Monday, January 24

Twitter founder explains why he doesn’t support Ethereum

Jack Dorsey, former CEO of Twitter, has always focused on supporting the development and adoption of just Bitcoin (BTC), on Tuesday (21) he explained the reasons for not participating in other communities, such as Ethereum (ETH).

Dorsey, now focused solely on running Block — previously called Square — is increasingly focused on helping accelerate Bitcoin adoption. Your company has other divisions such as Cash App and Spiral BTC, their names are very suggestive.

One of the big differences between Bitcoin and Ethereum is how governments see this asset, after all, ETH can be considered a movable asset, depending on the interpretation.

It is necessary to be focused

The emergence of alternative cryptocurrencies, now thousands, may even have generated a sense of competition between them. Despite this, it also ended up splitting cryptocurrencies into various communities, both developers and users.

After being mentioned in a tweet that cites the hope of seeing Jack working with Ethereum and other blockchains, pointing out the importance of their use cases, Jack responded that we need to focus on open projects like Bitcoin. After all, without it there would be no ETH or other blockchains.

“It is critical that we focus our energy on truly secure and resilient technologies that belong to all people, not individuals or institutions. Only this base will provide the apps you mention.”

The response that could be seen as an attack on Ethereum and other projects turned out to be well received and made the developer, author of the tweet, offer his help in this mission.

Differences between Bitcoin and Ethereum

While Bitcoin was born from scratch, the founders of Ethereum held an ICO, selling coins that were pre-mined — and keeping a portion of them — so that the Ethereum Foundation had cash to honor salaries and other expenses.

With that, some legislators can classify Ethereum as a security (a movable asset), for example. Which could easily interrupt its development and legality in some jurisdictions.

In other words, because Bitcoin was the first cryptocurrency, which miraculously jumped from zero to what it is today, in various metrics like price and adoption, it’s our biggest security against governments. As for other cryptocurrencies, it is very likely that they are driven by greed rather than freedom.