The Internet should have its own native currency. However, one particular enterprise cannot create this currency, nor can it prevent its emergence. So far, Bitcoin is the best contender for such a responsible role, co-founder of Twitter and Fintech startup Square Jack Dorsey believes.
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Dorsey stressed that such a single digital currency would allow communities and countries around the world to be united through more affordable financial services.
“More and more people use the Internet. Imagine that all of them will have access to one currency, but at the same time they will be able to convert it into their national money. This will remove the barriers of the past and change our vision of global markets, ” he said in an interview with Quartz .
The entrepreneur pointed out that the Internet is not under the control of one company or a specific government. So, it is open to the world and any person. The same should be the native currency of the world wide web.
“I hope that all private companies recognize the value of a currency without a state that everyone has access to without a single legal entity,” Dorsey commented on the rumors surrounding the GlobalCoin project from Facebook , noting that he did not know the details of the initiative.
Dorsey remains loyal to Bitcoin and believes that in 10 years of existence, the first cryptocurrency has proven to be ideal for the role of the native currency of the Internet.
“This is the best candidate in terms of purity of the principles at its core. It was created in the name of the public good, and not for other purposes , ”added the CEO of Twitter.
An important aspect of Bitcoin, in his opinion, is the deflationary model, which motivates people to accumulate, and not waste money, which has a positive effect on our understanding of consumption.
“This is a rare resource, and there is the likelihood of its value rising. Considering this, you will think a hundred times before buying coffee or, for example, a sofa, because after a week biktoin can rise in price. Do you really need these things now? This is very interesting from a psychological point of view. ”
Bitcoin is resistant to security threats, government attacks, miner manipulation, forks, and other risks. The first cryptocurrency has proven this over the past 10 years, Dorsey says.
"Some kind of new cryptocurrency could challenge Bitcoin, but it did not pass all these tests."
Note, Dorsey is convinced that the entire financial system works due to the gradual degradation towards the lowest common denominator in the form of cash. However, in the future, he believes, the use of cash in a digital form will prevail – and this is not about plastic cards.
Earlier, BlockchainJournal wrote about how Jack Dorsey spoke against the establishment and supported Bitcoin on the way to becoming the native currency of the Internet.
Jack Dorsey from Twitter vs. the Establishment: Will Bitcoin Become the Native Currency of the Internet?
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