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Jack Dorsey Backs Bitcoin and Dismisses ‘Twitcoin’

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Bitcoin-believer and Twitter CEO, as well as head of Square payments, Jack Dorsey, has reiterated his standpoint on Bitcoin being best. His point was made in reaction to questions being asked of the possibility of Twitter following in the footsteps of another social media platform, Facebook.

Facebook unveiled their attempt at digital currency take over with Libra not too long ago, but quickly caught the ire of everyone from the US senate to the G7 central bankers. Still, the latent possibility resting in a global cryptocurrency like Libra is enormous and potentially enticing.

That being said, Dorsey has no interest in creating an altcoin market below Twitter, instead happy to support the growth and adoption of the original cryptocurrency – Bitcoin. Dorsey’s viewpoint is open internet standards are the way to go.

“I think open internet standards serve every person better than ones controlled or started by companies,” he told the Sydney Morning Herald.

That statement rules out Twitter from following in Libra’s footsteps, as Dorsey is clearly a fan of decentralization in cryptocurrency. More so, he has been a Bitcoin-believer for some time now.

“I think Bitcoin’s the best bet because it’s been the most resilient, it’s around for ten years, it has a great brand, and it’s been tested a bunch. As I look at all cryptocurrencies that could fill that role of being the native currency for the internet, Bitcoin is a pretty high probability,” he added.

Perhaps Twitter is missing out on a new emerging market. Telegram, for one, is looking to create its own coin to be used across its messaging app, and this could be considered an ‘altcoin to Libra’ or at least a competitor.

There are several other institutions and major companies exploring the potential of having their own native internet currency – even the likes of JPMorgan and the entire nation of China.

However, there has been no proven success with any of these currencies being launched with Bitcoin still the clear leader. In fact, Bitcoin is not only leading the race in adoption and usage, and it is pulling ahead of other altcoins in the cryptocurrency market.

It would appear that creating one’s own cryptocurrency, much like the ICO boom of 2017, sounds like a good idea, but leaves a company open to a high chance of failure. The technology is still quite new, and the market and understanding if this space is extremely embryonic.

Darryn Pollock

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