After a massive fall in the rate of cryptocurrency, it lacks the support of well-known IT-persons.
At the beginning of 2018, Square, which also manages Dorsey, integrated thetransfers and purchases through Bitcoin into the Cash App . Square – the first public joint-stock company that offered services for buying Bitcoin. In addition, the Dorsey company was also the first to speak publicly about the prospects for technology with the US Securities and Exchange Commission.
“We wanted to learn more about the technology, so we allowed to buy bitcoins through the Cash App,” Dorsey explained his motives in the Rogan podcast. After the show, he was overwhelmed with questions about the prospects of Bitcoin. He answered a few – for example, that he was not interested in broadcasting (the second most popular cryptocurrency in the world), does not own any other cryptocurrency than bitcoin, and considers it a ” good brand .”
Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals. And it’s a great brand.
— jack (@jack) February 5, 2019
On February 11, Dorsey announced plans to integrate the Lightning Network into the Cash App mobile app. Lightning Network is a payment protocol that is considered a way to solve the problem of slow and expensive transactions through the blockchain. For example, if usually a bitcoin translation can take several days, then with the Lightning Network transactions go much faster. In the future, this system can solve the problem of Bitcoin scalability and significantly reduce the commission for cryptocurrency transfers (for more information in Russian, you can read about it here).
After the podcast, Rogan Dorsey also took part in the Lightning Torch public initiative. This is a relay race inside the Lightning Network, which provides for a series of transfers between users. Each transmits a conditional amount of satoshi (the smallest bitcoin unit) to a trusted recipient.
[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]According to Lightning Labs CEO Elizabeth Stark, after Dorsey’s participation, the attention to the relay has increased significantly .[/perfectpullquote]
Not everyone perceived Dorsey as a new hero of the Bitcoin community. Publication Hacked released a critical article, which pointed to the ulterior motives of the head of Twitter. The submission says that Square is one of the sponsors of the Joe Rogan show, which allegedly hints at the bias of the presenter in a conversation with Dorsey. In addition, it is noted that he is one of the investors in Lightning Labs, so it is beneficial for him to promote the company in a positive light.
According to The Next Web, there is nothing surprising in the willingness of the Bitcoin community to consider Dorsey as its new leader. After a massive drop in the rate from 20 thousand dollars to four thousand dollars, Bitcoin’s reputation is far from perfect, and large IT companies are holding it back. Against this background, Dorsey is almost the only major IT figure that sees Bitcoin as a world currency in the future and promotes it through its company.