Bitcoin won’t make anyone rich quickly

Satoshi Citadel Industries (SCI) co-founder and CEO John Bailon in an interview with DEALSTREETASIA has opened up on issues that the Bitcoin community is seeking answers to, of late.

Speaking at length on several issues, he said that those claiming Bitcoin to be a pyramid scheme or a get rich scheme have a wrong perception of the digital currency.  Adding further he explained that “there are a growing number of scams that try to ride on the coat tails of Bitcoin’s fame by claiming that it is some sort of get rich quick secret scheme. No! Purchasing or investing in Bitcoins, by all intents and purposes, will not make anyone rich quickly. It is both a value transfer network and the digital currency within that network.

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Bailon also said that Bitcoin is legal to own and use in all countries with the exception of Bolivia and Ecuador, the latter already has its own digital currency as we had reported earlier. He also dismissed the correlations that people draw between illegal activities like drug peddling and digital currency.

Drawing parallels between digital currency and the US Dollar, he said that if Bitcoin is not backed by anything of intrinsic value then such is also the case with US dollars. Explaining further, he said that like US Dollar is backed by the government of USA then such is also the case with the cryptocurrency as thousands of people “contribute their computing power to mine or support the network and the millions of people who own and use Bitcoin.”

SCI has also built a mobile money app that the users can easily use to store their Peso (Philippine currency) in their smart phones. The users can easily transfer funds via Bitcoin which will enable their funds to be accepted by any Bitcoin merchant in any part of the world.

Earlier, this April, SCI had also acquired which has the distinction of becoming the first Bitcoin exchange in Philippines. This platform allows a user to have direct access for making transactions.


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