Content adapted from this Zerohedge.com article : Source
Jack Dorsey is not buying into the FUD surrounding Bitcoin. The multi-national corporate leader is a believer in the largest cryptocurrency. He believes that bitcoin will be the "single currency" by the later part of the next decade.
This goes contrary to many of the reports we saw the last few months that detailed all of bitcoin's problems. Dorsey obviously has a vested interest in cryptocurrency since he is the CEO of Square who recently introduced an application that could provide competition to the exchanges.
Authored by Molly Jane Zuckerman via CoinTelegraph.com,
Jack Dorsey, the CEO of both Twitter and payment service Square, has said that he sees Bitcoin (BTC) as the world's – and Internet's – single future currency, The Times reports today, March 21.
image courtesy of CoinTelegraph
Dorsey believes that Bitcoin's leading emergence will take "probably over ten years, but it could go faster":
"The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin."
At the end of February 2018, Dorsey had previously said that Square will focus on developing more options for interacting with Bitcoin via their Cash App, calling it a "transformation technology for our industry."
Dorsey did note to The Times that he does not believe that at the moment BTC has the capabilities to become an effective currency, namely as a medium of exchange:
"It's slow and it's costly, but as more and more people have it, those things go away. There are newer technologies that build off of blockchain and make it more approachable."
Last week, Lightning Labs, a Lightning Network (LN) developer, released the first Bitcoin ready LN implementation, making free and instantaneous BTC transactions closer to reality. Dorsey had participated in their $2.5 mln seed finance round, as did Litecoin's (LTC) creator Charlie Lee.
Non-adapted content found at zerohedge.com: Source
decade is like a 100 years for crypto
Jack Dorsey might be right to some extent, but I do believe we shall be having a few more other coins by the later part of the next decade. Blockchain is sparking innovation across various industries and there are more opportunities waiting to be explored... all these having various coins that are being used.. Just like steem which is having steemit progressing at a fast rate. The world is starting to fall for blockchain technology in various fields since it provides visibility, efficiency, low cost payments and much more that is not found in other solutions.
Bitcoin is the king of cryptocurrencies
WoW! That is a powerful statement coming from Twitter CEO ~ Tweeted FREE for you to my 52K Twitter followers √
Disclaimer: I am just a bot trying to be helpful.
Result: mining new bitcoins will become the globe's principal industrial activity Coal the fuel of choice for power generation. (Cheap beats green.)
Massive price deflation as the supply of money approaches zero. Cuts in production of basic foodstuffs help restore a measure of price stability.
Meanwhile a large proportion of the world's poorest have died from starvation.
Talk about drinking the koolaid, all these other replies are assinine.
He's probably right. Bitcoin isn't ever going to disappear because it has reached a critical mass of adoption. From here it can only continue to grow because its user base is so fervent.
It’s slow and it’s costly, but as more and more people have it, those things go -awesome and correct!!
Lightning Network is trying to give Bitcoin what Steem has for long time. I personally don't believe that Bitcoin will be the coin to dominate the entire market, I believw that it is very popular right now, at least for the people new to the crypto world and this is what it keeps it as a top coin. Its performances are not that high and by the time people get more educated about crypto, they will find out that there are a lot of cryptocurrencies to invest in, and not only Bitcoin, many of them being more promising than Bitcoin.
Agreed, BTC is a model t Ford. Pretty exciting that we don't need a horse and buggy, but far from a Honda Civic
Thanks for sharing bitcoin..
Decentralization is a very powerful feature, I think underestimated by many. Everyone is looking for coins that 'can do things better', but the degree of decentralization is way more important. This makes me believe Bitcoin is the biggest opportunity of all.
I believe that decentralization is not one of the key points of Bitcoin, since it can be mined with ASICs, and there are just a few minig pools that handle it. So by making Bitcoin minable only with ASICs, all the small users are taken out of the equation because they don't have the required equipment to mine and this, the number of miners, creates real decentralization. They are the ones supporting or not a hard fork, and they are the people who sustain the entire blockchain. In case of Bitcoin, those miners are a few huge mining farms in China, and a few other small miners around the globe.
On the other side, if you consider the case of ETH, it is much simpler to become a miner and because of this, there are a lot of them. You can see here decentralization. No ASICs, people are mining only with their GPUs. And the next thing to consider is that it has a lot of advantages over Bitcoin like smart contracts, smaller fees, hard-forks support, and many others.
bitcoin of great
Its great to see that important figures have a good opinion on Bitcoin!
I wonder what he thinks of Zappl...?
Well, I don’t believe it yet.
Lots of hurdles have to taken to come to this point. I do believe that it will have a prominent place in the global exonomy though.
But at the moment it is just to volatile. You don’t want to end up like the pizza guy after puchasing somethibg with BTC.
Just like you don’t want to take the risk iof selling a service or good to get paid umin bitcoin with the risk that value could be 10 to 15% less.