March 22, 2018
by Sharon Moran
CEO of Twitter and Square, Jack Dorsey recently told The Times of London that bitcoin will emerge as the single currency of the internet in the future. The Times reported, “The world will ultimately have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.”
Bitcoin critics contend that the transaction fees are too costly and the blockchain does not process transactions fast enough for it to function as a currency. The Times reported that Dorsey “believes that bitcoin will overcome these obstacles and will be used to buy everyday items such as coffee.”
There are a few reasons that it’s unlikely one single currency will emerge as the predominant global digital currency. Even if one currency were to prevail, it’s likely that it would be a 2-digit unit level currency such as Electroneum or TurtleCoin.
The decentralized nature of blockchain technology makes it more likely that there will not be a level of consolidation in cryptocurrency markets as there is in other industries. Also, emerging technologies increase the likelihood that multiple cryptocurrencies can easily coexist, universal wallet and atomic swaps to name two: atomic swaps that not only eliminate the need for centralized exchanges, but decentralized exchanges as well.
Also, bitcoin has competition with blockchains that offer quicker block confirmation times such as established Litecoin and newly emerging TurtleCoin which has a 30-second block time.