I hope that Bitcoin will be the "national currency" of the Internet: Jack Dorsey, CEO of Twitter


Screenshot 27 e1526502699377 - I hope that Bitcoin will be the "national currency" of the Internet: Jack Dorsey, CEO of Twitter

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Jack Dorsey – CEO of Twitter and Square – hopes that Bitcoin will one day be the native currency of the Internet.

Dorsey made this statement during an interview with Elizabeth Stark of Lightning Labs during a fireside chat today at the 2018 Consensus Conference in New York.

Dorsey revealed that he grew up in St. Louis, MI, in what he describes as a "huge hacker community" and that the spirit he saw Growing up has allowed him to become the innovative CEO of two major technology companies that he is today.

A major supporter of Bitcoin, Dorsey admitted that he did not understand all the implications of Satoshi Nakomoto's white paper when he read it for the first time but that he was nonetheless fascinated by what he saw there.

Later, he co-founded Square, a financial payment processing service, with Jim McKelvey, a glassblower and former Dorsey's employer. They developed Square as a credit card processing service, but Dorsey says that the appearance of the credit card is incidental, stating that the goal was to help merchants make a sale and to accept the payment as they could.

"What we were doing was not creating a credit reader […] but helping him make a sale," he said, adding:

"Any payment received by a seller should be acceptable and they should only consider making the sale, not the currency used to make the sale."

What has changed between 2014 and 2017?

i hope that bitcoin will be the national currency of the internet jack dorsey ceo of twitter - I hope that Bitcoin will be the "national currency" of the Internet: Jack Dorsey, CEO of Twitter
Jack Dorsey has long been a fan of bitcoin, and this interest is now evident in at least one of his company's products, as Square's Cash app now allows users to buy and sell BTC. [Source: Shutterstock]

Dorsey stated that the main thing that was changing for him was that community participation in Bitcoin was increasing.

During a week-long hacking Cash App in January 2018, Dorsey set itself the goal of building a system to use the cash on Apple Pay to cross the street and buy a cappuccino in the coffee shop. Twitter building using Bitcoin. He asked the help of his engineer Mike Brock on the Tuesday of the event, he only had a few days left.

They encountered a deployment problem and missed Friday's goal, but reached the goal on Tuesday, the following week. After that, they dedicated Brock to building Bitcoin within Square Cash, saying that the feeling of solving the problem was "unbelievable".

Dorsey took the project from one simple payment method and more to the purchase and sale.

"We had the impression that the interface of buying and selling that existed at the time was not simple enough and that she was not giving really access to people as we thought, "he said.

Stark joked a joke that the Cash app was "the real Bitcoin Cash" that has not yet landed, before bringing the conversation to how and why Dorsey applied his expertise to the Square Cash app, the P2P payment application for mobile phones

"Square is good at speed and simplicity – we wanted it to be as simple as a cash application today, but ultimately we wanted it to be fast," he said. he says. "We wanted to make sending money as easy as talking."

Initially, they worked with the idea of ​​sending money by e-mail during a hacking, and while it was working, they concluded that e-mail was not the solution, that's why they created the application. branded debit card to go with it. Dorsey discussed the implications for having banking alternatives in the modern world and what it meant for financial freedom.

"What we are seeing now is that people are using it as a bank account," he said.

In some cases, people use the application as their only bank account, and although providing financial services to unbanked people was not a stated goal of the project, the team's Leaned in when they saw the potential ramifications of their and similar projects on the financial space.

Dorsey admits that the adoption of Bitcoin in 2017 was a controversial move within the company, but talked about his personal convictions and why he was so determined to see it through, interrupted twice by the applause of the audience. He said that he believes the world will have a world currency and that hopes that this currency will be bitcoin.

"This is going to happen – and so, as a business and as individuals, we have to learn to make that happen." Which worries the more as a company, it is that there is so much openness in the community and I want to assure from the point of view of the company that nothing does not threaten, and what can we do to help the community to help open source? nature of work? "

Dorsey categorically stated that he did not think that a government or a community should by definition own Bitcoin or any other decentralized cryptocurrency, recognizing that Square was a centralized society benefiting from decentralized technology. He said the goal was to continue to allow people to deal freely with each other, and invited the community to "challenge us" about any wrongdoing or perceived wrongdoing that was not in the best interest in the cryptocurrency space.

Dorsey plans a decentralized workforce in the maps for Square and Twitter, saying that the mega offices they currently have for both companies are a "thing of the past" and that people start working where they feel the most creative.

Could the place become obsolete?

Stark asked if, like Bitcoin, Square may not have been the ultimate solution in terms of P2P payment and cryptocurrency services, to which Dorsey responded candidly: "I do not know."

He stated that it was indeed possible that Square would serve as a stepping stone for future projects, but felt that what they were doing was an important step in the current climate. Dorsey said that he has withstood great predictions for five or ten years, saying that the essential thing was to have the patience to wait and adapt to the circumstances then that they arrive with an open mind, saying:

"The Internet deserves a local currency, it will have a native currency, I do not know if it will be Bitcoin or not," he said, "I hope it will be Bitcoin."

Featured image from Consensus 2018

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