Jack Dorsey, the general director of the social network, is sure that the cryptocurrency meets the principles of the World Wide Web, so it can become its monetary unit. But there are several obstacles that hinder the recognition of the BTC.
The Internet requires its own currency, and Bitcoin is the best contender for this place, said the head of Twitter and Square Jack Dorsey in an interview for Reuters. According to him, the cryptocurrency and the Worldwide Web have a common feature — these tools are developed by the community and built according to common interests.
“The Internet requires its own currency, and bitcoin is the best option at the moment. I don’t see how this can change, given all the people who have the same goal and are working to unlock the potential of the cryptocurrency,” Dorsey said.
He added that there are several obstacles to recognizing the cryptocurrency. First, it is necessary to solve the bitcoin network problems regarding the speed of transactions — it is low. BTC blockchain is able to conduct 4–7 transactions per second, when, for example, this figure for Visa payment system is 24 thousand transactions per second. Secondly, the society has not yet learned all the advantages that digital assets have.
Dorsey is a strong supporter of cryptocurrency and helps to spread it in the society. For example, in May, the Cash App from Square, which is owned by Jack Dorsey, was added to the opportunity to acquire digital assets. And in July, the Bitcoin logo appeared on the NASCAR car sponsored by Square.
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