Jack Dorsey: «Bitcoin can become the common currency of the Internet»

If bitcoin is destined to become the single currency of the Internet? At least one well-known entrepreneur — Jack Dorsey (Jack Dorsey), CEO of Square, who in March predicted the future dominance of bitcoin — hopes so.

He expressed his thoughts on this issue and highlighted the plans of the company in respect of the cryptocurrency conference Consensus 2018, acting together with Elizabeth stark (Elizabeth Stark) from Lightning Labs.

«I just adhere to the principle that the Internet deserves its own currency, and it it will. I don’t know whether it bitcoin,» said Dorsey on Wednesday. «But I hope so. I’m a big fan of cryptocurrencies».

Dorsey admits that the idea of bitcoin as a universal means of payment in the Internet continues to be hotly debated in the Square.

«Many of us believe in it, but unfolds a lot of controversy and debate. But the magic begins where creativity thrives», he explained.

Despite the controversy, Dorsey argues that the vision of open access, inspired by bitcoin, is fundamental to the role the Square plays in the payments industry. «The seller must be able to accept any payment that goes through us,» he said.

When Dorsey first began to discuss with engineer Mike Brock (Mike Brock) how to implement a bitcoin payments platform Square, both initially relied on the goal, which was ambitious in its simplicity. They came to the conclusion that each person should be able to buy coffee with bitcoin in the nearest coffee shop. The transaction should be easy to differ from the standard payment in Fiat currency, and the cashier may not even know that the buyer is paying with cryptocurrency.

According to Dorsey, the team had a working solution within a week.

Plans for the future

Square while startup failed to create a working solution for making payments to bitcoin buyers and sellers, as the company changed direction work on creation of the service for purchases and sales, which will be integrated into the Cash app App. However, Dorsey said that their goal remains the same.

«We want to return to this original idea of buying a coffee with bitcoin. That is why we work with Lightning Labs,» said Dorsey. «Whatever it took to achieve the goal – we will do it».

Dorsey said that Square will make every effort for wide distribution of bitcoin payments, while not threatening the openness of the network.

«The cryptocurrency community is very open, and I want to make sure that nothing in the corporate world does not threaten it,» he said. «We can’t risk the fact that originally made the network possible… We will not be able to implement their plans, if the technology will cease to be a durable and affordable for all.»

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