Twitter won’t issue its own cryptocurrency but will use bitcoin
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Twitter won’t issue its own cryptocurrency but will use bitcoin

By Marco Cavicchioli - 5 Sep 2019

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Twitter founder Jack Dorsey has stated that the company does not intend to develop its own cryptocurrency. 

Recently, following the launch of the Libra project by Facebook, there have been rumours of several other companies that seem to be interested in creating their own cryptocurrency, ranging from so-called FAANG to Walmart

Twitter deviates from this group, although not because it does not intend to use these new technologies. 

In fact, Jack Dorsey has long been a supporter of bitcoin, therefore, rather than create a new cryptocurrency, the founder of Twitter prefers to integrate bitcoin-based services within the platform, in particular, thanks to the Square Crypto platform, of which Dorsey himself is a co-founder. 

During an interview with The Sydney Morning Herald, Dorsey stated that he believes bitcoin is still the best choice, and that it could become the native currency of the Internet.

“I think open internet standards serve every person better than ones controlled or started by companies”.

In this regard, he said that Twitter is not considering developing their own cryptocurrency, because they prefer to use “existing, open standards”, such as bitcoin.

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

In fact, for some time now it has been assumed that, sooner or later, Twitter will integrate a payment system based on Bitcoin, for example, to give users the opportunity to reward the authors of tweets with small donations made through Lightning Network. 

Dorsey’s recent statements simply confirm that it is precisely the original cryptocurrency that is the main candidate to be integrated into the social network and that while other similar realities are opting for proprietary and centralised solutions, Twitter instead prefers to rely on public and open source solutions. 

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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