On August 16th, 2021, Bitcoin Latinum was part of an insightful interview with Nasdaq Trade Talks. The CEO of Bitcoin Latinum and Monsoon Blockchain Corporation, Dr Donald Basile, talked about the new greener, cheaper and faster cryptocurrency.
Here are a few insights from the interview.
The interview started with the host Jill Halandrino asking about the relation and difference between cryptocurrencies and fiat.
Jill: “Let’s talk about the real use of digital currencies alongside the cash. How do these two exist together?”
Dr Donald expressed the unified interest of the global population in having a digital currency that can be used in day-to-day transactions. However, digital currencies are currently only used for large value transactions such as NFTs or other real-world assets. The use of cryptos for daily transactions such as buying a cup of coffee is still non-existent because of high transaction fees and low speed.
Jill: “What are the issues the industry still faces and how can hardware wallets alleviate those concerns?”
Dr Donald: “Well, I think you have seen recently this week, where a $630 Million hack occurred of digital currency in a DeFi network, and a month ago in South Africa, $3.3 Billion were taken from a single exchange and a month before that in Turkey over 420,000 people reported by Bloomberg lost all their currency.
The issue here is the same, people should understand that in blockchain-based currencies, your money is out in public. It’s like a locked box in a bank, and whoever has the key can unlock it. You never hold it yourself. So what we are talking about is who holds the key to unlock that public box.”
A hardware wallet allows users to keep their keys on their person, ensuring no one can unlock the locked box. In hardware wallets, the locked boxes are kept with the users and not in a public area such as an exchange, making it safer to hack. A hardware wallet comes with a key, biometric lock and pins to ensure utmost safety. Hardware wallets are the solution to these problems, and several popular organizations such as Square corporation showed their support for such wallets and cryptocurrencies on the internet.
Jill: Why do you think Bitcoin Latinum is the next generation Bitcoin?
Dr Donald expressed that while Bitcoin is an amazing innovation and will continue to add value to the crypto ecosystem, Bitcoin Latinum focuses on day-to-day transaction capabilities. As several cities and entertainment hubs such as Las Vegas accept cryptocurrencies, including Bitcoin Latinum, in their clubs, restaurants, etc., the need for a digital currency that can perform daily transactions at low transaction fees and high speed is more important than ever.
Bitcoin Latinum focuses on these areas as it offers low transaction costs and high transaction speed and is backed by assets that support the currency. Bitcoin Latinum is the ideal solution for retail transactions as it will charge pennies for transaction fees rather than dollars that popular crypto charges. This is how Bitcoin Latinum achieves its goal of becoming the next-gen Bitcoin.
Jill: “ Why did Marsh and Mclennan choose Bitcoin Latinum to back?”
Dr Donald: “So I think there is great interest ultimately in bringing insurance products in the industry of digital assets and there is very little of it. But one of the things that is important is that there is actually an asset. So in the case of most currencies and coins, there is nothing behind them. There is zero, they can go to zero, there is no asset backing them. So the first thing you want in the insurance world is an asset that you can actually back. So in the case of the Latinum, a trust fund underlies it like a university trust.”
The trust fund backing Latinum protects against cyber theft and cyber hacks and supports the currency’s value. Additionally, 80% of the transaction fees, which is significantly lower than Bitcoin, is put back in the trust fund to increase the price of Latinum. Additionally, Latinum is backed by security features, speed features and addresses the entertainment industry in which Marsh and Mclennan are already involved.
This concluded the interview between Nasdaq and Bitcoin Latinum. The full interview is available here.