Thank you.

What a joke. Just more expats so where are the protests for jobs for Bermudians? Silence of course.

Asking the head of a central bank about Bitcoin is like asking the NRA about gun control.

Saying it will fail because it doesn’t fit your requirements of a perfect currency is ridiculous since it was not created to be a perfect currency. It was created to solve the double spending problem that digital currencies had and to remove the finical institutions from online transactions. It does what it is supposed to and also works well as currency.

Most cryptocurrencies have a niche problem they are trying to solve, you make it sound like they are all trying to replace cash which is not the case. The name cryptocurrency is a misnomer and it sounds like you are getting hung up on that.

-Who can you call if your digital wallet is hacked
No one, and thats the point. Its the same if your life saving gets stolen out your mattress. There is a market for people who want to have full financial sovereignty. No one can help you if you lose it, but no one can freeze accounts and deny you service.

-What technology?
Look at what they are trying to do with land registry and digital ID’s for example. The list goes on and on. The are many applications for distributed immutable ledgers beyond digital currencies.

-but who are those people
I was mostly referring to people in third world countries. But also people in first world countries who have been denied banking services due to criminal convictions or whatever reason.

Because it is so traceable….lol

This all harkens back to Marc Bean and Fintech. He needed a way to transfer currency and the banks don’t like gambling.

The PLP have taken the idea and run with it but very few of them have any real idea how it works or how we will make money from it. But it all sounds good to their supporters…..

Then you say look into the technology! What technology? Its makeup is different (like bit torrent) and maybe a cool idea in principle but it not some super technology! Who can you call if your digital wallet is hacked, stolen or if you lost your password? Nobody! It happens daily and once your money is gone. Say bye!

By the way your statement that there are two billion people that can’t send money overseas might be true, but who are those people and WHY can’t they transfer money. Do you think that those people that live in state controlled countries like North Korea will suddenly be liberated by Caines Coin? LOL They can’t because their countries internet is censored and controlled. Perhaps you are referring to those in terrorist sponsored states or individuals?

Perhaps you and Quinton B Butterfield need to do more research and perhaps tell the WHOLE TRUTH when throwing numbers out there.

FYI there are two billion people who can’t easily send money overseas.

Unfortunately you fit into the group of people who Quinton B Butterfield’s was addressing in his PSA. Gotta do more research.

I don’t know of a company or individual that can’t send money overseas within 24 hours and for $15 transfer fee when done electronically. What is the problem!

1a) Bitcoin is a medium of exchange. Proof being you can trade it for goods and services like what has been done all this time. You can even trade it on the Forex market. Some people consider it more of a commodity but it is being used as a currency.
1b) It is a store of value. The altcoin market is measured in Bitcoin. People use Bitcoin as store of value for altcoins. It also has been used as a store of value in countries with rising inflation like Venezuela.

2) His second point is repeating the first.

Your argument is weak too. We are known for international business. Gov wants blockchain based international business in Bermuda. What is the problem? Don’t get caught up on Bitcoin your loosing sight of the bigger picture.

How will this impact all the Tax Exchange Treaties Bermuda has entered into? How can we provide requested information if it cannot be obtained?

-To buy Bitcoin you would have to go to an exchange like kraken.com cex.io coinmama.com
-You could have your daughter generate a Bitcoin wallet. https://wallet.bitcoin.com.
- She could send you the public address through email/ whatapp or whatever.
-You send x amount of Bitcoin to the address.
Bang transaction complete in under 15 minutes (near instant with other cryptocurrencies like Litecoin).

You can ask more questions at the Bermuda Bitcoin/Cryptocurrency/Blockchain Chat if you have Facebook. https://www.facebook.com/groups/1987930524864027/?multi_permalinks=2053197918337287&notif_id=1519657837727537&notif_t=group_activity&ref=notif
You can learn more from https://www.bitcoin.com/guides/how-to-get-started-with-bitcoin
You could search youtube. This is one of my favourites to show people new to Bitcoin. https://www.youtube.com/watch?v=Bhe61JaNFLU

No thanks.

Let’s say that I have only regular old fashioned meney in the bank. The university that my child attends overseas needs to have the upcoming year’s tuition paid to the tune of $50,000 . Normally I would send a bank draught , money transfer or CC payment .

Lead me through a bitcoin transaction from scratch where I currently do not hold any but I want to jump on this revolutionary bandwagon and pay the university dues with it .

Bitcoin is not a scam, the price doesn’t go up because you want it to. The price works the same as any other scarce commodity because there is a finite amount. So as adoption and transactions(demand) increase so does the price. People who invest see the bigger picture and are betting that the price will increase as we move to worldwide adoption. You don’t have to invest you can buy $10 worth of bitcoin just to take part in the revolution and buy something with it. Or you can use it to send money to family overseas as a cheaper alternative to Western Union.

Either-way you should be exited, this is the biggest evolution in technology since the internet. Probably should do more research on the subject.

First, “bitcoin fails to meet two key requirements of a currency: it is neither a medium of exchange, nor a store of value”

Second, “It has pretty much failed thus far on … the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange”.

Thankfully, the Bermuda Government knows better and is determined to get in on a device used by drug dealers and criminals to pay debts but a device which is shunned by mainstream businesses.