While people are saying bitcoin is a threat to federal governments, and that it has not come to stay, others also think it is the future of finance. Very soon, bitcoin will take over the market. All transactions will be made in bitcoin instead of the usual physical cash for transactions. The Paypal CEO recently said that Bitcoin is just an experiment for now.
Jack Dorsey is one of the many experts who think bitcoin in the next 5 to 10 years will be the only currency that will be used on the internet for transactions. Jack Dorsey happens to be the CEO of Twitter and square, and he made this prediction while speaking to THE TIMES. Even though Dorsey is aware that bitcoin has been facing a bit of price fluctuation in a couple of months now, he still stands by his words.
From the year 2013 till now, there has been a series of a ban of the cryptocurrency in several countries following the demerits that come along with it. China, Vietnam, Bolivia, Russia, Taiwan, are among the list of countries that have placed a ban on the digital currency. The question still remains that, why do Federal governments decide to ban it if it is indeed the future?
Despite all the flaws that come with it, most of the top businessmen, including Bill Gates, Mark Cuban, John McAfee, and Warren Buffet are among the few who believes that they see no digital asset in the future other than Bitcoin.
The price has been surging low, hence affecting the price of the other digital currencies. However, Mr. Dorsey still believes that this has no long-term effect on the cryptocurrency and that the currency will bounce back.
Granting an interview to the British publication, the Times, Dorsey made it known that the cryptocurrency on bouncing back will take over the market. According to him, transactions that take place will be done with Bitcoin, ranging from buying a pack of cigarettes to a cup of coffee.
Notwithstanding, Dorsey pointed out the fact that bitcoin is quite expensive and not very effective. Despite his thought that bitcoin does not have the capabilities right now to become an effective currency, he stated that as time goes on, there will be improvements which will make the currency globally accepted.
The blockchain sector is putting up innovative programs and software that is helping people to access the cryptocurrency with ease and also managing to draw the attention of people. With this, Dorsey thinks it will not take long for someone to design software or something that will create an avenue for people to adopt the currency quickly and efficiently.
His Lightning Lab Contribution
For bitcoin to reach the height, it is expected that measures are put in place to enhance its growth in high dimension. Since Dorsey believes in bitcoin, he has found it necessary to help push for the growth of the currency. Just some few days ago, he invested $ 2.5 million in a startup named lightning labs.
The lightning lab is a protocol layer that leverages the power of blockchains and smart contracts to make cheap, fast private transactions available to anyone around the world. Lightning is one of the first and most important of these protocols providing blockchains with the scalability to support magnitudes more users as well as the flexibility to support a new wave of financial applications.
The Lightning Lab which also allows one to monetize a blog is headed by Elizabeth Stark, who says lightning functions as a software layer that sits on top of the bitcoin network.
Being in support of the digital currency, Dorsey further allows bitcoin users to trade with it using the cash app of the square. Square has also been counted as one of the platforms which first facilitated real-time bitcoin transactions, but could not help thrive for long due to the volatility of bitcoin.
What is Making Bitcoin Gain This Much Attention?
When bitcoin first started, its value rose quickly to $1000 from a very low price. After some time, it fell in price raising eyebrows about its worth. Over the years, bitcoin price has risen much higher reaching $20000 all-time high before falling. There have been a lot of factors contributing to its ability to seep higher in its worth. Bitcoin has been found to offer a lot of advantages to its consumers of which physical cash does not offer. These benefits have got bitcoin the attention it has now.
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