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The CEO of Twitter says no to create & # 39; Twitcoin & # 39; Cryptocurrency

Twitter's Dor Dorsey says that the world would be better served with an autonomous open source currency like bitcoin instead of centralized company-owned projects.

No Opportunity for a 'Twitter Cryptocurrency'

Speaking to The Sydney Morning Herald the Twitter founder stated that he had no intention of creating a Twitter cryptocurrency. In a comment on the matter, Dorsey said:

I believe that open internet standards serve every person better than those controlled or started by companies.

Back in June, Facebook released a white paper on its proposed Libra cryptocurrency project. Since then, authorities in several governments have expressed opposition to the plan.

Dorsey is not the only one wary of centralized digital currencies. As reported by Bitcoinist there is some dissatisfaction among XRP holders after experiencing dumping of the Ripple token.

While there are talks to hard-fork the blockchain, the company recently pulled $ 1[ads1]30 million worth of XRP from escrow, further aggravating the debate.

Ripple continues to participate in a series of major transaction dumps that critics say are diluting the XRP award. However, the company acknowledges that the most important issue is drumming up the tool for XRP and its payment product package.

Bitcoin is the best option

In line with his usual attitude, Dorsey reiterated his belief that bitcoin will be the native currency of the Internet. To provide further comments on the matter, the manager of Twitter and Square noted:

I think [Bitcoin’s] is the best option because it has been the most resilient, it has been around for 10 years, it has a great brand and it has become tested a bunch. While I look at all cryptocurrencies that could fulfill that role of being the native currency of the internet, [Bitcoin is] a pretty high probability.

On Tuesday (September 4, 2019), Bitcoinists Anatol Antonovici examined the argument that a cryptocurrency becomes the next world reserve currency.

According to Ikigai's Travis Kling, the entire reference to known monetary history is consistent with the fact that the world's reserve currencies have durability.

If Dorsey believes in bitcoin's suitability as its original internet currency, it doesn't seem to be as much of a leap from there to the world's reserve currency status.

Meanwhile, Dorsey's other company, Square, continues to take great advantage of bitcoin. The payment service in August revealed that it generated over $ 125 million in revenue from bitcoin.

Do you think bitcoin can be the global Internet currency of the future? Let us know in the comments below.

Images via Bitcoinist Image Library

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