Bitcoin supports transparency and long-term thinking, according to Jack Dorsey

Dorsey’s Start Small project has spent more than $55 million in experiments on universal basic income in the United States and abroad.

Aarika Rhodes, a US congressional candidate and a full-time elementary school teacher, spoke with Twitter co-founder and Block (formerly Square) CEO Jack Dorsey on the implications of a Bitcoin (BTC)-powered universal basic income (UBI) approach.

“The lack of openness in the existing centralised banking system drives and incentivizes people to engage in undesirable (financial) activities that don’t benefit them, their community, or their families,” added Dorsey.

“If there’s one thing to remember about Bitcoin, it’s that the operations, the code, and the policy are all transparent.”
Dorsey feels that the BTC foundation has the ability to solve a variety of use cases and challenges that have arisen as a result of the use of fiat currency. The entrepreneur has spent over $55 million in UBI experiments in the United States and abroad through company initiatives such as Start Small.

“We’re also about to put the UBI-like notion to the test using Bitcoin.”
Dorsey’s Bitcoin-powered UBI experiment will entail establishing a small-scale closed-loop community of sellers and merchants who follow Bitcoin’s rules. He plans to identify use cases for wide-scale adoption based on the happiness quotient and desire to participate.

Rhodes is convinced that incorporating Bitcoin will lower the costs associated with banking fees:

“Having a network like Lightning, where you can transact for very minimal fees, is a win-win situation for everyone.” It makes no difference where you are economically.”
In terms of financial literacy, Dorsey believes that adopting the Bitcoin standard instils long-term thinking, but that his scepticism of a BTC-powered universal basic income will diminish as the outcomes of the continuing tests become clearer:

“Just holding it (BTC) will transform people’s perspectives in basic ways that are net positive and multiply throughout their networks, encouraging other sellers and merchants to do similar things.”
Along with the advantages of the Bitcoin standard, Dorsey is equally concerned about its drawbacks. He concluded by pointing out inefficiencies in government policy and how UBI can help address some of the issues:

“Giving people money directly is significantly better than the money that governments (federal and municipal) spend on existing support mechanisms if you want to help people.” It isn’t assisting individuals.”

Dorsey recently told MicroStrategy CEO Michael Saylor that instead of attempting to establish its own currency, Diem, Facebook (later rebranded as Meta) should have adopted an open-ended system like Bitcoin.

Dorsey also stated that making BTC more available would assist several of Meta’s instant messaging and voice-over-IP services, like as Facebook Messenger, Instagram, and WhatsApp, according to Bitcoinsupports.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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