Square's Dorsey is sure of cryptocurrency's future, just not sure which one

17 May, 2018, 11:01 | Author: Regina Silva
  • Bitcoin

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Dorsey said wider acceptance of bitcoin could help Square expand globally.

Page from "My First Bitcoin and the Legend of Satoshi Nakamoto" from Jack Dorsey's Cash app project.

Later, he co-founded Square, a payment processing financial service, with Jim McKelvey, a glassblower and former employer of Dorsey's.

Using it or another cryptocurrency as a global currency would lower the barrier for Dorsey's payments company to enter new markets, he said.

The company came up with their familiar compact, square card-reading device and continued to innovate around making all aspects of taking payments with the device easier for sellers.

What Changed Between 2014 - 2017?

Dorsey sat down with Elizabeth Stark of Lightning Labs in NY to talk about Square's new Cash app, which allows consumers to buy and sell bitcoin.

"It felt fantastic. It felt electric".

Square launched cryptocurrency trading through its Cash app in January. After that they dedicated Brock to building Bitcoin within Square Cash, saying the feeling of solving the issue was "amazing". We knew that we weren't first... but we thought that we had a much better approach. We wanted to have that same thing with Bitcoin [and the Cash app].

While Square's move is neither innovative nor new, as many crypto apps are already in place, he argues that Square is efficient and fast.

Bitcoin
GettyBTC is trading at $8,379.01 at the time of writing

He remarked: "If we were able to use it a currency today, we could release our apps in every app store around the world instead of the five we're in". "We need to learn how to help make that happen".

Jack Dorsey loves magic internet money.

Initially, using bitcoin in the Cash app, "was a pretty contentious move", Dorsey said.

"We believe fundamentally in a global currency, in a native currency for the internet", he emphasized.

Despite the volatile price movement of cryptocurrencies and unclear regulatory prospects, people's passion over the technology has only surged higher.

A spokesman for Square told Reuters that the company does not have figures to share on Dorsey's bitcoin and cryptocurrency holdings. Dorsey was "drawn to cryptography", he said, but "wasn't good at it".

According to Dorsey, relationships with their young and mobile customers have been supported by, "maintaining our personality...simple access (and)...reaching the underbanked and underserved and in a fun way that feels modern". He didn't mention why the company abandoned the original bitcoin payment plan.

He stated that it was indeed possible that Square would act as stepping stone for future projects, but felt that what they were doing was an important step in the current climate.

Mr Dorsey added the internet "deserves a native currency" but admitted he was not certain if Bitcoin would prove to be successful in the long term. It will have a native currency. I don't know whether it will be Bitcoin or something else, but I'm a huge fan and appreciate the technology and principles behind it. I hope it will be.

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