Jack Dorsi, co -founder of Twitter and Ceo of Block Inc. , Again on his conviction for a long time.
On Thursday, in an interview with Bitcoin News, he answered the future fictional question, “What if Bitcoin fails in the future? How does that fail?”
He thought, “Bitcoin fails and becomes unrealistic if it cannot be used by people on a daily basis. If this remains a store for everyone, I don’t think it is appropriate at all.”
However, as soon as his comments on the importance of the real world benefit came to Bitcoin payments in the lights, the founder of the Manna Bitcoin ADAM SIMECKA wallet asked why Bitcoin Platform, Block, Bitcoin,,
In response, he stressed that the team is working on it and will soon combine bitcoin payments into the bloc’s ecosystem.
His response sparked new talks about the future of encryption payments – and is forced us to think whether or not the vision of Dorshi can challenge the current players such as PayPal, Coinbase and Rails.
Bitcoin block payment
Integration is designed, although it is still under development, focusing on increasing the benefit of bitcoin payments. This will help make Bitkey a central piece of Bitcoin Push.
Bitkey, which was launched globally in December 2023, is a self -fraud wallet that allows users to manage Bitcoin without relying on third -party Secretary.
This recent development will allow its current 57 million people’s base to use Block’s device products and software – such as square readers and monetary application – to start Bitcoin’s acceptance of goods and services.
This vision represents a flagrant exit from dominant encryption novels in recent years, as Bitcoin is more treated as a value store. It is often resembles digital gold, not as a means of exchange. However, Dorsi has always seen that Bitcoin is a coin of internet-an unnecessary central-resistant alternative to FIAT and this development is clear from it.
Can Jack Dorsi compete with the giants?
However, with this development, Block will soon enter increasingly grown payments.
For example, Paypal allows the purchases of Crypto since March 2021. It allows payments to “exit with Crypto” – but through guard port as users do not control their keys.
Coinbase also provides similar services, but it is still primarily a exchange platform and goalkeeper. Bitpay, Coingate and Binance Pay are other dominant players in encryption payments.
But the Block feature can lie in its non -trustee approach to Bitcoin. By emphasizing the sovereignty of the user and decentralization, Dorissi can take advantage of the basic spirit of encryption-which is often lost in products that focus on comfort from the prevailing Findte.
The issue of expansion is looming on the horizon. In its current form, Bitcoin cannot deal with thousands of transactions per second. While the Lightning network appeared as one solution for BTC payments in actual time, it still faces the user experience and adoption obstacles. There is a bitcoin layer like Bitlayer that works on the same goal. It is unclear whether Block will benefit from Lightning or to follow the integration of another layer of 2 layer to expand.
The road forward
Block did not reveal the launch date of the new Bitcoin payment feature, but the informed suggest that experimental tests may start by mid -2015. If it succeeds, this may represent an important turning point for Bitcoin as a useable currency, not just speculative assets.
However, the transition will not be without obstacles. The increasing competition is something that Jack Dorsi needs to treat. In addition, the demand for consumer to pay in Bitcoin is still relatively low. Moreover, organizational uncertainty about encryption payments remains in many markets. There is also an issue of educating merchants and customers on how bitcoin transactions work.
Thus, undoubtedly a boost to the growing role of Bitcoin in the Defi and Artility in the real world, the passing must be implemented strategically with all challenges in mind.
Responsibility: The content may include the author’s personal opinion and subject to market conditions. Is market research before investing in encrypted currencies? The author or post does not bear any responsibility for your personal financial loss.
