Michael Saylor and Jack Dorsey are two entrepreneurs who fully assume their positions as “Bitcoin bulls” with the crypto community and the general public. During an interview conducted as part of the seminar “Bitcoin for corporations” organized by MicroStrategythe two men reviewed how Bitcoin can help improve a company’s performance, with the example of blockthe company run by Dorsey.
Defining bitcoin’s place in the world
For Dorsey, the most important characteristic of Bitcoin is that of a monetary unit independent of any government or any private organization.
“Bitcoin’s development model, execution, and operations have been consistent, unchallenged, and more than anything else, transparent”
This aspect of Bitcoin reminds him of the beginnings of the internet, and in particular the principles that made it possible to build an inclusive open-source infrastructure for the whole world.
The former CEO of Twitter pointed out that bitcoin as an internet currency unit opens doors for many people: not just tech companies, but most importantly ordinary people, journalists, activists, and anyone who recognizes that systems current finances are not working for them.
Saylor commented that Bitcoin can be seen as the perfect example of an open-source, egalitarian and utilitarian marketplace, where information is verifiable by everyone according to the oft-repeated axiom in the community: “Don’t trust, verify”. Conversely, in traditional systems, there is indeed no way to check what is happening behind the curtain and to circumvent the barriers placed by companies and governments.
Bitcoin and Block
Square was rebranded as Block shortly after Jack Dorsey left Twitter, a move that reflects the CEO’s commitment to the Bitcoin ecosystem. Square’s beginnings coincide with the debacle brought by the 2008 financial crisis: Dorsey points out that he observed during this period a flagrant lack of transparency and financial responsibility.
The studies carried out during the design of CashApp demonstrated that the first people excluded from the banking system are small and medium-sized enterprises, which are then faced with other problems such as opacity in terms of information, in particular that of fees. The purpose of an application like CashApp was precisely to help small sellers integrate into the economy. Dorsey points out that this is also one of Bitcoin’s goals.
However, using Bitcoin is not as simple as it looks: Dorsey is the first to acknowledge that its integration presents many challenges in terms of securing protocols, in the legal field and in terms of compliance. , in terms of engineering and product design, as they experienced with CashApp. Dorsey also admits that it is difficult for those outside of the US and Europe to use the Bitcoin network.
However, Dorsey believes that if Bitcoin existed when Twitter was created, the social networking platform’s business model would be totally different and less dependent on advertising revenue, with the many slippages that are currently observed. Bitcoin and its potential as a “native internet currency” can accelerate the opening to a market by creating a network effect and adding more value to it.
For Saylor, the most successful layer 3 on Bitcoin is CashApp, thanks to an ecosystem of financial tools that create a virtuous circle between them, in which Bitcoin is an indispensable element.
Square chose a development strategy that allows users to choose how they want to manage their funds: CashApp is a custodial wallet, which is why Dorsey wanted to create a specifically non-custodial physical wallet.
In addition, the two men also mentioned one of the criticisms regularly mentioned with regard to Bitcoin: its slowness. Dorsey admitted that its development was indeed much longer and more deliberate compared to Ethereum, but this slowness is one of Bitcoin’s strengths. According to them, the tools that develop in this way tend to last over time. In addition, Lightning will make Bitcoin even more accessible, especially for small sellers.
Dorsey’s conclusion is as follows:
“Bitcoin is worth studying, including by those who have no intention of investing in or using it.”
_______________________
Follow our affiliate links:
To buy cryptocurrencies in the SEPA Zone, Europe and French citizensvisit Coinhouse
To buy cryptocurrency in Canadavisit Bitbuy
To generate interest with your bitcoinsgo to the BlockFi website
To secure or store your cryptocurrenciesget Ledger or Trezor wallets
To trade your cryptos anonymouslyinstall the NordVPN app
To invest in mining or masternodes:
To accumulate coins while playing:
- In poker on the CoinPoker gaming platform
- To a global fantasy football on the Sorare platform
________________
Here are the sources of information we offer:
Our free weekly newsletter: https://www.getrevue.co/profile/CryptonewsEN
Twitter: https://twitter.com/cryptonews_EN
Telegram: https://t.me/cryptonews_EN
LinkedIn: https://www.linkedin.com/company/11745115