Susan Athey economics of Technology Professor Stanford Graduate School of BUsiness. She goes into explaining that Bitcoin is a key piece of technology changing the way finance works. From consumers to undeveloped countries and including financial institutions.
Susan asks the question why Bitcoin and goes into detail about how we transfer the US dollar abroad using swift in itself is complex, but the everyday consumer does not see. Bitcoin is the first time a consumer can make their own entries on a ledger and deal directly with the person they are doing business without a third party. Whoever owns the private keys owns the bitcoin, so anyone can look at the ledger but you are unable to move or have access to your bitcoin unless you have the private keys and the password and an entry on the ledger then you have something of value and do something with it. Authorize the movement to someone else. All bitcoin and the blockchain is a big spreadsheet with passwords. This is the first time in history we have a purely digital assist.
What people don’t understand that bank lend out 90% of the money deposited into the bank called fractional reserve lending and the number you see when you log in to your bank account is just a promise to you that from your bank that they owe you that much. But with bitcoin, if you hold the private keys you are the only person that can control the money no one else can lend it out.