The CEO of Twitter had some very positive things to say about Bitcoin this morning.
He said he thinks Bitcoin will eventually become the de facto currency of the internet as well as the world's global currency.
His exact words:
"The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin."
Those are some pretty strong words and that is some pretty strong conviction!
When could this possibly happen?
Dorsey was even so kind as to give us a timeline of his expected outcomes.
According to Dorsey, Bitcoin will become the world's currency as well as the internet currency within the next 10 years, but it could be even faster.
His words:
"It would happen probably over ten years, but it could go faster."
He was quick to admit that the technology is not there currently, but it is likely coming.
Saying this:
"Bitcoin does not have the capabilities right now to become an effective currency. It's slow and it's costly, but as more and more have it, those things go away. There are newer technologies that build off of blockchain and it make more approachable."
Reading his quotes, I can't help but think he is referring to things like the Lightning Network making bitcoin much more plausible as a currency.
(Source: https://bittrex.com/Market/Index?MarketName=USDT-BTC)
Either way, reading these statements by Dorsey was a huge breath of confidence for the space and got me checking my bitcoin wallets, seeing if I should be searching for some spare change to add to them. ;)
Stay informed my friends.
Image Source:
https://qz.com/1228958/jack-dorsey-is-betting-that-bitcoin-still-has-a-future-as-digital-cash/
Follow me: @jrcornel
Wow, thanks for filling us with positivity about the golden future ahead. :)
Haha you are welcome. Hoping he is right. Hoping Steem fills some niche in there as well.
nice nice. i obviously think pizza will be the currency of the intarwabes.
It's the currency of college students!
"Golden Future"...how interesting is it that I'm reading "ANIMAL FARM" with my students now!
I am wondering why he said this, since he is also cofounder for square. Does that imply square is gonna support btc? ;)
Square is already supporting bitcoin.
https://www.bloomberg.com/news/articles/2018-01-31/square-rolls-out-bitcoin-trading-to-almost-all-cash-app-users
They already do.
Square supports BTC. He is also an investor in Lighting Labs, one of the companies working on the Lighting Network, the second-layer solution to scale Bitcoin.
when lightning comes, Bitcoin explodes... I see lots of Lambos in custom colors at the horizon.. . :D
It is assuring to have tech giants and companies endorse cryptocurrency, including Bitcoin. Jack Dorsey's comments also stem from the fact that he is becoming a noticeable entity in the financial services market with Square. Therefore, his comments speak from a business standpoint as they endorse a compliant financial business which could bring his company many benefits and new opportunities.
Bitcoin has (already) been "the currency of the internet", or at least 1 of its top 2, depending on where the internet is used, but it will not be the case in 2022, because there are already currencies with better properties in existence.
Dollars/fiat currencies still vastly outpace bitcoin transactions performed online. I think he is saying that bitcoin will be used for just about every online transaction or payment within the next 10 years.
Because Bitcoin is still a shit currency and always was.
In the beginning, like every other cryptocurrency that I know about, it could either be (pre)mined, or bought from miners whom got it for free or for cheap.
Now buying Bitcoin is financing this closed club, or the petrochemical aristocracy, while also slow.
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Finally some good news in the market and bitcoin is going up.
I agree with the Jack, he is right and the thing he is saying that is keeping in mind the previous trends and changes which have been happening in the past.
Time has come to change the way we deal with the money. Internet has changed so many things so why not we change money through internet.
Hoping there is some follow through!
As time moves on, I believe that we will continue to stray further and further away from Fiat, or any type of currency that requires printing. I'm excited to see how the world continues to change and evolve...and over time becoming more and more dependent on technology. It only makes sense that Blockchain technology is going to have mass adoption and acceptance. Along with these, we will most assuredly see a growth of adoption and acceptance with many cryptos...especially Bitcoin, Litecoin, etc. -Respect
I don't believe this. Those are nothing more than bold & crazy statements to make people speak about him.
"Any ads is a good ad", a la Craig Wright
Everyone using a single currency makes sense on a lot of levels, why do you doubt this?
There is more than 7 billions humans and 200 countries in earth. There is wars, we are not united. This is why there is different fiat currencies.
