Bitcoin price has rebounded rapidly after falling in March along with most other assets, but has recently dropped again in line with tech stocks.
Now Jack Dorsey, billionaire boss of both Twitter and payments company Square; He said that the internet is “probably the best” local currency because Bitcoin is “consensual” and “created by all.”
Dorsey told Reuters in an interview last week; “The internet is a consensus and built thing, and anyone can change its course. “Bitcoin has the same models, and it’s built on the internet.” “Anyone with a great idea can contribute to it.”
Patents of Crypto Money Companies
Twitter and Square CEO Jack Dorsey announced that his company Square has invited other cryptocurrency companies to join an “alliance” that will bring together patents and maintain the industry’s open source spirit called the Cryptocurrency Open Patent Alliance (COPA).
“We believe there should be a global local currency for the internet. Just as everyone should be able to participate in the economy and have access to the same tools and services, everyone should be able to participate and access cryptocurrencies. We have COPA, whose core innovation is an entity completely separate from Square and has its own independent board of directors. It threatens the growth and adoption of emerging technologies such as cryptocurrencies as a result of aggressive and misguided use of patents.
The number of US cryptocurrency and blockchain-related patents doubled between 2016 and 2017, with software and computing giants Microsoft and IBM, both of which applied for patents. China’s technology and retail giant has the most patents related to cryptocurrencies, according to a report published by the Alibaba patent database.
Any company working with cryptocurrencies will be eligible to participate in COPA, regardless of whether it has a patent or not.
“Square connects all of our crypto patents with a new nonprofit,” Dorsey said on Twitter. Last month, Square announced that the popular Cash App generated $ 875 million in Bitcoin-related revenue in the second quarter of 2020.
Dorsey has repeatedly sanctioned Bitcoin in recent years and went so far as to claim in a 2018 interview with the Times of London that Bitcoin has the potential to become the world’s only currency by 2030.
“I think the Internet wants a local currency, and I think the best manifestation of this so far is Bitcoin,” Dorsey said this week. said.
However, Dorsey thinks Bitcoin and cryptocurrency are things that need to be done before they can become wider, generally accepted; It points to “process times and efficiency” and ease of use that need to be improved.
“We need to build Bitcoin in a way that is intuitive, fast, and as efficient as it exists today and beyond that,” he said.