The former founder of Twitter, Jack Dorsey believes that bitcoin has the potential to help the entire world. In an undated video released by Documenting Bitcoin on Twitter, Dorsey was being interviewed at an event, and he shared his thoughts on what makes cryptocurrencies like Bitcoin revolutionary.
According to Dorsey, Bitcoin is “incredible” for it can be utilized by anybody in the world. It is a currency that can be traded anywhere in the world. This goes on to enable many things, and he felt that the impact will be “mind blowing”.
Dorsey, whose Twitter bio is just the “Bitcoin” symbol, went on to state that he will do all he can to promote the inherent potential of bitcoin.
Bitcoin, first created in 2009, is the flag bearer of the crypto world, and has been facing the heat of inflation and global volatility of late. The prices however have recovered above $20K level. Yet another popular currency and platform, Ethereum, is expecting to move to version 2.0 with the Beacon chain merger. This will allow Ethereum to reduce its mining energy consumption by up to 99.95%. This will be the result of switching to a proof of stake mechanism, where the ETH coins held by a node decide whether the new block mined will be accepted in the consensus mechanism to form the next “official” block.
Bitcoin will continue to use the proof of work mechanism, where each block mined creates new bitcoins that are distributed to miners or pools of miners. There can be only 21 million bitcoins, and 90% of these have already been mined.
As per Documenting Bitcoin, by 2026, 95% of bitcoins will be mined, and by 2035, 99% of bitcoins would have been mined.
Apart from environmental impact due to POW mining, another hurdle in the adoption of cryptocurrencies is the slow speed of creating blocks and approving new transactions. Bitcoin has an in-built 10 minute criteria for creating new blocks, and between 10-19 seconds in Ethereum. However, transaction approval can happen faster. Level 2 services for Bitcoin like Lightning make it faster to transfer coins. In case of Ethereum, there are also Level 2 services like Polygon or Arbitrum.
Sending Bitcoin can be “Lightening” fast, as this video shows:
Few drinks to take home from @bottle_monkey paying with #Bitcoin Lightning using @CoinCorner POS. @CoinCornerDanny @CoinCornerMatt @CoinCornerMSW @IsaacWeeks @CoinCornerMolly pic.twitter.com/nV8JF33EgK
— ₿en Weeks ⚡ (@BenGWeeks) July 29, 2022