Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
In this regard, Dorsey confirmed that Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. represents openness and transparency in economic matters, which facilitates financial inclusion for all those who have been left out of the traditional banking ecosystem.
Former Twitter CEO and chief executive officer of payments company Block, Jack Dorsey, participated today in an online event calledBitcoin for Corporations, in which he shared a panel with the main executive of MicroStrategy, Michael Saylor, where both talked about digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency, its usefulness in the finance sector and projections for the financial ecosystem going forward.
Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. every day more and more focused on Bitcoin
At one point during the panel, when Dorsey was asked about his perception of digital currency, he referred to Bitcoin as deliberate, predictable, open and transparent, characteristics that distinguish it from any other existing decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. network.
In relation to the approach that has been taking Block [formerly Square] about Bitcoin and how this is deepening every day, Dorsey indicated that this is so because it is part of the ideals with which the origins of the company are related. In that sense he emphasized that Square Its mission is to make the financial system more inclusive for all people, thereby opening a space for individuals and entities that were left out of the economy as credit card adoption grew.
As a result, the company is now working around the adoption of Bitcoin and its protocol the set of rules that define interactions on a network, usually involving consensus, transaction validation, and network participation on a blockchain. both open and transparent, precisely to ensure greater financial access through sovereign money and without controls by third parties, very much in tune with the idea that Bitcoin is the native currency currency is a medium of exchange that defines value. of the Internet.
In that sense, Dorsey emphasized that the adoption of Bitcoin is not something new since Square in 2014 had support for digital currency, but at that time it was not very popular among users of the service. Years later, the company became the first of its kind to speak out about BTC a la U.S. Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC) This opened the way to be able to use the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. within its payment application, Cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. App.
In support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. of corporations
Now more focused on the central idea of the online event, Dorsey and Saylor discussed how to Bitcoin could help corporations become more efficient in the international marketplace.
In that sense, Saylor explained that Bitcoin helps businesses reduce incompatibilities around monetary assets, offering greater transparency around transactions between business entities. Dorsey backed the latter, adding that the flagship cryptocurrency is something completely alien to what is seen within traditional finance, as its policies and fees are not kept secret, but are completely open and available for consultation.
The CEO of Block also spoke of the benefits it brings Bitcoin for artists, helping them to receive fair and direct remuneration for their creations. In this sense, he highlighted the work they do through TIDAL, the music platform a place to buy, sell and store cryptocurrency recently acquired by his payments company. Dorsey acknowledged that the NFT non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility. try to pursue that goal, but they are not the most appropriate response to achieve that end, because they are not built on the best foundation.
Bitcoin as the most reliable option a contract giving the buyer the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price.
In closing, Dorsey shared some thoughts on the corporate moves that have been made by some major companies, and how these have not borne the expected fruits precisely because they are initiatives that are far from Bitcoin.
The clearest example in this sense was the case of Meta, the company responsible for the social network a network refers to all nodes in the operation of a blockchain at any given moment in time. Facebook, which years ago announced plans to launch its own cryptocurrency and created a specially dedicated directorate to accomplish this goal. Dorsey indicated that this did not succeed and in the end they ended up wasting valuable years on something that did not materialize, and this because they proposed to create a digital currency instead of taking advantage of everything they had. Bitcoin could offer.
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Version by Angel Di Matteo / DiarioBitcoin
Image by Nicole.Design for DiarioBitcoin