Jack Dorsey graces NYC's Blockchain Week to talk up magic internet money

Twitter CEO Jack Dorsey Bitcoin Should Be Native Currency of the Internet

If we want responsible, healthy uses of this technology that I believe is a fundamental shift in our world with so many positive outcomes, we need to make that happen.

Dorsey revealed that grew up in St. Louis, MI in what he described as a "huge hacker community" and that the ethos he saw growing up helped shape him into the innovative CEO of two major tech corporations that he is today.

He, for one, is a believer of digital currency and thinks that it will happen, but at the same time, stresses the importance of making it happen, as opposed to waiting until it does.

This fixation on utterly smooth payments is what has allowed Square to compete.

Square experimented with letting merchants accept bitcoin in 2014. Since then, San Francisco-based Square has said it's introducing Bitcoin trading for nearly all users of its Cash App, which lets users send money to friends and family.

Dorsey is a personal investor in bitcoin and said he expects the digital currency to be used for simple things like coffee.

"It felt awesome. It felt electric. We made a decision to dedicate Mike [the engineer] to building Bitcoin within Square Cash". He enlisted the help of his engineer Mike Brock on the Tuesday of the event, with only a few days left. After that they dedicated Brock to building Bitcoin within Square Cash, saying the feeling of solving the issue was "amazing".

"We launched...learned...didn't see many transactions..." We wanted to have that same thing with Bitcoin [and the Cash app].

According to a new study more than 50 percent of retailers utilizing Square Inc.'s checkout technology would be willing to accept Bitcoin as a form of payment
Jack Dorsey, CEO of Twitter and Square, Says, “The Internet Deserves a Native Currency”

"The thing that Square is really good at is speed and efficiency".

Dorsey was also drawn to the early Internet's cypherpunk subculture, where freedom inclined programmers pursued privacy through cryptography.

Since Square deals with fiat currency, Dorsey said the company has to approach each market differently, find a unique banking partner, and work with different regulators depending on the country.

The internet is going to have a native currency.

A spokesman for Square told Reuters that the company does not have figures to share on Dorsey's bitcoin and cryptocurrency holdings. "And that's why we're working with [Lightning Labs]", said Dorsey.

According to Dorsey, the team had a working solution within a week. Again, the focus was on totally seamless, nearly invisible Bitcoin payments.

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.

"The internet deserves a native currency; it will have a native currency", he said. It will have a native currency. "I don't know if it'll be Bitcoin or not". I hope it will be.

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