Changpeng Zhao of @BinanceYoutube: Why Crypto Matters for Freedom | SALT Talks #107 | Summary and Q&A

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November 18, 2020
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SALT
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Changpeng Zhao of @BinanceYoutube: Why Crypto Matters for Freedom | SALT Talks #107

TL;DR

CZ, founder of Binance, discusses his journey into cryptocurrency, the advantages of Bitcoin as a better form of money, and the potential of central bank digital currencies in increasing government control.

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Questions & Answers

Q: What got you into cryptocurrency?

CZ's introduction to Bitcoin in 2013 and subsequent research and involvement in the crypto industry led him to believe in its potential as the future of money.

Q: Why should someone own cryptocurrency?

Bitcoin, in particular, is seen as a better form of money due to its limited supply and protection against quantitative easing, making it a hedge against inflation and a secure value storage.

Q: What is the future of crypto and Bitcoin?

CZ believes that Bitcoin will continue to grow and gain wider adoption, potentially becoming the dominant form of currency. However, he acknowledges the possibility of newer, better cryptocurrencies in the future.

Q: How do central bank digital currencies compare to cryptocurrencies?

While central bank digital currencies offer convenience and government backing, they are still centralized and subject to government control and surveillance, limiting their true potential as decentralized currencies.

Summary & Key Takeaways

  • CZ shares his background, from growing up in China to studying in Canada and working in the software and finance industries in different countries.

  • He explains how he got into cryptocurrency in 2013 after being introduced to Bitcoin by the CEO of BTC China.

  • CZ discusses the advantages of Bitcoin as a limited supply currency and a better form of money compared to fiat currencies.

  • He talks about the potential of central bank digital currencies and their impact on government control and surveillance.

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