James Turk of GoldMoney

GoldMoney’s James Turk interviews Félix Moreno de la Cova, who is a studied economist, trader and GoldMoney contributor. They discuss the idea of currency competition and talk about the pros and cons of Bitcoin and digital gold currencies.

Félix explains the working mechanisms behind Bitcoin, which is a digital currency. He talks about the decentralised Bitcoin protocol, which is the DNA of Bitcoin and assures that bitcoins will not be double-spent. He states that Bitcoin can’t be shut down unless the whole internet gets shut down.

They discuss the differences, but also the similarities between Bitcoin and digital gold currencies. James Turk points out that using tangible assets as money eliminates counterparty and payment risk. Félix states, that the amount of minable bitcoins is limited similar to the amount of gold.

Furthermore they talk about the security of Bitcoin exchanges and the difference between money and currency. Both endorse the idea of bringing competition to currencies and developing new ways to transact more efficiently.

You can also follow Felix on twitter @flix1 (twitter.com/flix1).

This video was recorded on 14 September 2012 in Madrid.