Twitter CEO Jack Dorsey Reaffirms Bullish Future on Bitcoin, Crypto as Global Payment

Twitter and Square CEO Jack Dorsey expressed enthusiasm and hope that cryptocurrencies will be adopted globally as a means of payment.

Twitter and Square Inc. CEO Jack Dorsey expressed optimism about cryptocurrency’s role in the future of payments, saying that “the internet deserves a native currency” and “it will have a native currency,” Bloomberg reports May 16.

At the Consensus conference on Wednesday, Dorsey shared crypto enthusiasts’ vision that virtual currencies are the future of a legitimate means of global payment. He said that he doesn’t know whether it will be Bitcoin (BTC), but “I hope it will be.” Dorsey said:

“This technology is a fundamental shift to our world and can have so many positive outcomes. We have to do the work to educate regulators and educate the SEC why this technology is important.”

Square, a developer of payment and financial services solutions, allowed merchants to accept BTC in 2014 and made BTC trading available for almost all users of its Cash App in February of this year.

Not everyone at Square shares Dorsey’s enthusiasm however. He said that “this was a pretty contentious move in the company,” adding that there are still debates and fights over the topic. According to Dorsey, some of the company’s board of directors are also resistant to the idea of cryptocurrency.

In the beginning of May, Square reported low profits from BTC trading in the first quarter, which only amounted to around $200,000. While BTC trading constituted a 5 percent overall revenue of $34.1 mln, the company spent $33.9 mln to purchase the tokens.

Dorsey’s recent speech reaffirms previous comments that Bitcoin will become the world’s “single currency” within a decade. He said:

“The world ultimately will have a single currency, the Internet will have a single currency. I personally believe that it will be Bitcoin.”

Dorsey noted that, at the moment, Bitcoin is “slow and costly,” which makes it difficult to use as a medium of exchange. He added that “as more and more people have it, those things go away.”

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‘Smart eCard’ Stores 30 Crypto Accounts, Credit And Debit Cards In One Place

A “smart eCard” allows users to store up to 30 crypto accounts and credit cards, with an ePaper panel showing balances in real time.

Buying a bottle of water quickly and spontaneously using cryptocurrency is still a massive challenge, but the company behind a new ecosystem says its technology will make it easy for crypto holders to use their funds for everyday purchases – all without creating a headache for merchants.

FuzeX has created a smart eCard that enables shoppers to store up to 15 cryptocurrency accounts, 10 debit or credit cards and five reward accounts in one place. Buttons integrated into the eCard allow users to decide which account they want to use to make a purchase, with the current balance for each shown on an ePaper display so they can be aware and confident of having adequate funds. The eCard’s battery life lasts for 45 to 60 days, and it is easily rechargeable.

Although furnished with industry-standard technology such as near field communication (NFC) – the tool that makes contactless payments from old-fashioned debit card readers possible – FuzeX says other security features were added to help it to stand out from traditional cards. For example, its eCard can be locked whenever a Bluetooth connection to the user’s accompanying FuzeX wallet is deactivated, and the eCard can also be wiped remotely if it is lost or stolen. Through the wallet, available as an app for iOS or Android, users can also see where their card has been used on an interactive map – as well as send, receive and exchange cryptocurrencies.

“A proven concept”

FuzeX’s technology has been tried and tested, with the company saying it has already “successfully developed, brought to market, sold and shipped more than 20,000 Fuze cards.” These smart eCards only offered payments through credit, debit or reward cards – and in 2017, the company says it managed to reach the dizzying heights of crowdfunding success, soaring to the top 0.01 percent of projects on Indiegogo after raising $2.2 mln.

The company says its proven concept and distinctive features mean there are high barriers to entry for rivals who may try to replicate its product. When compared with competitors, FuzeX says it is the only provider offering a smart eCard, with other providers supporting cryptocurrencies and nothing else. Rival cards also have to be prepaid, while FuzeX users can get payments debited directly from their account.

FuzeX says it takes pride in offering a legitimate, dependable service. Another card issuer, TenX, suffered a severe service disruption when its cryptocurrency card ceased working because its issuer Wavecrest allegedly violated Visa’s policies.

Listed on cryptocurrency exchanges

The company has now concluded its initial coin offering. For now, it says FXT tokens can be used to purchase FuzeX charges and pay for “small annual memberships” necessitated by its partnerships with issuers. Although it is possible to pay for membership using other cryptocurrencies and fiat, FuzeX offers discounts when FXT is used.

FXT tokens have now been listed on four cryptocurrency exchanges. As of May 10, they are available on the Taiwan-based Cobinhood exchange, where promotions are taking place to herald the arrival of FXT. It has also been listed on HitBTC, COSS and Livecoin.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Taiwan: Taipei Bank Launches First Blockchain Payment System In The Country

Taiwanese Taipei Fubon Bank has reportedly become the first bank in the country to deploy a blockchain payment system.

Privately-held Taipei Fubon Commercial Bank has reportedly become the first bank in Taiwan to deploy a blockchain-based payment system, local media Taipei Times reports May 14.

The bank announced that it deployed its blockchain-based payment system for restaurants and merchants near the National Chengchi University. Taipei Fubon Bank first revealed its plans to introduce a blockchain-based payment network in March 2017 when it signed a contract with the university to carry out “key technology and engineering R&D for [a] blockchain payment network.”

Running on the Ethereum (ETH) network, the blockchain-powered payment application implements the Istanbul Byzantine Fault Tolerant (BFT) consensus protocol, which reduces payment times, as well as saves on the cost of transactions. According to the bank, the algorithm has cut transaction times to less than one second.

The newly-launched blockchain deployment also provides an improved method of recording data transactions. Each transaction is instantly encrypted and recorded on the blockchain, and merchants will be able to query complete transaction records through the blockchain account book.

According to Taipei Fubon Commercial Bank, the transaction volume of cooperative merchants in the zone near the university has quadrupled over the two-week period following the launch. Taipei Fubon Bank states that the next stage in the project’s development is to expand the blockchain-powered payment system to stores and businesses across the Chengchi area, creating a demonstration zone for the new application.

In January, Taipei announced that they intend to turn into a ”smart city,” using blockchain to provide technological advances like pollution sensors and health history tracking to citizens. In February, the governor of Taiwan’s central bank Yang Chin-long stated that the bank is exploring blockchain applications to improve “the security and efficiency of payment systems.”

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