Dorsey convinced by BTC: Twitter boss Dorsey is an avowed Bitcoin fan: That’s why BTC has the most potential | message
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• Twitter boss Dorsey sees BTC as “probably the best cryptocurrency”
• Decentralization as a decisive advantage
• According to Dorsey, blockchain principle is decisive for the future of Twitter
Decentralization and independence
The addition of other players leads to a steady increase in competitive pressure in the market for cryptocurrencies and blockchain technologies. According to information available to the experts at Forbes, the number of patents in this area – based on the US market – doubled in 2016 and 2017 alone.
Despite increasing competition, is Jack Dorsey – Inventor and co-founder of the microblogging service Twitter – convinced of the potential of his preferred crypto currency Bitcoin. In an interview with Reuters he was positive about both the structures behind the digital means of payment and the future of it, revealing: “I think the Internet needs its own currency and Bitcoin is probably the best version of it available so far. And I don’t have the feeling that anything will change that soon when you see how many people are working to make it happen. ” He goes on to explain why he takes this point of view by explaining: “The Internet is democratic and there for everyone, and can be further developed by anyone. The history of the Internet is therefore written by the users.
It’s the same with Bitcoin, because it comes from the Internet. “With his statement, Dorsey refers to the origins of BTC and thus to the basic principles of the cryptocurrency. – Bitcoin trade with Plus 500 – this is how it works. 76.4% of private investor accounts lose money when trading CFDs with this provider, you should carefully consider whether you can afford the high risk of losing your money.
He particularly emphasizes the existing congruence of the BTC founding concept with that of the Internet, as the focus in both cases was on independence and decentralization – attributes that, according to Dorsey, are to be seen as advantageous and future-oriented.
– Reuters (@Reuters) September 10, 2020
Suitable for the masses through usability optimization
As Dorsey further states in a Reuters interview, his conviction regarding the potential of BTC is based on the idea that users do not have to become “part of a company” in order to be able to enrich the Bitcoin community with a “great idea”. Rather, everyone can contribute something, regardless of the economic influence of large technology companies – an assumption that, according to Cointelegraph, results from a “concept of democracy” and thus assumes that the Internet itself is free from economic constraints and market powers. However, the implementation of this democratic principle must be optimized, which can be achieved by improving the user-friendliness of the crypto currency. Suitable for the masses can only be established if users can understand all connections “intuitively”, as is already the case with commercial payment systems. According to Dorsey, there is still a need for optimization in terms of cost and time efficiency – difficulties that are currently being addressed by a development team. Dorsey is optimistic about the future, which he underscores with his statement “There is still a lot to be done, but we already have the basic building blocks”.
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The future of Twitter lies in blockchain technology
Dorsey expressed his positive attitude towards the BTC once again in an interview with the founder and CEO of the Human Rights Foundation (HRF) Thor Halvorssen, which took place as part of the virtual conference Oslo Freedom Forum 2020 (September 24-25) . In it, he explains his plan to convert Twitter from a centralized to a decentralized platform and thus to take over the conceptualization of the BTC’s blockchain technology – a project that a five-person team is already working on. As to the background to the development of the new decentralized protocol, Dorsey cites the desire to make Twitter more secure from potential attacks and his motivation to “always be ten steps ahead of hackers”. The Twitter boss is referencing the massive hacker attack that caused a stir in July, as accounts of many prominent personalities were also affected by it. In order to avoid such incidents in the future, Dorsey would like to use the data storage principle of the blockchain. He continues his thought by saying: “Blockchain and Bitcoin point to a future and to a world in which content exists forever, in which it is permanent, in which it does not disappear, in which it is on each individual Node connected to them exist forever. ”
Inna Warkus / Forex-news.com.net editors
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