Jack Dorsey

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Twitter CEO Jack Dorsey Stays Bullish About Bitcoin as Internet's Currency on Joe Rogan's Podcast

Jack Dorsey, the CEO of the popular social network Twitter, remains very bullish about Bitcoin (BTC) and its future. During Joe Rogan’s podcast, Mr. Dorsey, who is also the CEO of Square, said that he believes that Bitcoin will be the native currency of the internet.

https://youtu.be/_mP9OmOFxc4

The interview with Dorsey was published on Saturday and it was a two-hour long conversation about many different issues such as Twitter censorship, Donald Trump or the future of the internet, among other things.

About Bitcoin being the currency of the internet, Dorsey commented:

“I believe the internet will have a native currency and I don’t know if it’s Bitcoin. I think it will be Bitcoin given all the tests it has been through and the principles behind it, how it was created. It was something that was born on the Internet, was developed on the Internet, was tested on the Internet and it is of the Internet.”

Bitcoin was created by Satoshi Nakamoto in 2008 during the world’s financial crisis. The intention was to create a peer-to-peer currency that would not be controlled by banks and financial institutions but it will be controlled by code and mathematics.

Dorsey talked about the decision to integrate Bitcoin into the Cash App that Square launched. He explained that the intention was to learn about technology and take some risks related to digital currencies. He went on saying that they were the first publicly traded company that started to offer the digital asset as a service. At the same time, Dorsey said that they were also the first company that talked to the U.S. Securities and Exchange Commission (SEC) about Bitcoin.

As per the CEO of Twitter, Bitcoin enables more access, to serve more people, to move money in a faster way all-over the world, and this is why they’ve decided to start offering users the possibility to buy or sell Bitcoin in a simple way.

Using the Cash App there are some restrictions for those that want to purchase Bitcoin. Users cannot use credit cards if they want to own a Bitcoin or just a piece of it. During the bull run that the market experienced back in 2017 was very harmful to several investors that took credit to purchase the most popular digital asset. Nevertheless, the market dropped and they’ve lost everything they’ve bet on Bitcoin.

In the past, Jack Dorsey said that he expects Bitcoin to become the world’s single currency in about ten years. Whether this is about to happen remains to be seen.


Minds.com CEO Says Jack Dorsey Has to Incorporate Bitcoin's Design into Twitter

The CEO of Minds.com, Bill Ottman, talked about Bitcoin (BTC) and its decentralized nature during the Joe Rogan Experience program. He has also talked about Jack Dorsey, the CEO of Twitter and its decision to support Bitcoin on the popular social network.

Ottman has also talked with CNN about the philosophical conflict of adopting cryptocurrencies without building open systems. He was specifically mentioning Twitter and Facebook. Jack Dorsey has been embracing Bitcoin during the last few months and has even participated in the so-called Lightning Torch.

Meanwhile, Facebook seems to be trying to build a new digital currency specifically designed for the remittance market in India. The digital asset is going to be used on the WhatsApp messaging application and could eventually be used in other platforms such as Messenger, Instagram or even on Facebook.

About this philosophical conflict, Ottman explained:

“I think that there’s a disconnect between how Dorsey is supporing Bitcoin but at the same time Twitter is a closed platform. The philosophy of Twitter is in conflict with the philosophy of Bitcoin. I do think it’s good that more high profile are using Bitcoin. It’s good that they’re doing that. But the Cash App, as well, is a closed system. Twitter is a closed system.”

He went on saying that the core philosophy of Twitter and Facebook, is very similar. They are using the most popular digital virtual currency to make headlines. However, they are not trying to implement decentralization and privacy policies such as the ones promoted by cryptocurrencies.

Ottman explained that he supports large companies supporting virtual currencies. However, people should not believe that Facebook and Twitter really care about the values of crypto if they are not open source and decentralized.

He has also talked about YouTube and how the platform is demonetizing videos that make specific comments. This is harming different content creators just because of sharing their views on specific topics.

There are some networks such as Minds and Steem that do no use advertising as a primary means of funding. Minds allow the user to become an advertiser. Users earn tokens for participating on the platform.


