Twitter CEO: Africa will play a major role in the Bitcoin Revolution

Jack Dorsey, the CEO of the Social Media giants of Twitter and the Bitcoin-friendly Fintech application Square, believes that countries and individuals on the African continent will play a key role in the upcoming Revolution by crypto-currencies.

Already at the beginning of the year, Dorsey drew the attention of the, as he referred to Bitcoin (BTC) as a “best bet to be the currency of the Internet”.

In the last few weeks, Dorsey traveled, seemingly in search of innovations through Africa. Below you can see an image of Dorsey in Ghana, on the he two people in a “Mini Bitcoin” hit; he repeated this to other places he visited, such as, for example, in Nigeria.

Mini bitcoin Ghana meetup with @atsudavoh @sy_boahen pic.twitter.com/vJ5a0P2q8e

jack 🌍🌏🌎 (@jack) November 11, 2019

While it is not clear, what exactly on Dorsey’s journey through Africa happened, but he was very happy with it. In a Wednesday Tweet, the prominent Silicon Valley Executive noted that he is “sad to leave Africa,” because he believes that the continent will define the future, “particularly for Bitcoin”. Dorsey even went so far as to say that he will live there for three to six months in the next year.

Sad to be leaving the continent…for now. Africa will define the future (especially the bitcoin one!). Not sure where yet, but I’ll be living here for 3-6 months mid-2020. Grateful I was able to experience a small part. 🌍 pic.twitter.com/9VqgbhCXWd

jack 🌍🌏🌎 (@jack) November 27, 2019

Africa is the starting point for a broad acceptance in the Mainstream?

The statement that Africa will define the future of Bitcoin (BTC), seems a bit far-fetched. But Dorsey’s statement is not a joke, despite the common assumptions that it is Asia and the USA will be bringing his, the Bitcoin into the Mainstream.

The renowned industry magazine bitcoin magazine is published at the beginning of the year, an article revealed that “According to Google Trends Nigeria had the highest searches for “Bitcoin”, where South Africa were in second place and Ghana in fourth place last year”. In relation to the conversation with Marius Reitz of Luno bitcoin magazine noted that this large interest in the leading crypto-currency probably has a lot to do with the financial Situation of the Individual and of the countries themselves to:

If crypto can represent currencies for many consumers in those markets, in a safe, legal, and cheaper medium for the exchange of values, as the existing System, it is used or at least researched. This explains why consumers in these markets are more interested in crypto currencies than consumers in other countries.

Dorsey is sure that Africa will play in the future of Bitcoin an important role. However, he has not also stated that the cryptocurrency is not yet ready to be a full-fledged currency. In an interview with the Australian Financial Review, he said: “that BTC function is capable of as a currency,” which refers apparently to the processing speed of the base Layer, which can process three to seven transactions per second. Compared to PayPal, Visa and other payment solutions this is competitive. Accordingly, Dorsey added:

The highs and lows are like a system object and correspond to Gold. What we need to do, is to make it as a currency more usable and accessible, but it is not here yet.

A solution to this Problem could be the Bitcoin Lightning network. This, however, is still no wide acceptance, since the technology is Mature – the end of September, a massive Bug was discovered that allowed the theft of BTC on the other hand, there is a lack of solutions, such as Wallets and other payment solutions, have integrated the Lightning network.

Featured Image: Canaan_MIning | Shutterstock