Bobby Lee Shares How a Bitcoin Public Key For Fundraising Works Via QR Code
Bobby Lee: Bitcoin Public Key Great to Raise Money
Essentially, the process can be facilitated by people creating QR codes for fundraising for causes such as natural disasters and the like. He also mentioned that the same method can be used to send money with Bitcoin account private key QR code. As he explained:
So there is a QR code, there this long string . . . so what I just di is, share with you my public account and also my private key. So for those of you who are interested I’m actually giving away $100. So if you go and look on the blockchain, you’ll have $100 in that account.
He noted that bitcoin money is in the cloud and that this is significant because bitcoins are moving on the blockchain.
You know with all these blocks that keep coming up and it’s all on the cloud, it’s actually not here per say. Even if the private key is here, the private key is just the location, if you knew the password for the account. So this is going to be interesting. I’m curious to see what will happen in the future.
He then continued to discuss that currently, the boarding control restricts people from carrying gold and money in currencies. People are required to declare if they are carrying more than $10,000 or 10,000 euros and they fail to do so, authorities can confiscate the funds.
On the other hand, bitcoin and other cryptocurrencies prevent authorities from knowing how much a passenger is carrying with them. As he exemplified
“For example I came into Barcelona yesterday on a plane, international flight. Did I bring a $100 worth Bitcoin? Did I bring a $1,000 worth of Bitcoin? Or did Bitcoin stay in the cloud? So, this would be interesting to see.”