BTC May Become Web’s Native Currency
One of the biggest newsmakers has been Jack Dorsey’s interview during the Consensus 2018 conference earlier this week. In his interview, the Chief Executive Officer of Twitter and Square Inc. said he shared other cryptocurrency enthusiasts’ vision about virtual currencies becoming a legitimate method of global payment and also becoming the native currency of the internet.
The Internet Deserves a Native Currency
Dorsey, who had in the past predicted Bitcoin’s dominance of the markets, said that he is hopeful that there will be a cryptocurrency that will become the native cryptocurrency of the internet, and that he hoped it would be Bitcoin.
He said that it was with the premise that the internet could end up having its own default currency that works at his company Square Inc. is being done. Square, which is a developer of payments and financial services solutions, has been allowing merchants using its platform to make payments in Bitcoin since 2014. The company also made trading in BTC available to all its Cash App users from February this year.
Despite his personal enthusiasm about BTC’s future, the move to open trading in BTC at Square has been contentious, with some of the company’s board members resisting the idea of getting so involved in the cryptocurrency market. However, says Dorsey, it is this kind of debate that leads to magic being made and creativity coming to the fore.
Dorsey still sticks to his guns about his vision for the role Square will have in making cryptocurrencies a form of payment that will be acceptable to their sellers. The idea he is espousing is that if a person walks into a store to buy a cup of coffee, then he or she should be able to complete the transaction using Bitcoin with as much ease as when using a fiat currency.
More Work Before That Dream Comes True
Dorsey said that the team at Square still has a lot more work to do before it can build a full Bitcoin payments solution for its customers. The company has had to change direction slightly to work on a new buying as well as selling platform that could be integrated with its Cash App, however, ultimately, said Dorsey, the goal is still the same – being able to buy a cup of coffee with a cryptocurrency like Bitcoin.
To this end, the company is working closely with Lightning Labs, to create a platform for the mass adoption of Bitcoin, but without endangering the openness of the network.