The debate amongst the virtual community continues as some countries promote Cryptocurrencies, putting them to use, others have been banning them at large. Most of them believe it’s a scam and an unethical way of taking money.
Jack Dorsey, CEO of Twitter, however, lies on the brighter side of this spectrum, thinking it’s the future of money.
Dorsey mentioned in interview with the British newspaper The Times of London, that the world may adopt a single global currency “probably over 10 years, but it could go faster.”
“The world ultimately will have a single currency, the internet will have a single currency,” said Dorsey. “I personally believe that it will be bitcoin.”
On Wednesday morning, Bitcoin sat at $8,985 per bitcoin. The current price is less than half of its historic peak on Dec. 16, which was $19,343.
As we talk of this, Dorsey has also been showing firm support to start ups involved in Bitcoins. This was last week that Dorsey was announced as an investor in a Bay Area startup called Lightning Labs. The start ups aims at making bitcoin transactions faster and easier by replacing the costly and time-consuming process of recording every transaction on the blockchain, a publicly viewable ledger verified by a network of thousands of computers.
Dorsey also mentions that it’s the slow recording of bitcoin transactions on the blockchain that makes it ineffective, but he believes the issue will be fixed soon.
Dorsey is now focusing on his other company, Square,which is a mobile payments company. He is expanding its feature of buying and selling bitcoin through its Cash app after a test trial last December.
Square in a statement back in December mentioned,
“We’re exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash app customers. We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we’re excited to learn more here.”
As far as the reliability of a bitcoin is concerned, the value of a single coin pushed below $7,000 in February. However, it recovering the losses moving back above $9,000.
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