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Jack Dorsey still believes that Bitcoin is the strongest competitor for a native internet currency

September 10, 2020

The world of cryptocurrencies is moving at a dizzying pace, however Twitter CEO Jack Dorsey remains committed to its first milestone, Bitcoin (BTC).

In one interview with Reuters on September 10th Dorsey, who also founded the Square mobile payment platform, believes the coin’s potential is still overshadowing the following developments:

“I think the internet guarantees a currency […] indigenous and […] Bitcoin is probably the best manifestation of it yet. I don’t see that change when you consider that all people want the same thing and develop it for this potential. “

Dorsey combined the founding principles of Bitcoin with the cooperative and decentralized spirit, which he regards as the driving spirit of the web:

“The Internet is based on consensus and is created by anyone, and anyone can change course. Bitcoin has the same patterns that it was created on the internet. “

Jack Dorsey still believes that Bitcoin is the strongest competitor for a native internet currencyJack Dorsey still believes that Bitcoin is the strongest competitor for a native internet currency

Dorsey praised the fact that “Anyone with a great idea” who wants to be part of Bitcoin can join the community. “It doesn’t have to be part of a company”said.

Dorsey seemed ideally committed to both Bitcoin and the internet, free from the ghosts of oligopoly. The excesses of corporate and government oversight and the persistent asymmetries of power and capital that advocate decentralization must be addressed.

Consistent with this belief in the possibility of basic control over the future direction of cryptocurrency and the internet, Dorsey told reporters that it was important to focus on improving the user experience with Bitcoin in order to encourage its widespread adoption.

The cryptocurrency needs to evolve to be as “intuitive” to use and as convenient as the existing digital payments infrastructure, he said. Cost and time efficiency, especially in transaction processing, is another important hurdle that has to be overcome.

However, Dorsey’s commitment to an ideal spirit of the internet and cryptocurrencies doesn’t mean he’s blind to the gap between ideal and reality.

Last winter, Twitter funded a dedicated team of open source architects, engineers, and designers tasked with developing a decentralized standard for social media. Dorsey said the goal is for Twitter to ultimately be a customer of the fruits of its efforts.

To the describe Given the challenges Twitter is facing as a centralized platform, Dorsey identified blockchain, the technology behind Bitcoin, as a major technological advancement that points to the real possibility of a viable and decentralized future.

“Lots of work to do but the basics are there“wrote.

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