In recent news, the CEO of Twitter, Jack Dorsey, promoted Bitcoin on this Stephan Livera podcast. From this CCN article, "he proclaimed that while there may be interesting ideas emerging from other coins in the crypto space, they can all eventually be integrated into Bitcoin if they're good enough." Prior to this podcast, he also was speaking highly of Bitcoin with Joe Rogan. CCN believes that "not everyone is so keen on the idea as Dorsey, and his latest comments are likely to further fuel the competitive fire that's raging between the disparate coins, tokens, and principles in the crypto space."
One thing Dorsey conveniently leaves out during this spiel (as he speaks alongside Lightning Labs CEO Elizabeth Stark) is that Bitcoin's development broke out of the pseudonymous, meritocratic internet a long time ago.
No longer is Bitcoin's development swayed by a decentralized band of coders and hackers, but rather by a for-profit company, named Blockstream. Blockstream, along with Lightning Labs, are the two main developers of the Lightning Network – a protocol for the BTC blockchain which re-imagines the original ideals set forth in Satoshi Nakamoto’s famous whitepaper.
It's rather peculiar to see this big timer promoting Bitcoin as though it was the new household favorite as being a big strong brand name such as Coca-Cola. Even though Bitcoin is not what it was back, in the beginning, and especially seeing what Blockstream is willing to forego, the biggest trade-off seems to be "security and decentralization." CCN reported:
Anyone already familiar with what I’m talking about has probably already seen the videos where Roger Ver gets Bitcoin developers to admit that BTC is no longer the peer-to-peer digital payment system it once was.
It's true that the Lightning Network is attempting to make it easier to conduct micro-transactions via Bitcoin – a feature possibly essential for the growing online micropayments industry.
But that kind of scalability comes at a cost – namely, security and decentralization. Within months of the Lightning Network's implementation, the push for scalability had already resulted in a trade-off on decentralization.
Why Bitcoin?
Another reply Mr. Dorsey stated when asked why he chooses Bitcoin over all others was the following. He stated:
There's interesting ideas elsewhere, but I think those ideas can be integrated to Bitcoin if they have a merit that's above some bar. It [BTC] feels like it’s the one that wants to be the currency the most, versus others that are doing more general purpose things, or distributed computing and whatnot.
Jack Dorsey may feel that Bitcoin is his favorite because of how it was developed and continues to develop on the internet, but why would he endorse Bitcoin so heavily? He may have some other motives, as CCN stated:
It's difficult to tell if Dorsey's appreciation of the technology behind Bitcoin is genuine, mainly because he's one of the investors in Lightning Labs, and financial motivations have occasionally been known to override our more rational functions.
When you're on a podcast to talk about your Bitcoin-specific Cash App, sitting next to the CEO of Lightning Labs – which you're also invested in – then, it must be almost impossible for Dorsey to be positive about anything other than Bitcoin...
He isn't the first big name to talk about Bitcoin, however, the timing is interesting. Bitcoin has been getting a lot of backlash and doubts over the past year, especially since the prices plummeted. However, it would be interesting to know if Jack Dorsey is aware of how volatile Bitcoin and many other cryptocurrencies are, especially now if these for-profit companies are willing to sacrifice security and their main principle of remaining decentralized. They are not backed by anything, so it is easy for them to lose value quickly at any time. This is a major risk factor that is overlooked in the crypto realm.
Of course, he believes that any other great idea from other cryptos should be integrated into Bitcoin, but that is where he is wrong. GODcoin is one of the very few cryptocurrencies that will be backed by tangible assets of gold and silver, and will not trade off security for anything else. Not only that, but Bitcoin is the most inefficient cryptocurrency out there, practically violating the Paris agreement from all of the energy needed to mine the coins. GODcoin is environmentally friendly, but it doesn't seem Mr. Dorsey is too concerned about the environment over profit. That's too bad, but at least there are better options out there, as you can see in the above image, no other cryptocurrency is taking the higher route GODcoin is, and therefore it will rise above even Bitcoin!
This article was authored by Judith Monte,
There are many advantages to GODcoin especially since it is one of the few coins that will be backed by gold and silver. Not only does GODcoin offer the illuminated path towards a prosperous future, but very soon, it will be the global currency. To learn more, visit the following links:
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