The CEO of Twitter, commented on Facebook cryptocurrency initiative called principles-based bitcoin net

The Internet should have its own native currency. However, this currency can not create one specific company, nor can it prevent its occurrence. Yet what bitcoin is the best contender for such a responsible role, says Twitter co-founder and FINTECH start-up Square’s Jack Dorsey.

Dorsey stressed that such a digital currency would unite the community and countries around the world due to more affordable financial services.

«More and more people use the Internet. Imagine that all of them will have access to one currency, but will retain the ability to convert it into its national money. This will eliminate the barriers of the past and change our vision of global markets», — he said in an interview with Quartz.

The businessman pointed to the fact that the Internet is not under the control of one company or a particular 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, which is for everyone without restrictions from one legal entity» — so Dorsey commented on the rumors around the project GlobalCoin from Facebook, noting that unknown to him the details of the initiative.

Dorsey remains true for bitcoin and believes that in 10 years of existence, the first cryptocurrency has proved to be perfect for the role of the native currency of the Internet.

«This is the best candidate from the point of view of the purity of the principles it is based. It was created for the public good, rather than other purposes,» — said the CEO of Twitter.

An important aspect of bitcoin is, in his opinion, is a deflationary model, which motivates people to accumulate, but not a waste of money, which positively affects our understanding of consumption.

«This is a rare resource, and there is a possibility of constant growth of its value. Given this, you will think a hundred times before buying a coffee, or perhaps a sofa, because after a week bicton might appreciate. Do you really need these things? This is very interesting from a psychological point of view.»

Bitcoin is resistant to security threats and attacks from governments, the manipulation of the miners, the fork and other risks. The first cryptocurrency has proved it over the last 10 years, says Dorsey.

«Some kind of new cryptocurrency bitcoins can throw the challenge, but she passed all these tests.»

Note, Darcy is convinced that the financial system works due to the gradual degradation towards the lowest common denominator in the form of cash. However, in the future, he believes, will dominate the use of cash in digital form — and it’s not about plastic cards.

We will remind, earlier ForkLog wrote about how Jack Dorsey spoke against the establishment and supported the bitcoin on the path to becoming as the native currency of the Internet.

Jack Dorsey of Twitter anti-establishment, whether bitcoin is the native currency of the Internet


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