Earlier, the Twitter CEO did not favor investing money into cryptocurrencies, but now the views are reversed. Recently, Twitter has been working on a project that will bridge the gap between physical payments and the payment of the cryptocurrency world. The people across the globe took it as a very significant divide because of the vast difference. The central governments of different countries facilitate the peer currencies. However, cryptocurrencies are entirely different. They are not centralized, and therefore, people have half faith in cryptocurrencies. Also, it is tough to invest due to the high degree of fluctuations and volatility in the prices. Therefore, Twitter CEO Jack Dorsey has promoted its online payment company to release the official statement regarding the detailing work of the decentralized exchange platform. The name of its exchange platform will be tbDEX and will also be available for thebitcoincode.io
not sure anyone has heard but,
I resigned from Twitter pic.twitter.com/G5tUkSSxkl
— jack⚡️ (@jack) November 29, 2021
This platform will come up in the market to let people do transactions between physical and virtual currencies. Yes, using the new protocol of Twitter, the general public will be able to make transactions across cryptocurrencies and Fiat currency. For example, anyone can get rupees converted into dollars and dollars converted into cryptocurrencies in real-time using the application by Twitter. It is believed that it will bridge the gap between the physical as well as crypto finances. Also, the Twitter CEO said that this application would work towards establishing sing social trust about the cryptocurrency space among the people. Apart from this, it also encourages people to join the cryptocurrency system and advantage from the decentralized financial system of digital coins.
JUST IN – Jack Dorsey's Square Crypto rebranded to Spiral 🌀
— Bitcoin Magazine (@BitcoinMagazine) December 1, 2021
According to the CEO of Twitter, the application is developed to convert the Fiat currency into bitcoins and vice versa. Due to this, it will increase people’s faith in cryptocurrencies to get their bitcoins converted into Fiat currency any time they want or need. Currently, the bitcoin price for one token stands roughly around 47,00,00 rupees or near about US$57,000. It is all because bitcoin is the eldest cryptocurrency in the market, and it was created back in 2009. Therefore, social trust is one of the essential tools that can allow people to place their faith in bitcoins and other cryptocurrencies. According to the reports, the white paper from Twitter says that this application will be a protocol through which people will discover new levels of liquidity and exchange goods.
Block is @Square, @CashApp, @spiralbtc, @TIDAL, @TBD54566975, and our foundational teams who support them. We’re here to build simple tools to increase access to the economy. https://t.co/CkVKxHPkqy pic.twitter.com/RMOnxCLP9Y
— Block (@blocks) December 1, 2021
With the help of this application, people will be able to exchange bitcoins, real-world goods, and Fiat money in exchange for each other. However, the reality of social trust is a stubborn element that can manage substantial transaction risks. People still can exchange cryptocurrencies for fiat currencies, but it takes a very long procedure. However, the application from Twitter will be the ultimate infrastructure that is very necessary to Create different ramps between the crypto financial system and the fiat financial system. Also, the application is not going to require any trusted brokers or centralized intermediaries. The tbDEXIs is the pilot project in cryptocurrencies from the Twitter application, and therefore, it will be launched on the global platform. It will be providing its services everywhere in the world between us to get global success.
According to the Twitter CEO, Jack, the tbDEX will have an exciting approach towards facilitating the transaction fees for cryptocurrency transactions. In this application, both parties have to decide the amount of information they want to disclose for making a transaction. Whether they convert Fiat currency into bitcoin or vice versa, the transaction fees will be lesser according to the decreasing amount of information kept uncovered. Accordingly, if the parties want to remain completely anonymous in a transaction of conversion or exchange, the cost of the transaction will increase its self on the application protocol.
Not to get all meta on you… but we’re going to! Block references the neighborhood blocks where we find our sellers, a blockchain, block parties full of music, obstacles to overcome, a section of code, building blocks, and of course, tungsten cubes.
— Square (@Square) December 1, 2021
According to a blog shared by the Twitter team dealing with the new application, this application protocol will not require any storage of personal information. It will not record any identifiable information from any of the parties involved in the transaction. Also, the primary purpose of serving conversion and transaction of cryptocurrencies will require an exchange of minimum necessary identity information. It is a common goal for the application and also the basis for its success. Because of this new project of Twitter, some of its users are thrilled while others are not. Some believe it will open up doors and disclose more of your customer details into the cryptocurrency world.