There is technological disparencies, 40% of the world population have an internet connection (in third-world countries, this mean going to a cyber cafe), even less have a smartphone, even less have a smartphone with internet connection.
In many places even the ATMs regularly get out of service because of shitty internet connection. God, even the connections of cyber cafes drop daily, sometimes for many hours.
In still many places, a lot of small family businesses doesn't even have a land-line phone.
Cryptocurrencies are not an option in these conditions.
It's not about "would it make sense or not".
It is simply something that won't realize.
It would make sense that all the people around the world start using the same language. Do you think we will?
😘😘😘
You are right. But the way I read his words is: Bitcoin will be the most important currency in the world. the default to do business with. But as with everything, there will be other options including other crypto and fiat currencies
Maybe I'm "too much of a square" when it comes to interpret written things
I agree we will definitely not have one currency but a few crypto currencies. Fiat will die out though!
The US and EURO will fight till death. But the policies of global central banks will ultimately make those currencies worthless and new currencies like Bitcoin which has no rulers arbitrarily increasing or lowering the amount of currency will thrive.
I can not wait for the day when currency markets are not managed by the people behind the curtain. With clearer currency rules comes more trade and more prosperity for all. Keep hodling early adopters. Do not get shakin out by this volatility in time volatility will come down to what normal people expect.
"5. The only currencies that won't be debauched by insiders desperate to maintain the illusion that the status quo is permanent are decentralized, distributed non-state currencies that are accessible to everyone with a mobile phone or digital connection." Source: https://www.oftwominds.com/blogmar18/solutions3-18.html
If a newer currency starts to catch on, IE a decentralized one, they may never end up fighting it out as everyone migrates to this new one while they were busy worrying about each other.
I have done a lot of Website hosting jobs and I can tell you the demand for micropayments is huge! News Websites go through a lot of trouble to monetize their content but if they could charge pennies for reading their content would be much better and their readers would easily pay it.
In other words, if Bitcoin's Lightning Network proves itself with micropayments the internet as we know it is going to change forever. Who knows, objective, investigative journalism might even come back to replace the fake news we have today all over the place.
Thanks for the insights, I agree. And, yes that would be something now wouldn't it?!
We just have to #HODL, #BUYMORE and #WAIT :)
Sounds like a plan!
Maybe, but it need to be faster
I think this are at best predictions. For it to come to past depends on a lot of factors assuming crypto regulations creep in, assuming some countries ban crypto or even the creeping level of poverty in some part of the world might not really make this effort feasible. But I think systems like steemit are trying to merge the gap between crypto and the use of the internet as a means of adding value
Yes, a lot can happen from now until then, but I tend to agree with him that there is certainly a strong possibility that this COULD happen. We will see.
@jrcornel
It is so encouraging that Twitter's CEO says this. I think the difference between him and guys at Google and Facebook is their sense of realness. He is real while others pretend to be real as a vice, not a virtue. How dare they act in ways to suggest cryptocurrency is a fraud.
Yes, bitcoin has come to stay, and within short years, it's going to be the currency of the internet and that of the world.
And Blockchain technology will take over every sector in applicability and implementations
I agree because criptocurreny is used in everywhere of life.
There is dozens Altcoin and each has different purpose.
This great information I appreciate bitcoin thanks for sharing this crytocurrency news best of luck..
I do not think that BITCOIN itself, as in BTC, the single currency will become the internet currency of the future. There are too many others that do it better than BTC does - like Stellar or Nano... BTC is too costly in its PoW scheme, and others are zero or near zero fees. Bitcoin will hold market dominance for years to come and it will always have value, but it will not be the sole currency of the internet. Plus it is not as private as something like Monero, which is what people are going to want.
Yes, he specifically mentions that it won't be bitcoin in it's current form. Many upgrades to come between now and then.
This like bitcoin
Thanks buat upvote nya,
You are a wonderful person, my friend, I am always watching you
You are like me here. I wish you every success
Thank you!
thanks.. very informative post...
good post, I like with your post @jrcornel
Thanks for this cryptocurrency news update providing.....
i appreciate this bitcoin, keep it up
This great information I appreciate bitcoin thanks for sharing this crytocurrency news best of luck..
