Part 4/14:
Dorsey draws an analogy between Bitcoin and the internet’s disruptive impact on communication. Just as the internet dematerialized regional communication networks, Bitcoin and Lightning aim to do the same for money. He advocates that the technology creates a new standard, open and global, where anyone can build innovative services and compete for the best consumer experience.
He highlights how legacy systems—like Western Union or Visa—are energy- and cost-intensive, protected by regulatory barriers, fixed costs, and monopolistic moats. In contrast, Bitcoin and Lightning enable direct, peer-to-peer transactions that eliminate middlemen, reduce costs, and democratize access to financial services.