n The Red Cross societies of Norway, Denmark and Kenya have launched a blockchain-based currency plan to enhance aid delivery and foster local economiesn
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Twitter CEO: Bitcoin’s Longevity and Resilience Makes it Prime “Currency for the Internet” Candidate
Twitter founder and CEO Jack Dorsey says he has not even considered creating a Libra-like native currency for his own social media platform. Instead, the entrepreneur believes Bitcoin to be much more suited for use as a “currency for the internet” than anything else available or in the works to date.
Dorsey claims that Bitcoin’s resilience, brand, and dependability all make it stand out from the rest of the crypto asset industry. He also commented that open systems, like Bitcoin, were able to serve people better than more centralised alternatives.
Dorsey Continues to Champion Bitcoin
Jack Dorsey is not shy about his love of Bitcoin. The Twitter and Circle CEO has long said that he thinks Bitcoin is the ideal candidate for a native currency of the internet, something which he firmly believes is needed.
In an interview with The Sydney Morning Herald published today, Dorsey reaffirmed his long-standing commitment to the number one digital currency by market capitalisation. He stated that the openness of Bitcoin ultimately stood it in good stead to provide greater utility to users than existing or forthcoming alternatives:
“I think open Internet standards serve every person better than ones controlled or started by companies.”
Dorsey’s conviction that Bitcoin will one day be the dominant currency used online has meant that he shuns efforts like those of fellow social media firm Facebook. During the interview held to promote his payments company Square, he firmly stated that he has no plans to use Twitter’s popularity to make moves into the financial industry himself.
For the Twitter CEO, Bitcoin not only offers a completely open system of finance but has also proved itself over ten years as reliable and dependable. Dorsey told the publication:
“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.”
He added that he still thought it highly probably that it would one day be the dominant means of exchange online.
Evidently, Dorsey has no intention of attracting the kind of regulatory heat that Facebook has since it detailed its plans to launch a digital currency in June of this year. After formerly announcing Libra, the company has been the focus of a lot of scrutiny.
Instead, the Circle and Twitter CEO is known to be a financial contributor to a company developing the Bitcoin micropayments layer, Lightning Network. He was also involved in an effort to raise awareness of the scaling technology known as the Lightning Torch earlier this year. The initiative saw high profile figures from technology and beyond sending a small amount of Bitcoin via the network to another individual to demonstrate the network’s efficacy for making very small payments.
Related Reading: Altcoins May Be Ready to Bounce as Bitcoin Dominance Peaks
Featured Image from Shutterstock.
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Bullish: Crypto Community In Shock Over Recent Bitcoin Price Resilience
Since the start of April, Bitcoin has been on a massively bullish rally, leaving bearish traders and the altcoin market in its dust. The rally began with a break of resistance at ,200 that caused the price of the leading crypto by market cap spike ,000 over an hour. According to research, the entire move was orchestrated by a single actor, aiming to cause as much price impact as possible.
The bullish momentum has been so strong, not even major negative news in the crypto market has been able to stop Bitcoin’s ascent. Despite some of the worst Tether FUD to hit the space yet, coupled with a hack of what most considered to be the most secure cryptocurrency exchange, Bitcoin has repeatedly bounced back, shocking the crypto community over its resilience in the face of news that would in the past have sent the price of the first ever cryptocurrency plummeting to new lows.
Collective Crypto Community Bewildered by Bitcoin Bullish Momentum
Weeks ago, the New York Attorney General’s office accused Bitfinex of hiding an 0 million dollar loss by borrowing from Tether reserves. The news eventually caused Bitfinex to come clean, revealing that Tether was only 74% backed, rather than the 1-to-1 fiat backing the firm behind the stablecoin had previously claimed.
$BTC #Bitcoin seems to be shaking off a lot of bad news lately – If the tether issue and binance hack can not take it down, what will? pic.twitter.com/3Sg8ZACNdA
— Dr. Big Cheds "Lil Pump" (@BigCheds) May 8, 2019
Bitcoin price fell over 7% within minutes following the news breaking, but since recovered to paint new 2019 highs, and inch ever closer to resistance at ,000.
Related Reading | Sell in May and Go Away? A Look At Historic Bitcoin Price Performance in May
Then again, just yesterday, Binance was hacked to the tune of 7,000 BTC. The Changpeng Zhao-led crypto exchange has earned itself a reputation for keeping funds “safu” for crypto investors, and for fighting back against hackers. Binance became known for top-notch security – security that was breached by hackers, causing a strong sell-off of Bitcoin.
Pretty shocked that BTC didn’t dump off a cliff on the Binance news
— Crypto Bobby (@crypto_bobby) May 8, 2019
In the months prior to April, the panic-filled crypto market would have fallen to new lows in response to either of the recent negative news events. Bitcoin price did indeed fall, but it quickly regained any lost momentum within 24-48 hours.
The recent resilience in the face of some of the worst FUD to hit the crypto industry since its inception, has the crypto community shocked, but cautiously bullish.
With each passing day, 00 Bitcoin looks more and more like the cycle bottom
Fundamentally speaking, both the on-chain volume & lack of pullback after the latest Binance hack are very bullish signs
— Josh Rager
(@Josh_Rager) May 8, 2019
Following the break of Bitcoin’s parabola at the close of December 2017, the hype bubble popped and the price of the leading cryptocurrency by market cap fell by 85% to its eventual bear market bottom at ,150.
Related Reading | Analyst: Inverse Bitcoin Price Chart Points To Bitcoin Reaching “At Least” ,130
Since then, the Bitcoin price has nearly doubled, and is set to take on powerful resistance at ,000 – resistance that previously played the role of seemingly unbreakable support throughout the first phase of the bear market.
The post Bullish: Crypto Community In Shock Over Recent Bitcoin Price Resilience appeared first on NewsBTC.
Bitcoin Shows New Resilience as Markets Shake off Futures Settlement
n Saturday sees continuation of newfound resilience in Bitcoin and altcoin marketsn
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Bitcoin Magazines Week in Review The Resilience of Bitcoin
n nn nn Altcoins may come and go hacks may challenge exchanges mainstream financial advisors might not get it but even in the face of a protocol bug, Bitcoin perseveres and develops. Here are this weeks top stories from Bitcoin Magazine.Stay on top of the best stories in the bitcoin, blockchain and cryptocurrency industry. Subscribe to our newsletter here.A Bug Fix and a New ASIC MinerThe Good, the Bad and the Ugly Details of One of Bitcoins Nastiest Bugs YetFor
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Bitcoin Price Continues to Rise, Demonstrating Resilience as Core Developer Explains
Throughout the past week, the Bitcoin price has surged from around ,500 to ,920, demonstrating a ,420 increase in value within a relatively short period of time. Since October 14, the price of Bitcoin has endured a minor correction, declining from ,920 to ,500. But, Bitcoin Core developer Eric Lombrozo emphasized the resilience of Bitcoin … Continue reading Bitcoin Price Continues to Rise, Demonstrating Resilience as Core Developer Explains
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BoE Official Central Bank Digital Currency Would Need ‘Extraordinary’ Resilience
A Bank of England researcher wrote earlier this week that a central bank digital currency would need extraordinary levels of resilience to work.
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BoE Official: Central Bank Digital Currency Would Need ‘Extraordinary’ Resilience
A Bank of England researcher wrote earlier this week that a central bank digital currency would need “extraordinary” levels of resilience to work.
BitNewz.net
BoE Official: Central Bank Digital Currency Would Need ‘Extraordinary’ Resilience
A Bank of England researcher wrote earlier this week that a central bank digital currency would need “extraordinary” levels of resilience to work.
CoinDesk