Jack Dorsey believes that banks are useless – but are cryptocurrencies really ready to take on their role?2 min read
Twitter’s CEO, Jack Dorsey, is a well-known BTC supporter and supporter. Ever since Dorsey plunged into the world of digital currencies and identified himself as a BTC maximalist, he has held a “recognized and respected position” in the cryptocurrency community.
His comments from the BTC conference in Miami, concerning the irrelevance of banks (in connection with the arrival of BTC), provoked a rather heated discussion on Twitter.
Banking without banks
There are billions of citizens in the global population without a bank account. As the use of mobile devices rises sharply, it is BTC that can significantly bridge this gap. Dorsey, who agrees to this acceptance, confirms that “we no longer need banks”.
“We do not need the financial institutions we have today. We have one that thrives, is healthy, owned by the community and driven by the community. “
The director of Twitter added that the consensus across this community has been very reliable for a long time.
Is BTC ready to take control of the financial system?
The previous lines show that Jack Dorsey is not a big fan of altcoins, which in turn means that he is convinced that BTC could replace the current financial system. Although a large number of cryptocurrency investors agree that the fiat and the traditional monetary system are obsolete, there is still a huge struggle to claim that one cryptocurrency is capable of replacing the existing system. BTC is still highly volatile for many, and power issues are still awaiting resolution.
As many other networks and projects emerge that speed up transaction speed, it is clear that the number of qualified candidates is growing. Despite much better technical parameters, however, it is BTC that poses the number one threat to traditional banks – especially in terms of speed of adoption.
Two things are almost certain: the current financial system is no longer the first choice of many people, and cryptocurrencies are proving to be the most promising alternatives. Mass acceptance and general use cases will decide which cryptocurrency takes the lead and changes the current system. In the first case, BTC now wins with an overview, in the second case there are many promising altocins with significantly better use cases.