English American computer programmer and businessman who founded McAfee Associates, a software company, in 1987. He had run the company until 1994 after which he resigned and founded Tribal Voice, QuorumEx, and Future Tense Central, amidst numerous others.
Some of McAfee’s business and personal interests include smartphone applications, cryptocurrency, herbal antibiotics, and more.
“Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative. But I am not familiar with the specific product to assert whether it is the best potential setup. And we need a long time to establish confidence.”
Nassim Nicholas Taleb is a Lebanese American essayist, scholar, mathematical statistician, risk analyst, former options trader, and author of The Black Swan and Incerto.
Taleb has been a professor who taught at several universities, co-editor-in-chief of Risk and Decision Analysis, and a practitioner of mathematical finance, a hedge fund manager, derivatives trader, and he is also currently listed as a scientific advisor at Universa Investments.
Co-Founder of PayPal
“PayPal has these goals of creating a new currency. We failed at that, and we just created a new payment system. I think Bitcoin has succeeded on the level of a new currency, but the payment system is somewhat lacking. It is very hard to use, and that’s the big challenge on the Bitcoin side.”
He is an economist who received the Nobel Memorial Prize in Economic Sciences in 1976 for the research that he had done on consumption analysis, monetary history and theory, and the complexity of stabilization policy.
“I think the internet is going to be one of the major forces for reducing the role of the government. The one thing that’s missing but will soon be developed, is a reliable e-cash.”
For numerous years, Milton Friedman has been a proponent in separating state and money. Also, Friedman predicted that it could be made possible through the invention and the subsequent use of the internet.
Contributor to Bitcoin Core, Bitcoin developer, and Co-Founder of Bloq Inc.
“When I first heard about Bitcoin, I thought it was impossible. How can you have a purely digital currency? Can’t I just copy your hard drive and have your Bitcoins? I didn’t understand how that could be done, and then I looked into it and it was brilliant.”
Chairman and Founder of the X Prize Foundation
“At its core, Bitcoin is a smart currency, designed by very forward-thinking engineers. It eliminates the need for banks, gets rid of credit card fees, currency exchange fees, money transfer fees, and reduces the need for lawyers in transitions… all good things.”
Born in 1960, Max Keiser is a filmmaker, American broadcaster, host of Keiser Report, which is a financial program broadcast that features heterodox economic theories.
- “Bitcoin is the currency of resistance… If Satoshi had released Bitcoin 10 yrs. Earlier, 9/11 would never have happened.”
- “The Bitcoin protocol is about mining Bitcoin, not pricing Bitcoin. There is nothing in the protocol about establishing a market price for Bitcoin; you need a market for that, but what if all the exchange markets are shut down?”
“Hey, obviously this is a very interesting time to be in Bitcoin right now, but if you guys want to argue whether this is reality, or not, one Bitcoin will feed over 40 homeless people in Pensacola right now. If you guys want proof Bitcoin is real, send them to me, I’ll cash them out and feed homeless people.”
Venture Capitalist and Co-Founder of Netscape.
- “Bitcoin gives us, for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate.”
- “Bitcoin is a classic network effect, a positive feedback loop. The more people use Bitcoin, the more valuable Bitcoin is for everyone who uses it.”
Argentine Technology entrepreneur
“Bitcoin is the first time in five thousand years that we have something better than gold. And it’s not a little better, it’s significantly better. It’s much more scarce. More divisible, more durable. It’s much more transportable. It’s just simply better.”
“Bitcoin businesses are literally at the edge of the law, not because they are doing anything wrong, but because Bitcoin enables new activities and behaviors and re-categorizes money in such a way as to enable it to transcend current statuses. This is both exciting, and scary because we’re breaking amazing ground and we’ll inevitably be in the crosshairs for doing so.”
Roger Ver aka “Bitcoin Jesus”
Voluntaryist and early Bitcoin investor
“Bitcoins are the most important invention since the Internet itself. They will change the way the entire world does business.”
“Bitcoin promises to take at least some of that power away from governments and hand it to people. That alone augur’s significant political, cultural, and economic clashes.”
Founder of Bitcoin Chaser
“Blockchain is the tech. Bitcoin is merely the first mainstream manifestation of its potential.”
Executive architect of IBM
“So, my view’s quite clear. I believe cryptocurrencies, Bitcoin is the first example, I believe they’re going to change the world.”
Cryptocurrency millionaire at the age of 24
“I think at no point in human history have people in their 20s had such an opportunity to invest in such high-growth assets.”
Teenage Bitcoin millionaire at the age of 19
“Bitcoin is just as real as fiat money, except Bitcoin can’t be printed endlessly.”
A London-based software developer
“Bitcoin was created to serve a highly political intent, a free and uncensored network where all can participate with equal access.”
President and CEO of eBay, Inc.
“Digital currency is going to be a very powerful thing.”
Founder of Bitcoin
- “The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in a wave of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts.”