Jack has put money where his mouth is as he along side with an interesting group of investors have funded the Lightning Network project via Lightning Labs [David Sacks (former PayPal COO) and the awesome Charlie Lee included (Litecoin creator)]. Making a faster and scalable network will go a long way to making Bitcoin and others a viable and reliable payment processing asset as well.
Yep, good points. I thought about including that little tidbit after I had already hit the post button. Thanks for reminding us. :)
YESSSS!
I also pray that Bitcoin continues to be the most popular currency in the world community. Congratulations!
I hope it will be Credits, because they use it in Star Wars^^
can you clarify something ... the SBD is a digital currency? and the other bitcoin? Can SBDs be converted to bitcoin?
Yes and yes.
oh, thank you very much could you suggest some post that explains how to convert SBD into bitcoin ..?
I think that the Lightning Network will still run up against a bottleneck: the bitcoin blockchain. That leads me to think that some other coin will usurp Bitcoin before it can become a defacto currency.
I also would prefer not to have one overwhelmingly dominant currency. I think there is room for at least 2 or 3 dominant currencies, maybe even 4. But to have one dominant currency like Bitcoin will lead to centralization of power.
But even if Bitcoin becomes "the currency" there will always be other currencies to use. I don't think the others will ever go away.
Good thoughts and good point.
well information in bitcoin keep it up thanks for shareing
thank god. we need positive news. now more then ever, when everything is against crypto
This great information
thanks for sharing this crytocurrency news best of luck..
Unless bitcoin becomes an umbrella term for all the cryptos, then no, it will not become the only currency on the interwebz.
In the future, there may be a single crypto-currency. But it will be one with many facets and many ways of using it. This crypto-currency of the future will be more secure than bitcoin, and more useful than ethereum, combined.
On the path to this "single" currency, we will see block chains join/merge. This will be a technology that will blow mathematician's minds.
We have not even entered the early-adopter phase. So, we cannot even place bets on which coin will become the universal currency.
Yes you are likely correct. He does specifically say that it won't be bitcoin in it's current form. It will be bitcoin many many upgrades from now, but will likely bear that same name.
I needed this kind of positve vibe right now😁😁
Haha yes, you and me both!
More and more social influencers are starting to pick up on the concept of crypto and that is helping to make crypto more mainstream, which should start to drive the prices up again because new money will enter the space so the market cap will grow. I was excited to read this post and thank you for sharing! We should start to see some more amazing things start to happen in the crypto space! =)
Ivy
I think you are right!
No disrespect to that Twitter owner but he isn't telling us anything we absolutely don't already believe whole-heartily. His opinion doesn't really matter but I want to thank him anyway on his insight to what is becoming more and more obvious.
True, though sometimes it is good to hear that major influencers also share your same opinions. :)
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great update! we all just heard that gov'ts are starting to have a good sentiment towards crypto, hence, we should see wide adoption in the near future. but what are the hidden challenges we have to face before that? any ideas?
Agree .. These are the uncertain times we will look back on and laugh about :D hodlllll!
Wow! it's great man.
Thank you so much
and also the new oil f the 21st centry
Thanks for this informative post! :)
There is so much double talk going on out there. I don't know what to believe. Didn't Twitter just announce they will be banning all crypto currency ads for icos, exchanges, education, etc.?!
Him being an investor in Lightning Labs means he's definitely got a lot of "reason" for BTC to survive. I don't know if all the scaling solutions they're pushing will ever be enough for BTC to be the "one" but I'm glad we're all alive for the ride to see how it plays out!
Yeah, as an investor you never FUD your own invest. :D
LTC has a lot potential too...
time will tell
Where are the cryptocurrency preachers???????
Let's keep preaching the gospel of cryptocurrency
Jack Dorsey is seeing well
What a good opinion it is!
Although Bitcoin dominates the market, other cryptos will also be used as currencies.
So true. It's definitely here to stay.
Really good post. Its hope of future. Thanks for sharing.
O it is good news for our
Buen día encuesta porque me sigues y no me votas mis post
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