During the Blockchain Cruise conference, Bobby Lee, the CEO of BTCC, one of the largest Bitcoin [BTC] exchange platform in China, spoke about the advantages of a Bitcoin QR code.
Bobby Lee said that the public key of the Bitcoin account is a great way to raise money. People can put the QR codes to raise money for a natural disaster and people from across the globe can send money to the address, he added.
He continued to say that the same method can also be used to send money with the use of the QR code of the Bitcoin accounts private key. He said:
“So there is a QR code, there this long string… so what I just did is, share with you my public account and also my private key. So for those of you who are interested, I’m actually giving away a $100. So if you go and look on the blockchain, you’ll have $100 in that account.”
Bobby stated that Bitcoin [BTC] is money in the cloud. According to him, this is important as the Bitcoins are moving around on the blockchain. He said:
“… you know with all these blocks that keep coming up and it’s all in the cloud, it’s actually not here per say. Even if the private key is here, the private key is just the location, if you knew the password for the account. So this is going to be interesting. I’m curious to see what happens in the future.”
The CEO continued to say that, at present, the boarding control restricts people to carry gold and money in currencies. People will require a clear sign from the authorities in order to carry $10000 or 10000 Euros. If failed, then the authorities can confiscate the money.
Whereas, with Bitcoin and cryptocurrencies, the authorities will not know how much a passenger is carrying with them. Giving an example, Bobby said:
“For example I came into Barcelona yesterday on a plane, international flight. Did I bring in a $100 worth Bitcoin? Did I bring in a $1000 worth of Bitcoin? Or did Bitcoin stay in the cloud? So, this would be interesting to see.”
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