- “A lot of people automatically dismiss e-currency as a lost cause because of all the companies that failed since the 1990s. I hope it’s obvious it was only the centrally controlled nature of those systems that doomed them. I think this is the first time we’re trying a decentralized, non-trust-based system.”
Early Bitcoin contributor, software engineer, an advocate of cryptography and digital privacy
“Bitcoin seems to be a very promising idea. I like the idea of basing security on the assumption that the CPU power of honest participants outweighs that of the attacker. It is a very modern notion that exploits the power of the long tail.”
Bitcoin Core Developer and Co-Founder of Blockstream
“Bitcoin enables certain uses that are very unique. I think it offers possibilities that no other currency allows. For example, the ability to spend a coin that only occurs when two separate parties agree to spend the coin; with a third party that couldn’t run away with the coin itself.”
Adam B. Levine
Author at CoinDesk
“As the value goes up, heads start to swivel, and skeptics begin to soften. Starting a new currency is easy, anyone can do it. The trick is getting people to accept it because it is their use that gives the ‘money value.”
What is the value of Bitcoin attributed to?
When considering the value attached to Bitcoin it is important to note that the most prominent indicator is that Bitcoin had been the first digital currency that was created. Along with this, it was also the first currency that carried recognition over which no person, organization, or authority has, or ever will have, control.
Bitcoin can be bought, sold, received, traded, and exchanged without any other person having the right over what the owner of Bitcoin can do with their coins, how it must be spent, or how they should invest it.
It is therefore imperative to note that Bitcoin does not carry any dictatorship and nor is it susceptible or subjected to oppression or hyperinflation. Bitcoin has served as a haven for years for those who are grossly affected by circumstances where the aforementioned conditions are prominent.
It is also for this reason that governments in numerous countries, especially those in developing countries, have tried, and failed, to completely outlaw Bitcoin, as they have no control over it.
Bitcoin cannot be created, nor can it be manipulated or destroyed. It also does not comply with the same rules or circulation to which fiat currencies are subjected, and there is a limited supply of Bitcoin available, 21 million, to be precise, and there will never be more than this amount.
Bitcoin involves complete transparency in knowing the total amount of Bitcoin, at what rate it is released, and even when the last Bitcoin will be created or released.
One of the key points where Bitcoin has substantial leverage over fiat currencies is that fiat currencies fall under the control of central banks and governments, their monetary systems, and policies.
These systems are strictly controlled and often manipulated as there is a certain supply of money of which the value is backed by the word of governments. This is just one facet in an array of controversial issues surrounding fiat currencies that can, subsequently, not be applied to cryptocurrencies.
Bitcoin has a unique design in the way it is posed to have a positive impact on the lives of those involved in trading, buying, selling, or exchanging it, as they find themselves in unstable economies where monetary systems have been heavily manipulated by banks and governments.
However, fiat currency cannot simply fall away or disappear from existence altogether, but it is impossible to be ignorant about the widespread, and increasing, acceptance that cryptocurrencies experience and the rate at which acceptance is occurring and accelerating.
Monetary systems have been in existence for ages and they serve important purposes apart from being the most stable ground for both exchange and trade. However, fiat currencies remain heavily affected by inflation, and other factors, whereas Bitcoin is not.
The hype behind the exchange of Bitcoin
Bitcoin can be exchanged and traded with the hope of earning profits however, there is still a lot of stigma surrounding how it can be done when considering that it is something that holds no physical value.
Numerous individuals believe that the only way that profit can be made involves the trading of major currency, or Forex, pairs.
However, this is a concept that is slowly diminishing as more brokers, and traders, alike adopt a more open and accepting view towards the trading of cross pairs consisting of both fiat currencies and cryptocurrencies.
Successful traders do not only focus on one currency pair but rather diversify their portfolio to make profits by trading a wider range of currency pairs. More often, such portfolios contain a few exotic and cross pairs.
It is, however, important to note that when trading such currency pairs, there are higher levels of volatility which increases with the more frequent trade of such pairs.
Volatility is but one factor involved with why traders are moving into trading such currency pairs more often, other reasons for the move towards them include:
- Market movements that are associated with Bitcoin tend to be easier to understand and they do not only focus on major trends that appear or exist in the financial markets.
- Bitcoin trading is an easier way through which profits can be earned once traders have familiarized themselves more thoroughly with the theory and they have practiced various strategies before applying them in a live environment.
- Bitcoin’s price is not as susceptible to high impact news as various fiat currencies are and traders are not forced to spend as much time conducting fundamental analysis when speculations are made on the price of Bitcoin as opposed to fiat.
- Bitcoin trading does not involve leverage as high as with other financial instruments which reduces the amount of risk that traders are exposed to when they trade Bitcoin.
- There is an entire global market dedicated to the trading of Bitcoin and other cryptocurrencies that is not centralized or based in one economy of a country.
- Forex can be traded 24 hours a day, but only five days a week due to the weekend gap whereas Bitcoin can be traded 24/7.
- Bitcoin does not have only one single official exchange but rather a variety of exchanges around the globe that do not have fixed times at which they close or open.
