Worldwide

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

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

Jack Dorsey, founder and CEO of the mobile payment company Square (SQ) - when he's not running his other company Twitter (TWTR) - was one of the most anticipated speakers at the conference, since Square has embraced bitcoin more than other traditional tech companies.

Dorsey admits the idea that bitcoin will someday be the basis for all payments made on the Internet remains a topic of debate at Square.

A major supporter of Bitcoin, Dorsey admitted that he didn't understand the full implications of Satoshi Nakomoto's white paper when he first read it but was nevertheless fascinated by what he did see in it.

Dorsey is of the opinion that the use of the number one digital currency or another altcoin as a global payment would lower the barrier for the payment company to enter new markets, reports CNBC. But Dorsey said that the goal is same as it has always been.

Not everyone at Square was as enthusiastic as Dorsey was about the move. Since then the payment company has rolled out additional features for its users, which now sees them able to buy, sell, and transfer Bitcoin with the app. Dorsey has also committed personal funds to Lightning Labs as the team continues its work on the Bitcoin scaling proposal known as the Lightning Network.

Dorsey stated categorically that he felt no government or corporate body should by definition own Bitcoin or any other decentralized cryptocurrency, acknowledging that Square was a centralized company profiting from the decentralized technology. "And it felt like something we needed to explore a lot more", he said. "We wanted it to be as simple as a cash app today, but ultimately wanted it to be fast", he said.

"We can not risk hurting what made this possible to begin with".

Dorsey said moving into the bitcoin business was a pretty "contentious" move for the company: "We have a lot of healthy skeptics within the company about us giving this access to people in such an easy way".

Stark questioned whether, like Bitcoin, Square may not be the ultimate solution in terms of P2P payment and cryptocurrency services, to which Dorsey candidly responded,"I actually don't know".

"It was not a stated goal initially, but it's something we want to lean into", Dorsey said. It will have a native currency. I don't know if it's #bitcoin or not. "I hope it will be bitcoin".



Like this

loading...
loading...

Latest


17 May 2018
Liam Payne reveals One Direction fame "nearly killed" him
And he said the couple often bond now over "fan nights" where they listen to each other's old material. He added: "I was desperate to find out what I was meant to do".

17 May 2018
Novak Djokovic gets off to winning start in Italian Open
In the rankings released on Monday, Djokovic fell to No. 18, his lowest standing since 2006 when he was still a rising pro.

17 May 2018
Cavs Player Called Danny Ainge 'A [Expletive] Thief' This Season
He also found himself moved at the deadline, as he was shifted to Utah, where he's thrived in a role that's entirely more him. While the TD Garden crowd roared in anticipation of Game 2 , there was nothing really for team officials to celebrate.

17 May 2018
The Crew 2 closed beta set for May 31 to June 4
With a wide variety of cars, bikes, boats, and planes, compete in a wide range of driving disciplines. The Crew 2 launches on PC, PlayStation 4, and Xbox One on June 29.

17 May 2018
Independence Realty Trust, Inc. (:IRT) Sees RSI Reach 48.8
LXP stock is now showing down return of -3.20% throughout last week and witnessed bullish return of 4.48% in one month period. Its minimum price target estimates has been figured out at $7.5 while the maximum price target forecast is established at $9.

17 May 2018
BHP Billiton (BLT) Boosted to Purchase at Goldman Sachs
Following long-term trends may help the investor see the bigger picture of what has been going on with a specific stock or sector. For example, a stock may near its 52 week low in a price correction after earnings expectations for future quarters were revised.

17 May 2018
Royal wedding: Homeless in Windsor 'will not be moved on'
Dudley's comments earned him widespread criticism from the public and politicians, including British Prime Minister Theresa May . Prince Harry and Meghan Markle are to marry this Saturday in Windsor , a town on the River Thames to the west of London .

17 May 2018
Israeli Intelligence Minister: Hamas Restored Calm to Gaza after Warnings from Egypt
Hamas spokesperson Fawzi Barhoum dismissed Katz' claims saying, "there is no mediation". Two Palestinians were shot dead along the Gazan border on Tuesday, medics reported .

17 May 2018
Could Carlos Carvalhal stay on at Swansea City?
We recognise the huge role the club plays in the community and its importance. Now, though, is not the time for rash statements or empty promises.

20 February 2018
Best Affordable Car Gadgets
Thanks to the blind spot mirrors that can be easily fixed on your mirror, you won’t have this issue ever again. It’s certainly not a matter of luck anymore, like it would be with no deposit spins in a casino, for example.