Twitter CEO: Jack Dorsey
Jack Dorsey. Image obtained with thanks from Andrew Mager via Flickr.

Jack Dorsey, the CEO of Twitter and Square says that Bitcoin will become the world’s single global currency roughly 10 years from now (possibly sooner).

According to Fortune, 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’

There are approximately 1,500 cryptocurrencies to date, some of which offer significantly faster, cheaper, and in the case of some — more private transactions than Bitcoin, which uses a digital public ledger.

Litecoin is a significantly faster and cheaper alternative to Bitcoin, which utilizes more frequent block generation, however, Bitcoin is more secure. Whether that trade-off is worth it is a different matter.

While Bitcoin has been receiving criticism due to its high fees (sometimes in excess of $30) and slow transaction times last year, substantial improvements have been made.

Bitcoin can still complete transactions (to the full extent that a merchant receives their funds and can spend them) in under an hour, and for less than $7 in some cases (if sending a small amount, such as $100 USD worth), or more for larger quantities.

You can thank the Segregated Witness upgrade for that (I’m not referring to SegWit 2), and the Lightning Network is expected to bring further substantial improvements, as its beta testing progresses. Bitcoin may catch up enough technologically to prove Jack right.

Jack Dorsey is one of the prominent backers of Lightning Labs, the organization behind the Lightning Network.