Bitcoin encourages transparency and long-term thinking

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Twitter co-founder and Block (formerly Square) CEO Jack Dorsey discussed the implications of a Bitcoin (BTC)-powered Universal Basic Income (UBI) strategy with US Congressional candidate and teacher Aarika Rhodes full time.

“Information obscurity forces and induces people to engage in negative (financial) behaviors that don’t work for them, their community or their family,” Dorsey said while pointing out the lack of transparency within the existing centralized financial system. .

“If there’s one thing to focus on in Bitcoin – operations are transparent, code is transparent, policy is transparent.”

This basic foundation of BTC is what Dorsey believes has the potential to solve many use cases and problems resulting directly from the use of fiat currency. Through business initiatives such as Start Small, the entrepreneur has invested more than $55 million in the United States and abroad to experiment with UBI.

“We are also about to test the UBI-like concept with Bitcoin.”

Dorsey’s BTC-powered UBI experience will involve building a small, closed-loop community of sellers and merchants who adhere to Bitcoin standards. Based on the happiness quotient and willingness to participate, he intends to identify use cases for large-scale implementation.

Rhodes strongly believes that involving Bitcoin will reduce costs related to bank fees:

“When you have something like Lightning (network), where you can transact at very low fees, that’s a benefit for everyone. It doesn’t matter where they are economically.

In terms of financial literacy, Dorsey said adopting the Bitcoin standard instills long-term thinking, however, his skepticism of a BTC-powered universal basic income will diminish based on the results presented by ongoing experiments:

“Just owning it (BTC) will change the mindset of people fundamentally, positively and holistically in their communities, and encourage other actions like sellers and traders around them doing things similar.”

Along with the benefits that come with the Bitcoin standard, Dorsey is also vigilant about its negative impacts. In conclusion, he highlighted the inefficiencies of government policies and how UBI helps address some of the challenges:

“If you’re going to help people by giving them money directly, that’s way better than the money governments (federal and local) are spending on these existing support structures. It doesn’t help people. »

Related: Jack Dorsey: Diem Was A Waste Of Time, Meta Should Have Focused On BTC

In a recent interview with MicroStrategy CEO Michael Saylor, Dorsey opined that Facebook (later renamed Meta) should have used an open protocol like Bitcoin rather than trying to create its own currency, Diem.

As Cointelegraph reported, Dorsey added that making BTC more accessible would also benefit many of Meta’s instant messaging and voice-over-IP services such as Facebook Messenger, Instagram, and WhatsApp.

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