Altcoin News: Twitter CEO Named Four Factors That Would Make Bitcoin the Internet Currency

June 14, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Marko Vidrih
Jun 14 · 2 min read

Twitter creator Jack Dorsey is not going to abandon his previous opinion that Bitcoin could become Internet currency. In a conversation with the popular media Quartz, he named four reasons that make him think so.

First, according to Dorsey, the strength of Bitcoin lies in its brand. Bitcoin has become the phenomenon that is associated amoung the masses with the blockchain and cryptocurrencies in general. Recently, the British edition of the Daily Mail called the cryptocurrency project Facebook as its own Bitcoin of the social network, which is almost certainly not.

Speaking about the second factor, Dorsey turned to the ideas voiced by the creator of Bitcoin Satoshi Nakamoto:

“I think that the leading pretender is made by the extreme purity of the principles on which it is based. His creation was pure and aimed at the public good, and not at the fulfillment of other specific tasks. ”

The third factor is the deflationary nature of cryptocurrency, which allows you to predict in advance the number of coins that will be released into circulation.

“This is a scarce resource, so it has the ability to grow in value, which is why its holders have to take the issue of spending much more seriously,” Dorsey added.

Finally, Twitter CEO mentioned the security of the Bitcoin network:

“Bitcoin is 10 years old, it has been tested over these 10 years against various threats to security, governments, forks, miner plans, malicious states, and showed its steadfastness, and this is a very valuable feature.”

In February, Dorsey took part in the transfer of Lightning torch — an initiative aimed at demonstrating the capabilities of the second-level network for scaling the main Bitcoin blockchain.

Author: Marko Vidrih


ALTCOIN MAGAZINE

The best damn place to read and write about crypto and blockchain.

Marko Vidrih

Written by

I love writing, and that is why I do it. A passion for not only providing the information but for helping people understand.

ALTCOIN MAGAZINE

The best damn place to read and write about crypto and blockchain.