What's The Impact Of 4 Million Twitter Followers Being Exposed To CEO Purchasing Bitcoin Weekly

CEO Of Twitter Discloses His Trezor Hardware Purchase Powered By Bitcoin

Jack Dorsey, Chief Executive Officer of social media giant – Twitter – and also of Square, a mobile payments company, has recently announced on Twitter that he has purchased a Trezor hardware wallet using Bitcoin (BTC) through the Square Cash app.

Based on the existing price of Bitcoin, Jack must have spent about $261.54 on the hardware.

Implication Of Jack’s Disclosure

It would seem that Jack Dorsey’s announcement may have achieved a few different goals at the same time. The first could be regarded as a message of endorsement for Trezor and showing some sort of straightforwardness in the purchase and use of the hardware. The other is a way of showing the world and especially people who are new to the crypto business, that it’s advisable to practice safety and security, with their assets.

Satoshi Labs, which is situated in Prague, is the company responsible for making Trezor and Jack’s announcement may have given them a lot more publicity which they also seemed to appreciate. Jack tweeted:

“Just bought a @Trezor hardware wallet with bitcoin through @Cashapp.”

The official Trezor account also posted a tweet welcoming the CEO to the community of Trezor users. Their tweet said:

“We are proud to welcome you to the family, @Jack! Kudos for choosing open-source for your journey towards full digital sovereignty! #hodlon”

Why Jack May Have Chosen Trezor

Trezor’s major competition for crypto hardware is Ledger and many people seemed to wonder why Jack didn’t choose Ledger instead.

A few of his Twitter followers asked him this question after his announcement. Jack, in his response, mentioned that Trezor’s open-source policy was a significant factor in his decision making. Jack also concurred with the opinion expressed by one of his followers that

“Ledger is great too, but its not fully open source. Their firmware is not open source due to vendor NDAs, as I understand it.”

This little exchange seemed to elicit a response from Ledger as they opined that making the firmware of their products open source, might not be much of a solution. They tweeted the following:

“Hello @jack and thank you for raising awareness about Bitcoin! The security model of hardware is quite complex, and offering open source firmware isn’t a silver bullet. We’ll provide more flavour during MIT Bitcoin expo mitbitcoinexpo.org on Sunday”

Prediction For Bitcoin Growth

Jack Dorsey further expressed a prediction that over the next ten years or so, Bitcoin will experience a “massive acceleration”. He is also willing to do whatever he can to make sure it is used as currency in the near future, regardless of naysayers and skeptics.

He promised that at some point, the Square Cash app will incorporate the Lightning Network technology in its operations and he hopes that this will eventually hasten Bitcoin use for everyday business.

There also has been a noted increase in the CEO’s interest in the crypto sector, most notably recognized by his involvement with the Bitcoin Lightning Network Trust Chain. This trust chain is basically a network where payment transactions move from one person to another as a way to exhibit the general promptness of the network.

Support For The Crypto Community

The crypto community is currently getting a lot of support from sectors outside of tech. Politics in the U.S., is another sector that has shown considerable interest in crypto. A presidential candidate for the year 2020, John Delaney, recently expressed is support for the idea behind the recently held DC Blockchain Summit.

According to a post from Delaney’s official Twitter account:

“Chair Giancarlo’s speech at the DC Blockchain Summit sponsored by the Chamber of Digital Commerce highlights the need for tech-forward regulatory solutions. We want savvy leaders guiding the country on blockchain. I applaud the work of @DigitalChamber @PerianeDC & @giancarloCFTC.”

Mr. Giancarlo, delivering his comments, tried to visualize how things may have been different if blockchain was not only available but widespread during the decade-old Financial Crisis. He said:

“At a minimum, it would certainly have allowed for far prompter, better-informed and more calibrated regulatory intervention instead of the disorganized response that unfortunately ensued.”

The hope is that even though Delaney may not be the most popular of the presidential candidates for 2020, the hope is that he might be able to create awareness for crypto and blockchain and discuss it for the elections.


