Tim Draper: Bitcoin A Superior Currency That Frees People
Draper bullish as ever on Bitcoin
“Draper previewed various forms of currencies in the history of the world, ranging from shells to gold. In the 21st century, currencies are based on faith in the government, he said. But BTC appeared as a currency that was not backed by any government and held the possibility for global payments.
‘All of a sudden, we have a currency that is not tied to a government and not tied to a geographic territory,”’said Draper.
BTC also serves as a store of value, while being cheaper in comparison to bank or credit card transactions, added Draper.
‘That frees us, because governments have always used that currency to control us,’ he added.
The Bitcoin network still carries up to 800,000 transactions per day, including the transfers of “change”. This is much lower in comparison to the VISA or MasterCard networks, despite the claims of Draper that BTC may be faster. But the Bitcoin infrastructure has also allowed the sending of stupendous sums with very low fees and no geographic limitations.”