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‘The internet deserves a native currency like Bitcoin [BTC]’ – says Twitter CEO

Aman Swami

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'The internet deserves a native currency like Bitcoin [BTC]' - says Twitter CEO
Source: Flickr

The Blockchain week in New York witnessed many notable speakers. Jack Dorsey, the CEO of Twitter Inc. and Square Inc was also one amongst the long list of speakers at the event. During the event, he spoke to a crowd of cryptocurrency enthusiasts, to show he was completely in sync with their view that digital currencies are the way of the future.

Dorsey, said on Wednesday at Consensus, a blockchain and cryptocurrency conference:

“The internet deserves a native currency; it will have a native currency. I hope it will be Bitcoin”

Many in the audience at Square were skeptical about the technology and making access to digital currencies much easier. Dorsey also mentioned that there are debates and even fights over the topic, and some of the company’s board members are resistant to cryptocurrencies.

Dorsey has spoken with great enthusiasm about digital currencies many times before and propagated the new technology. He also tweeted in 2016 that he would ‘love to see a digital currency thrive’. In his role at Square, he has promoted cryptocurrency many times. In 2014, the payments company started letting merchants accept Bitcoin. Since then, Bitcoin trading was available for almost all users of its Cash App, which lets users send money to friends and family.

As Dorsey was about the move not everyone at Square was as enthusiastic.



He said:

“I’ll be frank, this was a pretty contentious move in the company.”

Square Reported:

“In first-quarter revenue from selling Bitcoin at the beginning of this month the company made $34.1 million , but it cost the company $33.9 million to buy the tokens, meaning we only made about $200,000.”

Dorsey said at the Consensus conference, the biggest of about two dozen events during New York’s Blockchain Week:

“This technology is a fundamental shift in our world and can have so many positive outcomes. We have to do the work to educate regulators and educate the SEC why this technology is important.”





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Aman Swami is an Economics major from Christ University. He is very passionate about cryptocurrency and understanding of financial markets.

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Bitcoin

Bitcoin [BTC]: Blockchain reorgs are an important part of BTC protocol, says Money Button’s Ryan X. Charles

Arijit Sarkar

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Bitcoin [BTC]: Blockchain reorgs are important, says Money Button 's Ryan X. Charles
Credit: Pixabay

Shortly after a major hack cost one of the world’s foremost exchanges, Binance, 7000 BTCs worth $41 million, Changpeng Zhao’s brief consideration of ‘reorgs’ spurred the crypto-verse’s interest. While aimed at recovering a $41 million loss, the idea was quickly dropped since it signaled telltale signs of market manipulation.

While the hunt to find the Binance hackers continues, it has sparked a discussion within the crypto-community to find out the direct implications of a ‘reorg’. While most crypto-analysts, influencers, and entrepreneurs despised the reorg idea, Money Button’s Ryan X Charles created waves when he tweeted,

“Blockchain reorgs are an important part of the Bitcoin protocol.”

Discarding any concerns of “market manipulation by the miners”, Charles argued that the reorg process would “encourage miners to stay on top of their game”. He further supported this claim by saying,
“If a miner gets reorged, it’s their loss. Users don’t care because their transactions are included in both chains.”
As the tweet gained traction in the crypto-verse, the community exhibited mixed feelings about Charles’ take on the short-lived reorg idea. One crypto-enthusiast went to the extent of disputing Charles’ claim of reorgs not affecting users, responding,
“It does affect users. If your chain has high chances of being reorg from time to time, then I cannot trust 1 conf as final. So no matter if your fees are low and Tx come into the first block .. I will still need to wait for more confirmations than a reliable chain.”
With the hunt behind the lost BTCs still underway, the community is yet to agree unanimously on the implications of any reorg idea that may be proposed in the future. If the reorg idea were to finally catch fire in the future, experts speculate it to be the fundamental ‘damage control’ strategy for future hacks and thefts of the similar kind.





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