Roger Ver Supports Jack Dorsey’s Notion of a Singular Cryptocurrency for the World Wide Web

As many of our regular readers may remember, Bitcoin.com CEO Roger Ver recently took to Twitter to call for the creation of a single native cryptocurrency for the Internet. The reason for this, as per Ver, is to help create a monetary token that will unify the World Wide Web and make online financial processes easier for people living across the globe.

On the subject, Ver’s official Twitter handle recently posted the following message:

“The internet defies national boundaries. It needs a currency that defies national boundaries.”

More on the Matter

It is worth noting that Ver is not the first altcoin supporter to call for the creation of a native currency for the internet. For example, a couple of weeks back, Twitter top-man Jack Dorsey too said that he definitely saw Bitcoin as a potential unifying monetary offering for world wide web.

During his now infamous appearance on the Joe Rogan Experience, Dorsey was quoted as saying:

“I believe the internet will have a native currency and I think it will be Bitcoin — given all the tests it has been through and the principles behind it, how it was created. It was something that was born on the Internet, was developed on the Internet, was tested on the Internet. IT IS OF THE INTERNET.”

To further elaborate on his point, the CEO of Square also said that his company was one of the first mainstream financial entities to discuss the creation of a Bitcoin regulatory framework with the folks over at the US Securities and Exchange Commission [SEC].

Other Key Information Worth Bearing in Mind

Roger Ver, who is quite a polarizing figure within the global crypto community, has been extremely vocal in his criticism of the the BTC project — ever since the flagship crypto asset underwent a hard fork back in August 2017.

As part of his criticism, Ver has time-and-again implied that Bitcoin is not a good “store of value” nor does it have any substantial industrial use-cases.

However, he did seem to indicate that BTC could potentially have good value if used as a singular base currency for the internet. In this regard, when asked by an independent crypto analyst ‘Bakktstreet Boys’ whether he was “finally coming back to Bitcoin”?, Ver did not offer any response.

Final Take

In closing out this piece, it should be pointed out that a lot of independent crypto analysts are of the opinion that apart from the internet, even the physical world is direly in need of a “digital token” that can transcend the limitations of national boundaries.

It now remains to be seen whether or not such a dream can materialize anytime in the near future.


Jack Dorsey Shows Support for Bitcoin's Lightning Network on Twitter with New Tippin App

Jack Dorsey, the CEO of Twitter, has endorsed the new extension based on the Lightning Network (LN) that allows users to send and receive tips on Twitter using the second-layer scaling solution for Bitcoin (BTC). The LN reduces transaction times and fees for BTC transactions and allows the whole Bitcoin network to scale.

Using the Tippin application and extension for Chrome and Firefox, users will be able to tip other individuals on the popular social media platform. Each Tweet will display a lightning bolt symbol that would be used to send some few satoshis to another user.

Now, Jack Dorsey shared on Twitter that the initiative presented by Tippin is “excellent.” Although this is not a built-in implementation for Twitter, Tippin will be allowing users to expand the knowledge about the LN and how it works.

Dorsey shared the information about the Tippin extension to its more than 4 million followers.

https://twitter.com/jack/status/1098255550129655809

The application has been developed by Sergio Abril and the project continues to be tested and improved. Users have to create a new account through the Tippin site to start receiving satoshis.

The funds will be stored in a custodial wallet that is generated by the application. In order to send tips, it is necessary for users to create a Lightning Network wallet and a channel with Tippin to start transacting.

Jack Dorsey has also been promoting the Lightning Network in the past. He shared several posts regarding Bitcoin and has also joined the so-called Lightning Torch in which users send a few Satoshis to others using the LN and increasing the funds sent.

In the past, Dorsey commented very positively about Bitcoin, he said that the internet was going to have its own native currency and that it could be Bitcoin. With the latest support given to the LN and Bitcoin, Dorsey seems clearly very positive about the future of the space.

According to the website 1ml, the LN has 6,466 nodes, 28,718 channels and a network capacity of 708 BTC, equal to $2.8 million. The LN has been growing throughout 2018 even when Bitcoin and the whole virtual currency market were affected by a bear trend.

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