Bobby Lee, Co-founder of BTC China, took the stage at Block Show Americas today and talked about the freedom of money and ownership of assets. Lee said we are currently in the tenth year of this so-called freedom of money era. He identified the creation of digital assets, such as Bitcoin, as the commencement.
“The crypto revolution has been about the freedom of money, having the freedom of controlling that yourself,” Lee said.
Cryptocurrency gives individuals this freedom because it removes third-party institutions, ie. banks, from the equation. With cryptocurrency, banks can no longer control when you can have access to your money. You are the one in control, nobody else. Lee also elaborated on the technology behind cryptocurrency that allows for this freedom. The way in which private keys and public keys work gives you have full ownership of your digital assets without resorting to anyone else. “This is the breakthrough of crypto.”
Lee then talked in depth about one’s identity and how many traditional institutions have now put a value on it along with creating a false perception of you owning your assets. “As soon as there’s a value tied to your identity, you’ve lost all control over it. Anything tied to identity isn’t really yours and we have to wake up to that fact,” he said.
Lee used the example of purchasing an airline ticket, as even in today’s age that is linked to a person’s identity. He said that you may have purchased a ticket for a flight, but at the end of the day, you don’t own that ticket because the airline could ultimately not let you fly for whatever reason. On the other hand, Bitcoin cannot be tied to your identity and is something that is truly yours. It cannot be confiscated.
BTC China is a Hong Kong-based Bitcoin exchange founded in 2011 that was once the world’s second largest by volume in October 2014. It is the first and largest Bitcoin exchange in China.