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Bitcoin promotes transparency, long-term thinking

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 full-time elementary school teacher, Aarika Rhodes. “Ambiguity of information forces and encourages people into negative (financial) behavior that doesn’t work for them, their community or family,” Dorsey said, pointing to the lack of transparency within the existing centralized financial system. “If there is one thing to focus on in Bitcoin – the operations are transparent, the code is transparent, the policies are transparent.” This basic foundation of BTC is what Dorsey believes has the potential to solve numerous use cases and problems as a direct result of using fiat currency. Through business initiatives including Start Small, the entrepreneur has invested more than $55 million in the United States and abroad to experiment with UBI. “We are about to test the UBI-like concept with Bitcoin as well.” Dorsey’s BTC-powered UBI experiment involves creating a small-scale, closed-loop community of merchants and traders who adhere to Bitcoin standards. Based on the happiness quotient and willingness to participate, he wants to identify use cases for large-scale implementation. Rhodes strongly believes that acquiring Bitcoin will reduce the costs associated with banking fees: “Having something like Lightning (network) where you can trade at very low costs is a benefit to everyone. It doesn’t matter from where are economically speaking.” In terms of financial literacy, Dorsey said adopting the Bitcoin standard inculcates long-term thinking, but his skepticism about a BTC-powered universal basic income will diminish based on the results displayed by the ongoing experiments: “That action alone owning it (BTC) will change people’s mindsets in fundamental ways that are net positive and composite across their entire community, encouraging other actions such as sellers and merchants around them doing similar things.” Along with the benefits that come with the Bitcoin standard, Dorsey is also vigilant about its negative effects. Finally, he highlighted the inefficiencies in public policy and how UBI is helping to address some of the challenges: “If you intend to help people by giving them money directly, it is much better than the money that governments ( federal and local) 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) is an open-ended protocol like Bitcoin rather than trying to run 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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