Twitter CEO: Bitcoin will be the world’s ‘single currency’ in 10 years

Twitter CEO: Bitcoin will be the world’s ‘single currency’ in 10 years

Twitter and Square CEO Jack Dorsey apparently has big visions for bitcoin that he believes that the cryptocurrency will become the world’s single currency within 10 years.

“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.” Dorsey went on to say that the transition would happen “probably over ten years, but it could go faster,” which seems like an extremely unrealistic projection, even considering cryptocurrency’s meteoric rise in popularity over the past few months.

Dorsey is also the CEO of Square, which recently added the option to buy and sell Bitcoin directly from the Square Cash app.

Maybe Mr. Dorsey should know that On Tuesday, a 15-year-old from the UK proved bitcoin security or wallets where the currency is stored was able to back door into the wallet.   Saleem Rashid demonstrated proof-of-concept code that had allowed him to backdoor the Ledger Nano S, a $100 hardware wallet that company marketers have said has sold by the millions. The stealth backdoor Rashid developed is a minuscule 300-bytes long and causes the device to generate pre-determined wallet addresses and recovery passwords known to the attacker. The attacker could then enter those passwords into a new Ledger hardware wallet to recover the private keys the old backdoored device stores for those addresses.

Security is one of the biggest pieces that Bitcoin cannot handle at the moment, it has been proven with vast amounts of hackers getting into the currency.

That doesn’t stop Google who is working on blockchain-related technology to support its cloud business and head off competition from emerging startups that use the heavily-hyped technology to operate online in new ways, according to people familiar with the situation.

So the future looks to be a Bitcoin – Blockchain world but way too many holes to put money into as well as the funds dropping from the whopping high prices in 2017.