Twitter CEO Jack Dorsey said Bitcoin was the strongest contender to become the ‘native currency of the internet.’
In an interview with Reuters, Dorsey said the Internet wants a native currency and Bitcoin was the most logical choice.
‘I think the Internet wants a native currency, and I think Bitcoin is probably the best manifestation of that thus far,’ said Dorsey. ‘I don’t see that changing given all the people that want the same thing and want to build it to that potential.’
Bitcoin is Like The Internet: Consensus Driven and Built by Everyone.
Dorsey found parallels with Bitcoin’s cooperative and decentralized ethos and what he says is the spirit that drives the Internet.
‘The Internet is something that is consensus-driven and is built by everyone, and anyone can change the course of it. Bitcoin has the same patterns; it was built on the Internet. Anyone with a great idea who wants to be part of Bitcoin can join the community. They don’t have to be part of a company.’
Dorsey has long been a Bitcoin proponent, and he funds several Bitcoin developments, and launched Bitcoin payment app Square.
And the Silicon Valley aristocrat compared Bitcoin’s rise to prominence with that of the Internet.
‘The Internet is consensus-driven and is built by everyone and everyone can change the course of it,’ said Dorsey. ‘Bitcoin has the same patterns. It was built on the Internet, and anyone can be active on it.’
But Bitcoin has to Improve for it to Catch On
Dorsey mentions Bitcoin’s transaction times and efficiency as key to Bitcoin’s improvements, saying it had to be ‘cost effective and time effective’ and made as easy to use as cash, for it to catch on with the general public.
‘What developers should solve is making the crypto intuitive to people. Throughout Bitcoin’s lifespan, the access and use of Bitcoin have been hindered by complex platforms for users to buy and spend.’
‘Getting access to crypto should be as easy as handing over paper cash,’ he said but also conceded that improvements had to be made for it to compete with the card and contactless technologies of the existing system.
‘We have to build Bitcoin in such a way that it is as intuitive, fast and efficient as what exists today.’
Bitcoin – Money Made for The Internet on The Internet
Jack Dorsey has long spoken out in favour of Bitcoin, and has even put his money where his mouth is.
The Twitter CEO is funding several Bitcoin projects and founded Square payments app which is built with Bitcoin payments in mind.
With 4.8 billion inhabitants, the Internet is the world’s biggest society, and with 5G and the Internet of Things on the way, the Internet needs a native currency.
Legacy finance technologies work for some, but many people are cut off from the banking system, and that’s not just in developing countries.
But with the Internet of Things set to unleash a fortune of innovation, a native currency is critical. That native currency will be Bitcoin.
Author: Tommy Limpitlaw