- There is substantial volatility in the cryptocurrency market and there are various quick bursts where prices may move up or down in a short amount of time. This ensures that there are numerous trading opportunities to harness such volatility.
Bitcoin trading and/or exchange
There are numerous ways in which Bitcoin can be bought, sold, or exchanged and traded including:
- Trading through a broker – numerous brokers offer the trade-in Bitcoin through Contracts for Difference or CFD.
- Bitcoin or Cryptocurrency exchange platforms such as Coinbase, Kraken, Binance, and numerous others. Each exchange works differently and there are a vast number of differences between some.
- Peer-to-peer which involves the buying and selling of Bitcoin directly between two participants with little, or no, intervention from a facilitator such as a broker or an exchange for example LocalBitcoins.
- Bitcoin ATMs – an increasingly popular way through which Bitcoin can be bought or sold. There are numerous Bitcoin ATMs around the world, mostly in major cities that allow for Bitcoin transactions to be executed.
Bitcoin as a payment method – how does it weigh up against conventional methods?
Bitcoin has become more popular in recent years in being used as a payment method in addition to numerous other conventional ways such as Wire Transfer, Credit and Debit cards, Neteller, Skrill, and a variety of others.
More merchants are accepting payments in Bitcoin and more that accept it nearly daily as payment methods adapt and evolve to cater to a more diverse portfolio in providing more convenient ways for customers to pay for goods and services.
It is therefore imperative to look at the various ways in which Bitcoin weighs up against conventional payment methods due to its increased popularity. It may often be attributable to the value of Bitcoin, or the fact it cannot be controlled, but when compared with these payment methods, Bitcoin has some of these advantages:
- Bitcoin offers a certain degree of anonymity and security as the customer’s bank account is not linked to the transaction.
- Bitcoin can be used by anyone and account verification is not always required, depending on the requirements of the broker or the exchange in question. It is not always mandatory for users/traders to provide proof of identity and/or proof of residence.
- There is no central authority, bank, or government that can or may direct how Bitcoin is spent. The owner of Bitcoin is the only participant who has any right in how they spend their Bitcoin.
- Once a Bitcoin account has been opened, it cannot be seized, nor can it be closed by any other entity other than the owner of the account.
- Bitcoin ensures more privacy, and the chances of identity theft are greatly reduced as opposed to conventional monetary systems where this still occurs frequently.
- Bitcoin transfers are processed quicker than with other payment methods such as bank transfers, which may take up to several days to clear.
- There are no international boundaries where Bitcoin is concerned and it can be sent and received to, and from, anywhere in the world.
- Funds are controlled by their owner and owners of Bitcoin have unlimited access to these funds regardless of where they are in the world.
- Some payment fees attract high transaction fees such as money fees, account fees, annual overdraft, over-limit fees, and numerous others.
- Where transactions are concerned, there are hardly any minimum or maximums when trading or exchanging, depending on the broker or the exchange.
- Purchases can be anonymously made as the name of the user is not tied to the transaction, and
- Merchants are provided with more security and peace of mind because transactions which is done in Bitcoin cannot be reversed, canceling out chargebacks on credit cards.
How to trade or exchange bitcoin
Through an exchange
Bitcoin exchange is not based on one singular exchange, but a variety of exchanges that cater to the buying and selling of bitcoin. There have been numerous exchanges that have emerged in recent years and although this provides a great choice for traders, it does not necessarily mean that they are all of good quality.
There is substantial risk involved in trading in addition to other risks that have to be considered such as client fund security as the cryptocurrency market is, for the greater part, unregulated.
When evaluating cryptocurrency exchanges, it is imperative to consider some of the factors:
- The liquidity of the exchange along with its market depth. There must be a balance between both to ensure that the exchange has the ability to adequately fill the orders of its clients.
- Fees associated with trading and transactions must allow the trader to exit regardless of the size of the movements. It must also allow traders to earn a small profit as well.
- The location of the exchange in addition to whether it allows for deposits and withdrawals made in fiat currencies it ensures that traders can make deposits or withdrawals in their own currency. This may, however, attract conversion fees.
- Regulation, if any, or affiliated licensing and registration with the local authority or regulatory entities in the jurisdiction where the exchange is based.
- The thorough research on the exchange and whether there have been any hacking attempts, and what protocols the exchange has in place to manage and avoid security threats.
- Customer support – which is critical and needs to be thoroughly tested to ensure that the exchange provides prompt and helpful support.
Through a broker
When selecting a broker, traders need to evaluate several factors including:
- Whether the broker is regulated and authorized through a reputable entity.
- Account types offered and whether they cater to the trading needs and objectives of the trader
- Fees, spreads, and commissions and whether they coincide with the trading plan that the trader has formulated.
- The amount and type of financial instruments that can be traded.
- Liquidity and how the broker fills orders and whether it can do so adequately.
- Customer service, the quality and promptness thereof, and
- The ease with which funds can be deposited and withdrawn.
There may always be divided views where Bitcoin and the cryptocurrency industry in its entirety is concerned, and not everyone may be on board.