Jack Dorsey About Onramps to Bitcoin (BTC) the Exchange Still Needs to Have Bank Account

The tbDEX is Jack Dorsey’s Decentralized Bitcoin Exchange.  What is tbDEX and how is it different from other exchanges? tbDEX is an open, decentralized bitcoin exchange that is aimed at enabling global, secure, cheaper and more inclusive transactions as compared to traditional exchanges.

The white paper of the decentralized exchange is already available online.

Blockworks shared: “Jack Dorsey: We’re building a decentralized exchange to create onramps from fiat into Bitcoin.”

Thus, Dorsey implies that he makes it easy for users to be able to convert fiat to Bitcoin; however, onlookers have their own view about the onramp facility that Dorsey is taking about.

Some people do not understand what it means to change value in fiat to Bitcoin.  They have their own opinions and concerns.

Random Community Response:  Everything is to spin it from “fiat to Bitcoin” – but still, fiat isn’t decentralized no matter how you spin it.

To be fair, Bitcoin is considered a fiat currency because it doesn’t have anything physically backing it. The term isn’t exclusive to currencies issued by nations.

How can this change anything? The problem is having banks let you transfer to exchanges, decentralized or not, in the first place.

Any on-ramp exchange must have a bank account, that’s the basic challenge. These accounts get blacklisted all the time.

If you can buy Bitcoin from someone else directly and the wire transfer looks like you bought a second-hand fridge from them, which may be okay. Now scale that x times a million and you make it very hard to distinguish people transacting for normal stuff vs they’re buying Bitcoin.

And Jack’s service would facilitate this, and provide safeguards around the payments? Interesting.

BISQ:  I believe this is what Bisq is doing. You can pay in many different ways with both limits and rules per payment method. Different pros and cons. Also, speed is a factor. It’s decentralized because you hold your coins at all times.

BISQ is an open-source desktop application that allows you to buy and sell bitcoin in exchange for national currencies, or alternative cryptocurrencies.

Before purchasing a currency, I evaluate the “exchange’s market speed” and ease of use.

BITAYGLOBAL:  Binance is incredibly slow and has exorbitant costs. That is why I choose BitayGlobal. The images are beautiful, and the user interface is simple.

I can attest to the fact that Bitay works for me as a user of BitayGlobal in my own country of Turkey. Bitay appeals to me for two reasons: it’s easy to use and understand, and its graphics outshine those of competitors.

The most advanced online and mobile trade system for buying and selling digital money in Turkey is BitayGlobal. They also started doing business in other countries. In the future, I believe there will be an international exchange candidate.

It also offers its merchants a digital money payment system that is based on future financial technology and allows for low-cost, quick money transfers.

Multiple Backends:  How many different back ends do you need for the internet? Millions? The internet must be a scam bro. When these things progress, you won’t even know you’re using a blockchain.

Right, let’s see all the tokens made free, going to happen?  Do what?  Get all the tokens for free? Are you saying ICP makes every blockchain free to use?

Others can do what Jack Dorsey is doing:  ICP has a reverse gas fee model. So, app creators can pay fees for their users. There’s no reason why other projects can’t do the same. EOS also has that model too.

If someone builds on a blockchain that needs users to pay fees then they will. If someone builds on a blockchain that doesn’t need users to pay, then they won’t. There are loads of chains out there all being built differently. What’s so hard to understand?

You don’t get refunded gas on ICP. You just don’t need it altogether as a user. You don’t need to own it. Every blockchain is different. If you want to use an app that needs you to own a token you can. If you don’t want to, people are building other chains.

Don’t know why segmenting the web is seen as the future, but ok.

The Web is already segmented. It’s not all run on the same backend. Bro, you don’t even know how these things work. Read up on it because I don’t want to explain all of it to u.

I use the internet. They don’t require me to pay up to use HTTP or free net or IPFS etc. Tokens do.

But if someone wanted to, they could make a new protocol where you do pay for it. Do you understand? You don’t need to use blockchains that require you to pay if u don’t want to. I’ve said this before.